SpaceX AI Revenue Soars 830%, Lifting Semis Over 2% at Market Open

SpaceX's third-quarter results were the main catalyst for an early U.S. equity rebound. The company reported revenue of $14.58 billion, up 161% year on year, while AI-business revenue surged 830% and became its largest revenue source for the first time. Net profit exceeded expectations by 2.3 times. SpaceX shares rose about 8% at the open. The results supported AI-infrastructure stocks. Super Micro Computer gained about 11% after preliminary first-quarter revenue came in far above analysts' expectations, while Nvidia rose about 2% after CEO Jensen Huang unveiled products spanning AI infrastructure, agent security, robotics and autonomous driving at the Berlin GTC event. The Philadelphia Semiconductor Index rose more than 2%. Memory and optical-communications shares also advanced: SK Hynix, Western Digital and Micron each rose about 3%; Seagate gained about 5%; Credo rose about 8%; and Lumentum gained about 5%. Bloomberg also reported that Anthropic PBC could spend $750 billion on computing capacity over coming years. Broader U.S. indexes were higher at the open, with the Dow and S&P 500 each up 0.3% and the Nasdaq up 0.6%. Risk factors cited in the market included the U.S. 10-year Treasury yield at 5.11% and Brent crude up 0.9% at $109.72 per barrel. Netflix fell about 6% after fourth-quarter revenue guidance and advertising revenue missed expectations.