SpaceX shares climbed in trading after the company reported a 161% annual revenue increase, led by its artificial intelligence business and Starlink.
Oil prices were little changed as traders weighed possible progress in Russia-Ukraine peace talks against Middle East supply risks and declining US crude inventories.
Gold prices edged higher as falling Treasury yields supported the metal ahead of the Federal Reserve’s October policy meeting.
Netflix shares declined despite beating third-quarter earnings estimates, as a weaker revenue forecast and concerns about viewer engagement weighed on sentiment.
SpaceX stock: AI revenue drives earnings growth
SpaceX reported third-quarter revenue of $14.58 billion, up 161% year over year and above analysts’ expectations of $12.72 billion, according to LSEG data.
Net profit reached $4.4 billion, compared with a loss of $1.05 billion a year earlier, while operating income was $2.8 billion.
Its AI division, now called Super Intelligence, generated $7.6 billion in revenue, an 830% increase from a year earlier, surpassing Starlink for the first time.
Starlink revenue rose 69% to $5.2 billion, with its subscriber base reaching 13.6 million.
SpaceX primarily generates AI revenue by renting data-centre computing capacity to developers, including Anthropic, Google and Reflection AI.
Oil price: supply risks offset potential peace progress
Brent crude futures rose 1.09% to $109.95 a barrel, while US West Texas Intermediate was up 0.18% to $97.98.
Both benchmarks had gained as much as $2 earlier in the session.
Prices faced competing pressures as Russian President Vladimir Putin agreed to resume US-mediated peace talks with Ukraine, potentially easing concerns about diesel supplies.
However, continuing attacks on vessels and the lack of dialogue between Washington and Tehran kept supply risks in focus.
US crude inventories fell by 3.06 million barrels to 412.5 million last week, exceeding expectations for a decline of 820,000 barrels.
Distillate inventories, however, increased by 1.68 million barrels to 104.3 million, contrary to forecasts for a drop.
Gold price falls
Spot gold fell 0.06% to $4,121.98 an ounce. US gold futures settled 0.14% lower at $4,136.4.
The US 10-year Treasury yield fell for a second consecutive session, reducing the opportunity cost of holding non-yielding gold.
Investors are watching the Federal Reserve’s October 27-28 meeting and the upcoming personal consumption expenditures inflation report.
Markets were pricing in an 88% probability of a rate increase in December, according to CME FedWatch.
“I think gold prices will be range-bound for the time being. But I think the bias remains to the downside,” Zaner Metals vice president and senior metals strategist Peter Grant said in a Reuters report.
Netflix stock: Growth concerns persist after earnings beat
Netflix shares fell 4.79% on Wednesday despite adjusted earnings of 87 cents per share, above estimates of 82 cents. Revenue reached $12.9 billion, matching expectations, but its fourth-quarter revenue forecast of $13.4 billion fell short of the $13.5 billion consensus.
Shares have declined 27% in 2026 amid concerns about slowing growth, competition, and viewer engagement.
Analysts remain divided.
Morningstar maintained an $80 price target and highlighted advertising expansion as a potential growth driver.
Needham downgraded Netflix to Hold from Buy, expecting revenue growth to slow to single digits in 2027.
JPMorgan maintained an Overweight rating, while Bank of America pointed to Netflix’s subscriber base of more than 300 million and potential for margin expansion.
Investors will continue to assess whether advertising growth and content investments can offset intensifying competition.
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