SpaceX’s surge reflects both scarcity and narrative. A limited free float can amplify demand and support elevated valuations initially, but sustaining a >USD 2 trillion valuation will likely require execution, revenue growth, and broader institutional participation once liquidity increases.

The SaaS sell-off appears driven more by repricing than proof of obsolescence. AI may compress some software categories, but enterprise adoption is likely evolutionary rather than immediate. Current weakness could reflect excessive pessimism, though companies with weak AI strategies face genuine long-term risk.