Key Highlights

  • SpaceX IPO Friday: SpaceX is set to go public on Friday, with its listing widely read as a signal of sustained institutional and hyperscaler appetite for next-generation infrastructure investment.
  • AI Infrastructure Momentum: AI infrastructure companies carried strong upward momentum through Thursday's session, with Nvidia (NASDAQ: NVDA) gaining 1% as investor conviction in the AI capex cycle held firm.
  • Hyperscaler Compute Spending: The SpaceX IPO underscores the scale at which hyperscalers are committing to compute capacity expansion, reinforcing the investment case for the broader AI infrastructure ecosystem.
  • Macro Headwinds Absorbed: Despite US President Trump's Iran strike comments and an accelerating May PPI print, AI infrastructure stocks maintained their positive momentum through the session.
  • Nasdaq Rebounds: The Nasdaq Composite rose up to 0.5%, recovering from one-month lows, with the technology sector serving as the primary driver of the day's gains.

The imminent listing of SpaceX, scheduled for Friday, served as a focal point for investor optimism around AI infrastructure spending on Thursday, reinforcing a technology-led rebound across US equity indices that had been trading near one-month lows.

AI infrastructure companies maintained strong upward momentum through the session, with Nvidia Corporation (NASDAQ: NVDA) gaining 1% as the broader theme of hyperscaler compute capacity investment continued to drive positioning. The SpaceX IPO is being interpreted by market participants as a confirmation that large-scale infrastructure investment remains a priority for the world's biggest technology spenders.

The optimism proved resilient even as macro and geopolitical pressures mounted during the session. US President Donald Trump reversed de-escalatory remarks from the prior day, stating that the United States would resume strikes against Iran and would target Kharg Island, Iran's critical energy export hub. Simultaneously, a May PPI print pointed to accelerating prices, consolidating inflation concerns tied to the ongoing conflict and aligning with market bets that the Federal Reserve will raise rates this year.

Against this backdrop, the Nasdaq Composite rose as much as 0.5%, recovering from one-month lows and demonstrating the degree to which AI infrastructure sentiment continues to serve as a counterweight to broader risk-off pressures. The technology sector's ability to absorb the Iran escalation and rising rate expectations reflects sustained conviction in the structural spending trends underpinning the AI buildout.

The SpaceX listing also arrives at a moment when investor appetite for private-to-public transitions in the infrastructure and deep technology space remains elevated. The IPO is expected to draw significant attention from institutional investors who view it as a proxy for the long-term trajectory of compute infrastructure demand.

Not all technology names participated in the session's gains. Oracle Corporation (NYSE: ORCL) slumped 12% on debt-financed data center expansion against flat revenues, while Microsoft Corporation (NASDAQ: MSFT) and Meta Platforms (NASDAQ: META) each fell over 1%, indicating selectivity within the sector even as headline index performance remained positive.