Key facts
- Retail investors bought a net $22.7 million in SpaceX shares on Wednesday.
- SpaceX shares fell as much as 12.9% after the company's first earnings report.
- Investors are concerned about Starlink's ability to fund AI investments.
- SpaceX has seen net retail buying since its June 12 IPO.
- Advanced Micro Devices was the second most bought U.S. stock by retail investors.
Retail investors continued to buy SpaceX shares on Wednesday, snapping up the dip after a significant drop following the company's first-ever earnings report. Mom-and-pop traders purchased a net $22.7 million in SpaceX shares within the first hour of trading, marking the third-highest first-hour total since the company went public, according to Vanda Research. This sustained retail buying indicates an opportunistic approach by investors, as SpaceX has not recorded a day of net retail selling since its June 12 initial public offering. The company's shares had fallen as much as 12.9% after its earnings release, with investors expressing concerns about the long-term profitability of its Starlink business and its capacity to fund costly artificial intelligence investments. Overall trading volume was substantial, with over $10.5 billion worth of SpaceX shares changing hands. Advanced Micro Devices was the second most bought U.S. stock by retail investors on Wednesday, also experiencing a decline following its quarterly earnings report.