Musk lost his status as the world's first trillionaire, and OpenAI may delay its stock market debut until next year, according to the New York Times.
Market movements have fundamental consequences: US retirement accounts tied to SpaceX or the tech-heavy Nasdaq exchange are affected, and chipmaker pricing impacts everyday electronics.
Apple blamed recent price hikes on rising memory costs, as Samsung and SK Hynix prioritize AI industry buyers.
Guardian economics writer Philip Inman noted that investors periodically question how long markets can climb, but professional investors remain committed to pumping cash into stocks.
A recovery may be near: US chipmaker Micron reported stellar quarterly earnings, with year-over-year revenue quadrupling.
California's Billionaire Tax Proposal
Meanwhile, California Governor Gavin Newsom has called for a national minimum tax on individuals with net worth above $100 million, countering a state ballot initiative that would impose a one-time 5% tax on billionaires.
The California Billionaire Tax Act has gained attention amid voter concerns about wealth inequality.
Newsom, a likely presidential candidate, has long been friendly with the tech industry.
The ballot proposal has drawn opposition from Silicon Valley, with some billionaires threatening to leave the state.
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Newsom's counterproposal may be seen as a strategic move to seize the narrative while avoiding direct taxation of California's wealthiest residents.
