Analysts point out that SpaceX is not a pure AI play. Its diversified structure, encompassing space launch and Starlink satellite communication businesses, provides a buffer for its stock price during fluctuations in AI sentiment. At the current stock price level of approximately $148, the market's implied valuation for SpaceX's AI business is only 10% of Morgan Stanley's AI valuation, with the option value of long-term space-based AI infrastructure almost being priced at zero. The report also highlighted Musk's execution capability as one of the sources of its defensive attributes.