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More air is coming out of the AI bubble as Moonshot AI’s Kimi K3 intensifies low-cost Chinese competition. $SPCX is now trading below $121, almost 11% below its IPO price and more than 46% below its high. AI isn’t a bubble, but AI stocks are. The bubble has likely already popped. SpaceX closed under $120, near the low of the day. That's more than 11% below the IPO price. The chart is not looking good.