Well-known Tesla commentator Gary Black said Tuesday he expects Tesla shares to fall below $300 and SpaceX to break below $100, citing excessive valuations as AI-related stocks lose momentum. Black, managing partner of The Future Fund, noted both companies trade at forward fiscal 2026 price-to-earnings multiples of more than 175 times. Tesla shares have tumbled 29.82% so far this year and lost 5.57% over the past year, while SpaceX slumped 27.67% since its historic IPO in June. SpaceX has fallen about 46% from its post-IPO peak, wiping out roughly $1.2 trillion in market value. Tesla closed 0.58% on Tuesday at $307.44 and fell further 0.20% in after-hours trading, while SpaceX closed 2.56% higher at $116.41. SpaceX shares continue to trade below their $135 IPO price ahead of the company's Aug. 6 lock-up expiration, when as many as 911.5 million shares could become eligible for sale. The company is also scheduled to report its first earnings as a public company on Aug. 4.