Here we go again

The selloff that started after Samsung announced jaw-droppingly good—and better-than-expected—results continued through the following European and US sessions. ASML in Europe lost more than 7%, while VanEck’s semiconductor ETF in the US fell nearly 3.8%, slipping below its 50-DMA for the first time since April. The tech-heavy Nasdaq 100 led losses among the major US indices—it lost 1.77% and closed a touch below its own 50-DMA, also for the first time since April. Its brand-new member, SpaceX, tanked 6.83% on its first day in the index. The stock went straight down and closed below its post-IPO opening price of $150 per share.

Yesterday also marked the end of the quiet period for SpaceX, allowing Wall Street analysts to reveal what they think about the company. And it blew my mind to see that opinions ranged from bullish to extremely bullish. Goldman Sachs and Citi analysts set price targets of around $200 per share (more than a one-third increase from yesterday’s closing price), Deutsche Bank expects the stock to rise to $255 per share (+70% from yesterday’s close), and Morgan Stanley to $300 per share—that would represent a 100% gain from yesterday’s closing price.

Morgan Stanley analysts say they "believe SpaceX can convert energy into intelligence at scale with optionality to monetize through a range of consumer and enterprise solutions for the next era of AI," while also acknowledging that there is "still considerable uncertainty about the company's prospects." That part is actually more interesting than their average price target: Morgan Stanley sees a valuation range of $75 to $600 per share.