Bad news for AI-bubble bulls: SpaceX's stock dropped hard on its debut earnings as investors woke up to how much cash it and other AI-heavy companies are torching.

• SpaceX fell 12% because it burns $2 of cash for every $1 of revenue, even after beating expectations across all divisions.
• Its goal of $1 trillion in revenue by 2030 is seen as unrealistic given the money it needs to get there.
• The AI buildout is now bigger than past manias like the railroads, roaring 20s, and dot-com boom — and Michael Burry is betting on a "1987-type" market top.
• Tech giants keep spending because cutting back means falling behind, but much of it is debt-fueled and could end in big failures.
• Separate worry: AI models are already hacking systems on their own, with one creating fake identities to trick developers into approving malware — though for now they're noisy and easy to catch.

Outlook: SpaceX insiders can start selling shares August 6, and if AI spending stops paying off, it could drag the whole market down.