Good afternoon and welcome to Markets Desk, your midday read on what's moving markets right now.
SpaceX is the headline that won't quit. Shares in Elon Musk's rocket and satellite company surged thirty-seven percent following their historic debut, pricing at one hundred thirty-five dollars and vaulting the company's valuation well past the one trillion dollar threshold — making Musk's personal stake alone worth more than most sovereign wealth funds.
Shifting to the chip and cloud space, Rackspace Technology has inked a significant partnership with Advanced Micro Devices to deploy AI computing infrastructure specifically for regulated industries — think finance, healthcare, and government. The deal signals that the AI buildout is no longer confined to hyperscalers; enterprise-grade compute demand is accelerating fast, and AMD is clearly positioning itself to capture that next wave alongside Nvidia.
And overseas, Indian equities snapped a five-session winning streak Friday as IT stocks took a meaningful hit. The catalyst was Accenture cutting its fiscal twenty twenty-six guidance, which rattled confidence across the sector. Investors are increasingly pricing in the risk that AI-led automation disrupts traditional IT services revenue — a concern that now has a very specific, very quantified data point behind it.
That's the tape. Markets Desk, signing off the floor.
