Tech Stocks Surge as SpaceX Earnings Ease AI Market Anxiety

The rally gained momentum as SpaceX disclosed that its investments in AI infrastructure outperformed analyst projections. Beyond its own internal development, the firm is currently monetizing its computing power by supplying rivals like Google and Anthropic. This performance provided a direct lift to hardware-focused companies such as Intel and Micron, which had been battered by a massive sell-off from Bank of America Securities clients just days prior.

Market volatility remained high elsewhere. Meta Platforms shares climbed despite a $25 billion court-ordered penalty in New Mexico related to data privacy, as investors focused on the company's robust earnings and plans for a new share class to bankroll AI infrastructure. Conversely, Alphabet retreated following news of a U.S. Senate inquiry into its AI tools in classrooms. Meanwhile, Australia’s NextDC saw its valuation plummet by over 40% after community opposition halted a major data-center project, forcing the developer to slash its annual earnings forecast.