Nasdaq 100 Rallies 1.2% as SpaceX Delivers Its First Profit and Super Micro Raises Guidance

The Nasdaq 100 climbed 1.2% on Wednesday, and for once the advance rested on delivered earnings rather than fresh promises of capital spending. Two companies supplied the catalyst: SpaceX, which reported its first quarterly profit as a listed company, and Super Micro, which lifted its revenue and margin outlook above what analysts had penciled in. The gains followed a session in which the index had closed 0.2% lower, with futures pointing higher in early trading.

SpaceX earned a net profit of $4.4 billion in the third quarter of 2026 on revenue of $14.6 billion. According to AFP, that profit came in more than double the analyst consensus. The AI unit was a meaningful contributor, generating $7.56 billion in revenue on its own, CNBC reported — a figure that gives the rental of computing capacity substantial weight in how the company is now valued.

Super Micro's preliminary guidance reinforced the demand picture. The company expects revenue of $18.5–19.5 billion for its first fiscal quarter of 2027, against an average analyst estimate of roughly $15 billion — the entire new range sits above market expectations. It had previously guided to $14.5–15.5 billion. Gross margin is now seen at 12–12.5%, up from an earlier forecast of 10.4–10.8%. The figures are preliminary and unaudited, with full results due on November 3. Super Micro shares rose sharply after the bell, and Asian semiconductor stocks traded higher on the news.

Should investors sell immediately? Or is it worth buying NASDAQ 100?

Demand Is One Question. Returns Are Another.

The twin updates shift attention, at least temporarily, from the financing risks of AI infrastructure to the strength of orders. They do not settle the broader debate. Investors are increasingly demanding proof of profitability from AI spending, Axios reported, with providers of AI computing capacity under particular scrutiny over their funding and valuations.

UBS frames the test around three measures for big tech results: the strength of core businesses, the monetization of AI, and the return on AI investments. Rising interest rates and financing costs, in the bank's view, sharpen the pressure to justify heavy capital outlays. UBS remains constructive on hyperscalers and on high-quality semiconductor and hardware companies over the long run, but warns of company-specific share-price swings given elevated expectations — the positive view is not a blanket endorsement of every name in the AI complex.

Voices on the demand side are not unanimous either. Marc Boroditsky, chief revenue officer at Nebius, told CNBC that prices for AI compute are rising faster than expected, and that Nebius anticipates selling out its available capacity next year — hardly the picture of an imminent demand slump. Apollo chief economist Torsten Sløk, by contrast, cautions against treating compute demand as limitless. Higher prices and thinner returns could push customers toward more frugal usage or cheaper alternatives. At the largest hyperscalers, he reckons, invested capital is growing faster than the earnings it generates.

For Nasdaq 100 investors, the distinction matters. SpaceX has provided concrete evidence that AI operations can produce profit. It has not shown that every announced data center and investment will pay off in equal measure. Wednesday's rebound has a fundamental leg to stand on — but the industry-wide profitability case remains open.

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