Nasdaq rises as SpaceX and Super Micro boost AI stocks

Summarised from 2 outlets · Updated 21 Oct, 16:32 · Archive

The Nasdaq gained ground after SpaceX and Super Micro Computer posted strong quarterly results, while Netflix slipped on a weak forecast.

The tech-heavy Nasdaq gained ground after quarterly results from SpaceX and Super Micro Computer improved appetite for AI-linked stocks, while Netflix slipped as its forecast failed to impress.

SpaceX rose 10.7 per cent after Elon Musk said on Tuesday that a merger of SpaceX and Tesla would be 'a good idea'. SpaceX also posted its first profit as a public company, with Tesla shares up 3.7 per cent. Super Micro jumped 12 per cent to the top of the S&P 500 after the AI server maker forecast quarterly revenue and profit margin above Wall Street estimates. Peers HPE and Dell rose 3 per cent and 5 per cent respectively. At 9:54 am ET, the Nasdaq Composite had gained 147.79 points, or 0.56 per cent, to 26,572.61.

Investors drew comfort from the reports as concerns over profitability of the AI build-out had triggered a selloff in AI-linked stocks the previous week, with data centre operator CoreWeave at the centre of the selloff. CoreWeave shares were down 2.4 per cent, suggesting lingering caution in the sector.

How it is being reported

• Nasdaq rises as SpaceX, Super Micro boost AI appetiteSpaceX and Super Micro Computer results buoyed appetite for AI-linked stocks but Netflix dragged with a weaker-than-expected forecast.The West Australian · 21 Oct, 16:02
• Nasdaq rises as SpaceX, Super Micro boost AI appetiteSpaceX and Super Micro Computer results buoyed appetite for AI-linked stocks but Netflix dragged with a weaker-than-expected forecast.Perth Now · 21 Oct, 16:02

In this story: SpaceX · Super Micro Computer · Tesla · Netflix · Elon Musk · HPE · Dell · CoreWeave

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem