It feels like everyone’s been waiting for tech and artificial intelligence (AI) stocks to sell off for months.

Well, the selloff is finally here, sparked by skepticism that companies like Microsoft (MSFT) and Amazon (AMZN) actually shouldn’t be spending unprecedented sums of money to build out AI infrastructure as fast as possible. Stephen McBride will have plenty to say about that on Friday.

Today, I (Chris Reilly) want to go over our analysts’ guidance on a few specific stocks and cryptos that’ve been hit.

• SpaceX (SPCX) has sunk below its IPO price. It’s going lower. Don’t buy yet.

SpaceX IPO'd on June 12 at $135/share. It shot to $225 in the days after, briefly surpassing Amazon in market cap. A lot of investors piled in chasing that move.

The stock has now fallen nine of the last 10 days. As of this writing, shares are trading around $125/share, below the IPO price and down nearly 45% from the peak.

Last week, SpaceX tried to launch its massive Starship rocket, its first test since going public. Some of the engines failed to ignite, triggering an automatic abort. Elon Musk said they'll replace the engines and try again soon. This kind of setback happens all the time when testing rockets.

We love SpaceX as a company. Stephen McBride has called it possibly the most important company of our lifetime. We fully expect to recommend SpaceX in Disruption Investor someday.

But we urged you before it IPO'd: Wait! History has not been kind to blockbuster IPOs. The first price is almost never the lowest price, and you’ll often get a chance to buy even great companies for 30% to 50% off what impatient investors paid at or right after the IPO.

For SpaceX in particular, the valuation was and is also a concern.

This is playing out exactly as expected. What’s more... not a single insider has sold a penny of SpaceX stock yet. And in early August, 911 million shares are set to unlock.

That means many employees, early investors, and insiders who've been unable to sell will finally be able to. That's a lot of potential supply hitting the market at once.

Stephen's position hasn't changed. SpaceX isn't profitable, with a net loss of $4.9 billion in 2025 and another $4.3 billion loss in Q1 2026. Starship, the rocket everything depends on, is still in test mode.

Until Starship proves itself a reliable workhorse, SpaceX stays on the watchlist—not in the portfolio.

If you didn't buy on Day 1: Good. Patience should continue to pay off here. We could see SpaceX at sub $100—maybe as low as $60 to $70—before it carves out its ultimate bottom.

• Micron Technology (MU): We banked big gains. Here's what to do now.

A year ago, AI memory stock Micron Technology was one of the best-positioned names on the planet. Stephen and Chris Wood recommended it in October 2025. It went on an extraordinary run.

They took a "Free Ride" in late January... selling enough shares to get their original investment back... and the position is up about 240% from their entry.

Now the stock is pulling back, down 30% in a month. Readers are asking: Is it time to buy the dip?

Here's the answer from the July Disruption Investor: The business has never been better, but the stock isn't the bargain it was.

From its recent earnings report, revenue jumped 346%. Gross margins soared from 38% to nearly 85%. And get this... in the past two quarters, Micron made more profit than in the previous eight years combined.

Memory has gone from a cheap commodity to a critical AI bottleneck. There are only three companies on Earth that can produce the high-bandwidth memory stacked inside AI chips at scale: Micron, SK Hynix, and Samsung. Demand is running well ahead of what any of them can build.

Micron is now signing multi-year, take-or-pay contracts (meaning they can’t be canceled) with customers locked in through 2030, with about $100 billion in committed revenue so far.

Stephen and Chris are still bullish and rate MU a buy. But remember: It's not the same opportunity it was a year ago. Anyone buying now is getting in at a later stage, with less upside and more risk than early subscribers had.

• Crypto’s fairytale is over. That's actually good news.

Bitcoin (BTC) is down nearly 50% from its October all-time high. Most of the crypto market looks rough.

But Stephen, who runs our crypto research inside RiskHedge Venture, sees it differently: This is exactly what needed to happen, and the best businesses in crypto are doing fine.

His argument: Crypto spent years selling stories because building a real, legal, revenue-generating token business in America was nearly impossible. So companies sold promises instead.

Now the rules have changed. Wall Street came in... regulations cleared... and for the first time, the top-performing crypto assets all have one thing in common: They make money.

Hyperliquid (HYPE) is the clearest example. It’s up 130% this year, making new all-time highs while bitcoin fell by a third. Why? It generated roughly $870 million in real earnings over the past year and returned 99% of that to holders.

Meanwhile, Ondo Finance (ONDO) now accounts for 70% of all tokenized stock assets. When BlackRock's (BLK) S&P 500 ETF was tokenized under the SEC's new framework this month, it happened on Ondo's rails.

The story coins, held up by nothing but belief, are getting wiped out. Stephen calls it the 2002 moment for crypto: The dot-com crash cleaned out Pets.com but left Amazon standing. The same thing is playing out here. When money flows back to crypto, it’ll go to the real businesses.

We covered a lot of ideas today, and if you want to stay even more up to speed on all the big opportunities in the market, you should check out Strategic Edge—our free letter by our newest RiskHedge analyst, John Pangere.

John’s our warrants guy, but he also shares big ideas and field notes. Delivered on Thursdays. Go here to get on board.

Chris Reilly Executive Editor, RiskHedge