SpaceX fell 14% yesterday, and this morning the insider lockup opens.

Elon Musk's SpaceX beat on revenue — $7.81 billion, up 92% year over year — and the stock dropped anyway. Capex was the problem: $18.37 billion in the quarter, $15.83 billion of it AI. Retail bought the dip regardless, making SPCX the most-bought US stock of the session.

Today the first tranche of insider shares unlocks. I break down what a lockup expiration actually does to a stock, and why SpaceX's unusually small 4% float makes this one different from a normal unlock.

Plus: Micron takes DRAM market share from Samsung and SK Hynix, and the S&P 500 posts back-to-back record highs as the AI trade comes back to life.

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