Finance

SpaceX shares tumbled more than 13% following its quarterly earnings call, where the newly public company rattled investors by disclosing plans for aggressive capital spending on artificial intelligence infrastructure. The capital intensity fears spilled over to Advanced Micro Devices, which saw its stock decline 7% after it was revealed that SpaceX would exclusively deploy processors from its primary competitor, Nvidia.

Crude oil benchmarks stabilized in the $70-a-barrel range following positive developments in Middle East diplomatic mediation. Investors reacted favorably to a potential temporary pact drafted by Iran and Oman to maintain incoming traffic flow through the economically critical Strait of Hormuz, providing structural relief against sticky inflationary pressures.

The global cryptocurrency market cap crept up to $2.18 trillion as Bitcoin successfully defended its downside to trade steadily above the $64,000 threshold. While Bitcoin continues to exhibit resilience, internal market dynamics have left other major digital assets highly mixed, with Ethereum experiencing notable multi-year lows relative to Bitcoin's valuation.