Nvidia Dominance: SpaceX Exclusive Deal Sends Stock Soaring Amidst Space Firm's Plunge

SpaceX's stock plummeted nearly 10% during pre-market hours on Wednesday despite narrowing its Q2 losses to $0.09 per share from a loss of $0.34 a year earlier.

The company reported revenue soared to $7.81 billion year-over-year from $4.07 billion, with AI revenue skyrocketing by 213% to $2.56 billion from $737 million in the same period last year.

However, the stock continued to decline due to multiple factors, including surging AI capital expenditure and the upcoming expiry of its initial insider share-lockup period this week.

Nvidia's stock, on the other hand, received a boost after Elon Musk praised Nvidia GPUs as 'the best' in a post on X. The chipmaker saw its stock rise by around 1.8% during pre-market hours.