AMD chief executive Lisa Su played down Elon Musk's remarks about SpaceX committing to use Nvidia artificial intelligence chips, even as AMD shares moved lower after the company's latest earnings report. The comments put fresh focus on competition in the AI chip market, where Nvidia remains a dominant force and AMD is trying to expand its footprint.
The reaction came at a notable moment for AMD investors. Although the stock fell after earnings, the company has still been one of the major winners from the AI surge, with shares up 132% so far in 2026, according to the report. That backdrop suggests the market is balancing short-term earnings concerns against longer-term optimism around AI-related demand.
Musk's reference to Nvidia added another layer to the discussion, especially because major customers' chip choices can shape sentiment around the sector. Su's response indicated that AMD is not treating the comment as a major threat to its broader strategy, even as investors closely watch how large technology and industrial customers divide spending between leading chip suppliers.
The episode highlights how sensitive AMD and Nvidia shares can be to earnings updates, executive remarks and signs of customer commitment in the fast-growing AI hardware race. For now, AMD remains closely tied to the broader AI investment story, but post-earnings trading showed that confidence can still be tested when expectations are high.
