SpaceX (SPCX) has been mostly flat since its June IPO. The stock is currently trading at 64x sales, and analysts expect them to barely be profitable this year with around $0.09 EPS. They recently merged with xAI and are pushing heavily into AI applications. The plan is to scale their compute to 10 gigawatts by 2027. To get there, they are partnering exclusively with Nvidia (NVDA), using their new Vera CPUs and working on space-optimized systems. The article points out that Nvidia is likely the better play here. Nvidia just jumped 9% after guiding for 70% growth next year, and they are trading at 18x forward earnings. Because SpaceX is relying entirely on Nvidia hardware to build out its AI infrastructure, Nvidia captures the upside. Plus, if the AI trend slows down, SpaceX's massive valuation makes it a lot more vulnerable to a drop than Nvidia.