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BREAKING: $SPCX is down -10% today despite beating on its first ever earnings report. Revenue came in at $7.8 billion against $6.81 billion expected, up 92% year over year, with Starlink at 12 million subscribers. The problem was capex. Spending jumped sixfold to $18.4 billion in one quarter, mostly on $AI infrastructure. The market wants proof this spending turns into profit. Elon Musk responded by pulling his target forward, saying SpaceX hits $1 trillion in annual revenue by 2030 instead of 2031. The stock now trades around $111, below its $135 IPO price. The lockup expires tomorrow, freeing up to 20% of shares. $AMD fell today for the same reason. The market has stopped paying for $AI spending.