SpaceX Saves the AI Trade, Meta Can Reignite It

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The AI trade needs saving—bring out the big guns.

They don’t come much bigger than Elon Musk, Jensen Huang, and Mark Zuckerberg. Will the heavyweight trio be enough? So far, so good, anyway.

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SpaceX ’s earnings contained bullish signs everywhere you looked. Musk even said the company was “hounded relentlessly by every hyperscaler” and dozens of companies to rent more of its computing power.

Super Micro Computer did its bit, too. The AI server maker hiked revenue guidance in a signal of surging demand. Nvidia ’s Jensen Huang never misses an opportunity to talk up AI, and his speech in Berlin this morning was no exception.

Outside of SpaceX and Super Micro, though, the moves were more modest. Micron, Intel and others were rising around 2%. That’s obviously better than the brutal selloff of late but it feels like the market is holding back a bit.

Tesla reports earnings later, but the next catalyst is likely to be results after the close from Meta Platforms . If Meta delivers, then the AI rebound really is on.

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📈 Here’s what’s happening in markets today:

Created with Highcharts 9.0.1Source: FactSetNote: futures contractsAs of Oct. 21, 9 a.m. ET

Created with Highcharts 9.0.1Nasdaq Dow industrialsS&P 500Oct. 20Oct. 21-0.4-0.200.20.40.60.81.01.2%

🚀 SpaceX posted a great quarter. Here’s what Musk said.

Regardless of how investors feel about Elon Musk or AI, SpaceX posted a great quarter, easily topping Wall Street’s sales and earnings estimates. Musk’s conference call also had important tidbits. Spending is rising, and so is revenue. Musk says AI spending could payback in six months. For more on what he said, read here.

🍿 Netflix’s earnings beat didn’t ease engagement concerns

Netflix’s earnings beat wasn’t enough ease concerns about user engagement, given the competition from Disney, Amazon, and Alphabet’s YouTube. The company says its user survey shows quantity, quality, and variety of viewing remains healthy but added it does seek to “accelerate growth in view hours.” For more on its report, read here.

🤖 CoreWeave’s struggles a simple problem in a complicated AI market

CoreWeave’s returns need to exceed its borrowing costs, and no amount of hype tied to the promise of AI technologies can change that. It’s a lesson that CoreWeave is confronting now, and one that could spread across the AI landscape over the coming months. For more read here.

🎦 Laurene Powell Jobs’ Skydance stake already underwater

Laurene Powell Jobs, a philanthropist, venture capitalist, and newly appointed board member of Skydance, bought $250 million of the just formed Hollywood studio’s shares last month. It now has a paper loss of about $100 million. Read more about it here.

🏔️ Why Switzerland’s banking giant UBS may relocate

After proposed regulatory changes advanced in Switzerland’s legislature, could its biggest bank, UBS, be parting ways with it? UBS has publicly stated its desire to remain a global bank based in Zurich, Switzerland, but The Wall Street Journal has reported that executives are preparing contingency plans. Read more about it here.

🏆 Why younger wealthy families flock to sports investing

More wealthy families are coming off the bleachers to invest in sports. One in five family offices—firms that manage everything from the ultrawealthy’s personal portfolios to their budgets and lifestyles—have a stake in a team or franchise and that’s likely to rise, according to a survey from Bank of America Private Bank. For more on the findings, read here.

📰 Don’t miss out on our other newsletters

💸 Don’t miss the latest Moneyist column from MarketWatch

MarketWatch’s managing editor for advice Quentin Fottrell, otherwise known as the Moneyist, shares a letter from a reader who asks for advice about whether it’s wise to completely pay off a low-interest rate mortgage. Read his answer here.

💬 Quote of the day:

I do think there is a lot of merit in combining the companies. — Elon Musk, CEO of Tesla and SpaceX, who says they have formed special committees to explore a potential merger.

Other headlines moving markets:

— Edited by Liz Moyer, Stacy Ozol, and Rupert Steiner

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