Wall Street equities pulled back from near-record levels on Monday, driven by a sharp rotation out of technology names.
The sell-off was anchored by SpaceX, whose shares tumbled 16% in a session defined by divergent performance within the tech sector.
Broader market weakness extended to energy prices, which retreated alongside the equity decline.
The market move reflects growing investor skepticism regarding the return on investment for massive artificial intelligence capital expenditures.
Traders appear to be reassessing the sustainability of current valuations in the tech sector, questioning whether near-term earnings can justify the scale of ongoing AI infrastructure spending.
This shift in sentiment has introduced volatility into a market that had been trading close to all-time highs.