Tech Stocks Under Pressure as SpaceX Spending Plans and AMD Results Weigh on Sentiment

Key Facts

Amid rising concerns over the scale of AI infrastructure costs, tech stocks faced significant pressure in early trading as investors reacted negatively to SpaceX's massive spending plans. According to reports, Elon Musk's strategy to build exclusively on Nvidia's Vera Rubin platform sparked anxiety regarding capital expenditure requirements, despite the platform's recognized technical superiority. This shift in sentiment has dampened the initial bullish momentum that followed the company's earnings call.

This decline coincided with disappointing results from Advanced Micro Devices, which weighed heavily on the broader semiconductor sector. Per market data, AMD closed at $484.64 and INTC at $91 (close August 03, 2026), while manufacturing partner TSM stood at $418.505 (close August 04, 2026). Despite these sectoral headwinds, broader U.S. indexes approached record highs, bolstered by optimism surrounding potential progress in diplomatic talks with Iran.

Regarding instrument performance, NVDA closed at $211.3401 (close August 04, 2026) and SPCX was at $114.53 (close August 03, 2026). Traders are now monitoring how these spending concerns will impact AI valuations, especially with a light economic calendar ahead and following the US Fed's decision to maintain interest rates at 3.75% on July 29, 2026.