Asian stock markets rose on Wednesday as investor enthusiasm for artificial intelligence stocks returned, even as SpaceX shares fell following its first earnings report since going public and AMD faced its own setbacks. The rally came alongside a dip in oil prices, with Brent crude trading below $80 a barrel amid hopes for an interim deal in the Middle East. The market reaction to SpaceX's results highlights investor unease about how much tech firms are spending to build out AI infrastructure, even when underlying revenue growth beats expectations.

SpaceX, valued at $1.75 trillion, reported second-quarter revenue of $7.81bn, up 92% year-on-year and ahead of analysts' $6.93bn forecast, while narrowing its loss to $541m from $1bn a year earlier. Its AI division generated $2.6bn but is still running at an operating loss of $1.3bn, with capital expenditure exceeding $18bn for the quarter, much of it tied to AI infrastructure. Elon Musk called it "another milestone year," and the company said newly signed compute deals with Google and Anthropic could push the AI unit's annualised revenue run rate to $100bn by December, up from $3.2bn in 2025 — though shares still fell as investors weighed the heavy spending against that promise.