Elon Musk dismissed a Wall Street Journal report that SpaceX built a prototype AI device, calling it 'utterly false'. SpaceX stock (SPCX) fell about 7% to $157.88 on Wednesday as investors weighed the conflicting accounts. The report claimed SpaceX showed investors a slimmer-than-iPhone device before its June listing, running a proprietary OS on Qualcomm's Snapdragon chipset and leveraging technology from Musk's xAI unit. Musk's denial on X was later deleted, leaving traders uncertain. The stock, which debuted at $135 in June, is now 30% below its peak of $225.64. Qualcomm shares edged higher on speculation of a chip partnership. The muted response from SpaceX keeps pressure on SPCX, as analysts flag a make-or-break support level.

Key facts

• Musk called WSJ report on SpaceX AI device 'utterly false'.
• SpaceX stock fell 7% on Wednesday to $157.88.
• Report claimed device ran on Qualcomm Snapdragon chip.
• Stock is 30% below its June peak of $225.64.
• Qualcomm shares rose on chip partnership speculation.