SpaceX Cuts Losses on Report of Potential Pentagon AI Computing Deal

SpaceX pared its losses after The Wall Street Journal reported that the Elon Musk-led company is in talks with the U.S. Department of Defense to provide data center capacity for running artificial intelligence models, Ines Ferré reported for Yahoo Finance.

The proposed agreement betwen SpaceX and the US government could be worth several billion dollars. (Photo: SpaceX X)

According to the report, the proposed agreement could be worth several billion dollars and would provide the Pentagon with additional computing power for AI applications.

Meanwhile, the Magnificent Seven technology stocks ended the week with mixed performances as the broader market headed for weekly losses.

Apple briefly overtook Nvidia as the world's most valuable publicly traded company and was on track to post a 6% weekly gain.

Nvidia, Alphabet, and Meta were each headed for weekly declines of about 3%, while Tesla was down roughly 6% over the same period. In contrast, Microsoft and Amazon were on track to finish the week with gains.