AI stocks have sold off as investors demand proof that huge AI infrastructure spending will pay off, with results so far mixed. SpaceX's AI sales surged 830% to $7.6 billion in the third quarter, accounting for 52% of total revenue, but capex jumped 185% to $19.6 billion, with 83% allocated to AI. Its Starlink business grew 69% to $5.2 billion, and the company expects capex of up to $40 billion this year. The stock is down about 5% from its $150 opening price and remains below its IPO price, while Alphabet fell about 10% after capex of $51.3 billion and missed sales and earnings estimates. The author considers that investor skepticism about capex could weigh on SpaceX's shares for a while.
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Related tickers and likely impact
NVDA
▼ Likely negativeNvidia
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 10/30/2026 | 204.81 |
| Change that session | -4.14% |
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/30/2026 | 690.49 |
| Change that session | -3.47% |
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