AMD shares fall over 8% after Musk says SpaceX will use Nvidia chips exclusively

Advanced Micro Devices shares dropped more than 8% in late trading after SpaceX CEO Elon Musk said his company would no longer purchase AMD chips, opting to build its AI infrastructure exclusively with rival Nvidia's products. The announcement overshadowed AMD's strong quarterly results, where it reported record sales and data-center revenue that doubled to $6.7 billion. AMD's total revenue for the quarter ended June 27 was $11.5 billion, narrowly beating expectations.