Is Micron Stock Going Higher? You Need To Hear What Elon Musk Just Said
SpaceX is ramping up spending, and that could mean big things for Micron.
Overview
Stock market investors were eagerly anticipating Space Exploration Technologies' (NASDAQ: SPCX) first earnings report as a publicly traded company on Tuesday afternoon, and the company had plenty of news to share.
SpaceX easily beat estimates on the top and bottom lines as it benefited from new data center contracts with AI companies like Google and Anthropic. However, the stock still fell 8% after hours on fears around capital expenditures, which rose to $18.4 billion from just $2.8 billion in the quarter a year ago.
Details
However, the report had implications for other companies, especially in the AI sector, as much of that capex is going toward chips, and CEO Elon Musk said the company expected to reach $1 trillion in revenue by 2030, which entails massive capital spending to come.
Source
Originally published at www.fool.com.