--- title: "SpaceX leads the Nasdaq-100 after its AI results" url: "https://etf.net/news/spacex-ai-results-lead-nasdaq-100-2026-10-21" published_at: "2026-10-21T20:56:48.221Z" updated_at: "2026-10-21T22:02:01.107Z" byline: "ETF.net Research" --- # SpaceX leads the Nasdaq-100 after its AI results Chipmakers and server stocks rallied , while communication services stocks were the day's biggest losers as Netflix and AT&T fell. By ETF.net Research. Published Oct 21, 2026. SpaceX shares jumped 7.8% to $159.31 on Wednesday, Oct. 21, after the company swung to a $4.4 billion third-quarter profit, beat revenue forecasts, and revealed that it and Tesla have formed board committees to explore a possible merger. The rocketmaker was the largest contributor to the Nasdaq-100's gain for the day. The rally spread to chip and server stocks. Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100, rose 1.1%. Communication stocks, in contrast, fell during Tuesday's trading. The S&P 500 rose 0.6% to 7,757.17, moving closer to its Oct. 6 record. The Nasdaq Composite gained 1.1% to 26,702.86, and the Dow Jones Industrial Average added 0.7% to 52,856.09. The 10-year Treasury yield rose to 5.15%, and Brent crude futures traded near $110 a barrel after Saudi Arabia’s state news agency reported an attack on an Aramco oil field. Meta Platforms and Tesla reported after the close. Meta beat revenue forecasts, raised its fourth-quarter outlook to $73 billion to $76 billion and announced a 2-for-1 stock split; its shares rose 3.58% in after-hours trading as of 5:22 p.m. ET. Meta is the largest holding in the State Street Communication Services Select Sector SPDR ETF (XLC). Tesla’s adjusted earnings of 48 cents a share topped estimates, though its shares slipped 0.6% after hours at 5:22 p.m. ET. Invesco QQQ Trust, Series 1 QQQ rose **1.1%**. State Street SPDR S&P 500 ETF SPY rose 0.5%. ## SpaceX's AI results led the gain SpaceX, about 2.7% of QQQ, added roughly 0.2 percentage point to the fund’s gain, about as much as Nvidia, a holding three times its size. Nvidia rose 2.5% for the day. Chart: **SpaceX** added more than Nvidia On Tuesday the company reported third-quarter revenue of $14.6 billion, up 161% from $5.6 billion a year earlier, according to its [earnings release](https://www.sec.gov/Archives/edgar/data/1181412/000162828026066482/spaceexplorationtechnologi.htm). The release said the jump was fueled by Super Intelligence, the name it now uses for the segment it previously reported as artificial intelligence, and by connectivity. [CNBC](https://www.cnbc.com/2026/10/21/spacex-spcx-stock-musk-merger-tesla.html) said that business is now the largest, with revenue of $7.56 billion, up ninefold from $813 million a year earlier. [Reuters](https://www.reuters.com/legal/transactional/nasdaq-futures-lead-gains-spacex-super-micro-results-lift-ai-trade-2026-10-21) reported that the Nasdaq gained on Wednesday after the SpaceX and Super Micro Computer results improved appetite for stocks tied to artificial intelligence. VanEck Semiconductor ETF SMH gained 1.9%. State Street Technology Select Sector SPDR ETF XLK gained 1.7%, the best of the 11 funds that track the S&P 500's sectors. Advanced Micro Devices rose 3.4%. Super Micro Computer rose 9.5%. On Tuesday the server maker said revenue for the quarter ended Sept. 30 is now estimated at $18.5 billion to $19.5 billion, above the $14.5 billion to $15.5 billion it had forecast, in its [update](https://www.supermicro.com/en/pressreleases/supermicro-provides-first-quarter-fiscal-year-2027-preliminary-business-update). It cited demand for AI platforms. "Do I think it would be a good idea? Yes," Elon Musk, chief executive of SpaceX and Tesla, said of a merger on Tuesday's call with analysts, the [BBC reported](https://www.bbc.co.uk/news/articles/cmlyl09xjke4o). He said a combination would make sense for the work each company is doing on chips, artificial intelligence and software. Special committees at both companies had been formed to examine a deal, and he said one could not be assumed. Tesla rose 3.4% in Wednesday's regular session, before its own results. ## Communication services fell on Netflix and AT&T AT&T fell 6.4% even though revenue and adjusted earnings despite beating revenue and adjusted earnings forecasts and raising its 2026 profit outlook. Verizon and T-Mobile also fell about 3%, as SpaceX's Starlink Mobile takes shape as a potential competitor to these telecom giants. State Street Communication Services Select Sector SPDR ETF XLC fell 1.1%, the worst of those 11. Seven finished higher. Chart: **Technology** led; communications finished last Netflix fell 5.3% and hit a 52-week low. In a [letter to shareholders](https://www.sec.gov/Archives/edgar/data/1065280/000106528026000290/ex991_q326.htm) on Tuesday, the company cut its 2026 advertising forecast to about $2.7 billion from about $3 billion. It said some advertising tools were rolling out more slowly than it had expected. It set its full-year revenue forecast at $51.1 billion, which the letter said was 0.2% below the midpoint of its prior range. [Reuters](https://www.reuters.com/legal/transactional/nasdaq-futures-lead-gains-spacex-super-micro-results-lift-ai-trade-2026-10-21) said the forecast failed to impress. Third-quarter revenue rose 12% to $12.9 billion, in line with its forecast. "We delivered our Q3 forecast and expect to deliver on our full year 2026 guidance," the letter said. AT&T fell 6.4% after reporting before the open. Revenue was $32.3 billion, up 5.3% from a year earlier, the company said in its [release](https://www.sec.gov/Archives/edgar/data/732717/000073271726000370/t-3q2026exhibit991.htm). It was the largest drag on XLC. Alphabet's Class A shares fell 1.6%. Meta Platforms, 22.6% of XLC and its largest holding, rose 0.5% and did not offset the declines. Netflix was also the biggest drag on QQQ. Thursday tests the rally on three fronts: whether Meta’s and Tesla’s after-hours gains hold at the open, how SpaceX absorbs its lockup release, and whether Brent stays near $110. Chart: QQQ is still **down** over five sessions Source: etf.net, https://etf.net/news/spacex-ai-results-lead-nasdaq-100-2026-10-21. Please cite the page URL.