AMD's $565M Bet on SpaceX Exposes a Bigger Question
Recently released 13F filings provided insight into who owned SpaceX after its blockbuster June IPO. The list of major shareholders included Alphabet, Nvidia, and Advanced Micro Devices (AMD). Notably, AMD revealed a stake of approximately 3.3 million SpaceX shares worth over $565 million.
This is intriguing because just two months before the IPO, Elon Musk stated that SpaceX's AI infrastructure would be built exclusively on Nvidia chips. This raises questions about why AMD invested in a company that appears to have chosen its biggest rival for AI chip business.
However, it seems that AMD's investment thesis goes beyond just selling chips to SpaceX. With SpaceX becoming increasingly valuable due to its expanding businesses such as Starlink and satellite manufacturing, AMD can participate in the upside even if Nvidia captures the AI silicon dollars.