Nvidia Stock Heads For Weekly Loss — Gene Munster Says SpaceX’s IPO Hype 'Sucked The Air' Out Of Blowout Earnings

• Nvidia posted record Q1 revenue of $81.6 billion, up 85% year-over-year, while net income surged to $58.3 billion.
• Nvidia CEO Jensen Huang said AI infrastructure demand had gone “parabolic” as agentic AI adoption accelerated.
• SpaceX’s IPO filing revealed plans for AI infrastructure and chip manufacturing, as well as retail IPO access through platforms such as Robinhood and SoFi.

Shares of Nvidia Corp. (NVDA) are headed for a weekly loss amid shifting investor attention towards SpaceX’s massive IPO plans, with veteran tech investor Gene Munster noting that the recent S-1 filing overshadowed Nvidia’s AI momentum.

NVDA stock jumped over 1% on Monday but is on-track to snap two straight weeks of gains, declining nearly 1% so far this week. 

SpaceX Filing Steals NVDA Earnings Spotlight

Deepwater Asset Management’s Munster said on X that SpaceX’s blockbuster IPO filing “sucked the air out of the NVDA quarter,” even as the AI chip giant delivered a blowout quarter. 

“Yes, NVDA crushed earnings,” Munster said. “But SPCX’s positioning as a sovereign AI company is a more compelling long-term (10-year) growth story.” Munster added that Nvidia and SpaceX together will have a combined market cap of $7 trillion.

Nvidia reported record first-quarter (Q1) revenue of $81.6 billion, up 85% from a year earlier and ahead of Wall Street estimates of $78.9 billion. Net income also surged to $58.3 billion, more than triple from year-ago levels well above analyst expectations.

CEO Jensen Huang said that demand for AI infrastructure had gone “parabolic” as agentic AI systems spread across the tech industry. Nvidia’s data-center business remained the primary growth engine, while networking hardware revenue tripled to a record $14.8 billion from the previous year.

The company also announced an $80 billion share repurchase authorization and also raised its quarterly cash dividend. CFO Collette Kress said that Nvidia plans to return 50% of free cash flow to shareholders this year. Despite the strong results, Nvidia shares struggled to build momentum as markets focused on Musk’s rapidly expanding AI and infrastructure plans through SpaceX.

Retail Traders Rush Toward SpaceX IPO

SpaceX on Wednesday finally unveiled its long-awaited IPO prospectus, kicking off possibly the biggest stock offering ever. The company is reportedly targeting a valuation above $1.5 trillion and could raise more than $80 billion in the listing, easily surpassing Saudi Aramco’s $26 billion IPO from 2019.

The filing showed just how quickly SpaceX has grown beyond its roots as a rocket company. Revenue climbed 33% year-over-year to $18.67 billion last year, although the company swung to a net loss of $4.94 billion as spending ramped up across AI infrastructure, semiconductor initiatives, and orbital computing projects.

Musk is also pitching SpaceX as much bigger than a traditional aerospace business. The prospectus laid out ambitions spanning AI infrastructure, chip manufacturing, orbital computing, and large-scale data centers, reinforcing the company’s growing push into what Musk calls “sovereign AI.”

The filing also sparked excitement among retail traders after SpaceX disclosed that some Class A shares would be offered directly through platforms including Robinhood, SoFi, Fidelity, Charles Schwab and E*Trade by Morgan Stanley, which is a rare move for a mega IPO that would normally be dominated by institutional investors and wealthy private clients.

How Do Retail Traders Feel About NVDA And SPCX?

On Stocktwits, retail sentiment for NVDA and SPCX was ‘extremely bullish’ amid ‘extremely high’ message volume.

One user said, “$NVDA Unfortunately this will dump. Big boys need capital for SpaceX IPO.”

Another user said, “market running out of gas if NVDA can’t run on those earnings!”

So far this year, NVDA stock has outperformed several of its “Magnificent Seven” peers, making it the group’s second-best performer, with a 20% rise.   

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