Economist Peter Schiff reaffirmed his view that the U.S. stock market is in an artificial intelligence-induced bubble, as SpaceX (NASDAQ:SPCX) continues its downward trend. In a post on X on Tuesday, Schiff said SpaceX was “down over 20% since its IPO” and down 52% from its all-time high of $225 per share, adding that “the SpaceX IPO marked the peak of the AI bubble.” He stated that while AI was real, there was a “lot more air left to come out of overhyped AI-related stocks.” Schiff had previously warned against hype-driven investing, noting SpaceX’s decline caused its valuation to lose a Tesla Inc.-sized figure. He also said the rally caused Elon Musk to lose $100 billion in a week, and Musk no longer retains the trillionaire title, with his net worth around $724 billion per the Bloomberg Billionaires Index. Separately, S3 Partners reported SpaceX became the second-most profitable company to short, with short-sellers clearing upwards of $7 billion betting against it, and shorts against SpaceX crossing $26 billion. SpaceX shares were down 1.33% to $114.86 during overnight trading on Tuesday.