SpaceX CEO Elon Musk Just Delivered Fantastic News for Nvidia Investors
The space, satellite broadband, and AI company made a surprise announcement regarding the AI chipmaker.
Overview
In many ways, Space Exploration Technologies (NASDAQ:SPCX) -- aka SpaceX -- has confounded investors since its record-breaking debut. The company raised $85.7 billion in its initial public offering (IPO) and ended the day with a record market cap of $2.1 trillion. Since then, however, volatility has been the default. After soaring as much as 49% from its IPO offering price, the stock has plunged as much as 46% from its peak, giving shareholders a serious case of whiplash.
Wall Street and Main Street alike were sitting on the edge of their seats when SpaceX delivered its first financial report as a public company after the market close on Tuesday. While the better-than-expected results were met with a collective shrug, Nvidia (NASDAQ:NVDA) was a surprise beneficiary of the report.
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Originally published at www.fool.com.
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