Elon Musk stated that SpaceX will use Nvidia chips, causing AMD's stock price to drop by 8%.

AMD's stock price fell more than 8% on Tuesday, despite the company reporting record high sales for the quarter. This came after SpaceX CEO Elon Musk stated that the company decided to fully adopt NVIDIA's platform. On Tuesday afternoon, during two overlapping earnings conference calls, AMD highlighted the surge in sales of its data center chips, while Musk praised its biggest competitor and market leader, NVIDIA. When explaining his AI computing infrastructure investment strategy to investors, Musk said, "In the future, we will decide to fully adopt NVIDIA's platform because we believe Blackwell is the best architecture."