The Felix View

Elon meets the wall.

The market gave Elon Musk a rare reminder last week: even gravity eventually applies to companies building rockets. Last week Tesla fell 17.8%, SpaceX fell 7.2%, and the broader tech complex lost some of the effortless confidence that has carried it for much of the year. The issue is not that investors suddenly think Tesla, SpaceX, AI, autonomy or space are irrelevant. Quite the opposite. These are still some of the most ambitious companies and markets in the world. The issue is price. Musk remains one of the great company builders of modern markets. Tesla changed the automotive industry. SpaceX …