3 Stocks to Buy Following SpaceX's First Earnings Call

SpaceX’s first earnings call named Nvidia its exclusive chip provider and announced a new partnership to design the Starmind AI satellite compute payload, using Nvidia GPUs/CPUs, with a prototype delivery early next year and mass production later in 2027—incrementally positive for Nvidia. Musk also argued DRAM supply growth (~20%/yr) will lag demand growth (~200%/yr), supporting continued price increases that should benefit SK Hynix and Micron; HBM is framed as the key driver, with SK Hynix holding over-50% HBM share and signing a reportedly $500B multiyear deal to supply next-gen memory for Nvidia’s Vera Rubin architecture.

Analysis

The important read-through is not the customer count; it is that a frontier buyer is publicly validating NVIDIA as the default architecture for next-gen AI compute. That matters because it reduces the perceived risk of a multi-vendor future and can tighten the ecosystem moat for GPUs, CPUs, networking, and board-level supply even before SpaceX becomes material to revenue. The market should treat this as a duration extender for NVDA rather than a near-term earnings driver.

Memory is the cleaner economic transmission. If AI workloads keep pulling wafer capacity toward HBM and away from commodity DRAM/NAND, the bottleneck shifts from end-demand to supply discipline, which supports pricing power for MU and SKHY for several quarters. The second-order effect is that any incremental AI capex from non-hyperscaler customers further reinforces the cycle by keeping order visibility high and delaying customer negotiations.

The contrarian risk is that this is becoming a consensus narrative before the financials fully catch up. If hyperscaler capex moderates or inventory digestion appears in handset/PC channels, DRAM prices can still roll over quickly despite upbeat commentary. The key falsifiers are NVDA guide/margin inflection next quarter and evidence that DRAM contract prices or HBM lead times stop tightening over the next 1-3 months.

Key Decisions for Investors

• Long NVDA on any post-event pullback over the next 1-2 weeks; thesis is ecosystem validation and duration extension, with a 3-6 month upside skew if next earnings confirm capacity-tight demand. Falsify if guide or gross margin fails to reaccelerate.
• Accumulate MU as the liquid memory-cycle expression for a 1-3 month trade and 6-12 month structural hold; risk/reward improves if DRAM contract pricing continues rising while stock still trades below peak-cycle multiples. Exit if pricing data flatten or inventory commentary worsens.
• If liquidity is adequate, long SKHY as the higher-beta direct HBM beneficiary versus broad semiconductor exposure; use a tight risk budget because the ADR/market access can be less reliable. The trade works if HBM lead times extend and is wrong if supply additions normalize faster than expected.
• Relative-value: long NVDA / short AMD over the next 1-3 months if the market starts to price the 'exclusive' architecture as a share-gain signal rather than just headline color. Falsify on any meaningful AMD accelerator design-win disclosure or NVDA supply constraints that cap upside.