SpaceX's first quarterly results as a public company beat expectations, but AI costs hit stock

Brian Mulberry, chief market strategist at Zacks Investment Management, Golden, Colorado:

"The two things that stood out to me are the doubling of Starlink subscriptions from 6 million to 12 million...and then the actual AI revenue was up 350%. ... Those two numbers were absolutely the biggest outperforming data points.

"I think that's a tremendous upside surprise today alone is the fact that AI is already monetizing itself. They're not relying on Starlink to fund operations there. I think that's a huge part of the story.

"If they can continue to build on this number and continue to monetize AI directly, then it really does soften our concerns about the capex being a little bit too heavy. I think that this is one of those types of results that will change our thinking and might move up our scale in terms of when we want to take a position."