By Omor Ibne Ehsan
Publication Date: 2026-08-21 15:30:00
Quick Read
AMD shares fell nearly 14% last month despite Data Center revenue surging 107% to $6.72 billion after SpaceX chose NVIDIA instead.
NVIDIA locked in SpaceX through allocation guarantees AMD cannot match, but Lisa Su counts OpenAI, Meta, and Anthropic as anchor customers.
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Elon Musk’s decision to build SpaceX’s (NASDAQ:SPCX) AI infrastructure around NVIDIA’s (NASDAQ:NVDA) Vera Rubin platform, reportedly claiming 20% of NVIDIA’s next-platform capacity, is the kind of headline that makes AMD bulls nervous. It denies Advanced Micro Devices (NASDAQ:AMD) a flagship logo at exactly the moment Lisa Su is trying to convince Wall Street her Instinct roadmap can rival Jensen Huang’s.
The stock has felt it. Shares closed at $469.46 on Thursday, down 13.77% over the past month even after a blowout quarter.
The question is whether SpaceX is a symptom of something structural or a single lost deal in a market AMD believes will approach $2 trillion by 2030. The answer sits closer to the second interpretation than the first.
What the SpaceX Loss Actually Signals
Musk’s rationale centers on allocation guarantees. SpaceX wants guaranteed allocation on a platform NVIDIA controls, and NVIDIA chooses who gets capacity.
That…
