GoKawiilSpaceX Spectrum Deal and Nvidia Chip Plans Add to Volatile AI-Driven Market Week
Major indexes hit fresh records before a sharp tech selloff on Thursday, with the S&P 500 still finishing the week up 1.2% and the Nasdaq up 0.6% after Friday's rebound. Separately, SpaceX reportedly seeks to raise $40 billion to expand its Nvidia-powered AI compute business and announced a deal to acquire a nationwide wireless spectrum portfolio for Starlink.
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The swings suggest investor sentiment around AI stocks remains fragile even as broader indexes notch new highs, with Jim Cramer framing SpaceX's chip spending as evidence that Nvidia's customers are seeing strong returns on AI investment. SpaceX's spectrum acquisition could position Starlink as a stronger rival to traditional wireless carriers, though the competitive impact remains to be seen.
- S&P 500 gained 1.2% and Nasdaq 0.6% for the week despite a sharp Thursday tech selloff
- SpaceX is reportedly seeking $40 billion to buy more Nvidia chips for its AI compute business
- SpaceX also announced a deal to acquire nationwide wireless spectrum to bolster Starlink
Source: cnbc.com — Alexa Lomonaco, 2026-10-10
Published there as: “Stocks saw new highs and big declines: How the volatile AI trade moved last week's market”
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