Musk's SpaceX focuses on AI chip production

SpaceX's stock price closed with a more than 7% increase, drawing significant attention.

This is analyzed as a result of a combination of various positive factors, including the emergence of potential cooperation in new chip production facilities with TSMC, the push to rename SpaceX's AI division to 'Space XSI', and Morgan Stanley's target price of $300.

SpaceX is discussing with TSMC a strategy to gain a technological advantage by producing AI chips in new facilities. The industry believes that to produce the best performing chips, there is no choice but to entrust it to TSMC, which has significantly widened the foundry technology gap compared to Samsung Electronics or Intel.

This discussion on AI chip production cooperation in new facilities is acting as a key driver of SpaceX's stock price increase.

In the last quarter, the Space XAI division recorded $2.5 billion in revenue, rapidly emerging as a core revenue source for the company.

During the same period, the aerospace division's revenue was $0.9 billion, less than half of the AI division's figure.

This change in revenue proportion suggests that SpaceX is transforming into an AI company beyond its image as a space company, and the renaming is also seen as a reflection of this change.

Regardless of the low consumer recognition of SpaceX's AI model Grok, Space XAI is generating revenue by leasing AI computing capacity to companies like Anthropic.

This is a strategy to secure a reliable and practical revenue source through the capacity rental business by leveraging the shortage of AI computing capacity, ensuring a stable revenue structure regardless of the success of the AI model itself.

Morgan Stanley recently issued a strong buy report, characterizing the recent decline in SpaceX's stock price as an unusual undervaluation. This report projected an 80% upside for the stock.

This indicates that the recent stock price decline is viewed as a temporary correction and an unusual undervaluation, with a significant future stock price increase expected.

SpaceX's stock price went through a consolidation phase around the $150 line for the past two months, absorbing selling pressure.

After forming a dip once in late September, it finally broke through the $150 resistance level, drawing an ascending N-pattern and consolidating energy.

Technical indicators suggest sufficient room for further ascent to $200.

Amid expectations of stronger theme stock trends than large-cap stocks in the domestic market, Sphere is suggested as a promising investment.

Sphere has a history of supply contracts with SpaceX, and it is currently evaluated to have sufficient technical adjustment of divergence, indicating a high possibility of a short-term surge.