Musk Pledges Exclusive Deal with Nvidia for AI Chips

Nvidia's stock price has risen sharply after SpaceX and Tesla CEO Elon Musk announced that his companies will exclusively use Nvidia chips for their AI products. The move is a significant endorsement of Nvidia's technology, with Musk stating that the Vera Rubin architecture is 'the best architecture'.

Musk made the comments during SpaceX's first earnings call as a public company, where he also revealed that SpaceX anticipates receiving 'a very significant percent' of Nvidia's GPUs next year. This represents a major boost for Nvidia, which has seen its shares climb 4% in recent trading and reach their fifth straight day of gains.

Nvidia's shares have been on the rise since the start of the year, with Wednesday's gains bringing the total increase to 18%. However, they are still about 7% off their May highs. Musk's comments suggest that Nvidia's relationship with his companies will continue to be a key driver of growth in the future.