There is no underlying fundamental reason that makes stock price match company performance or value. It’s a gambling market that sometimes happens to match real financials
And the industry could not exist without a strong foundation of suckers.
https://finance.yahoo.com/markets/stocks/articles/buffett-to...
In the new world order the winners are not value investors and rational actors. The winners are the outrageous, the titillating, anyone who can capture a bit of attention span.
Their current plan is the same as that shoe company that tried to rent out their warehouse space for AI compute.
Same plan as Meta, other than scammers using meta AI to scam our parents out of their money. (Meta makes billions off of this use case and really shouldn't)
If anything, the anti-datacenter NIMBYism that the AI craze is generating will far outlast the AI craze, and NIMBYism is the only thing that would make launching datacenters into space cost effective, so Space X may get a long-term boost out of the whole ordeal, whether or not they have internal success in the AI market.
And then there's all the competition