Howmet Aerospace experienced its worst single-session decline since April 2025, dropping 7.5% on August 31 to close at $244.95. The selloff was triggered by Elon Musk’s announcement that SpaceX is building a dedicated foundry in Bastrop, Texas to cast turbine blades for powering AI data centers totaling 20 GW of energy capacity. The turbine blade casting market generated approximately $10 billion in sales in 2025, with four global players controlling an estimated 70-80% of this specialized sector. Two major banks, Jefferies and Bernstein, called the decline an overreaction, with Bernstein raising its price target from $248 to $328, implying roughly 34% upside from the post-selloff closing price.
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