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AMD Gets Snubbed By Elon Musk & Nvidia Wins Again—Or Does It?

Advanced Micro Devices delivered the strongest quarterly results in its history, yet investors focused on a single, highly visible rejection. The chipmaker reported $11.5 billion in revenue for the quarter ended June 27, narrowly exceeding analyst expectations of $11.3 billion, while net income reached $2.3 billion. Despite those figures, AMD shares fell more than 8% in after-hours trading after Elon Musk said SpaceX would build its future artificial-intelligence infrastructure exclusively around Nvidia chips and its Vera Rubin architecture. The announcement was particularly striking because Musk had indicated only months earlier that Tesla and SpaceX would probably continue purchasing chips from both suppliers. The selloff therefore captured a broader tension surrounding AMD: the company is growing rapidly and winning major AI customers, but Nvidia remains the industry’s preferred platform for many of the most demanding deployments. The question is not whether AMD is participating in the AI boom.