SpaceX's expanding AI capacity could trigger another Nvidia GPU shortage, BNP Paribas warned, with analyst Stefan Slowinski saying the company's infrastructure plans carry broad implications for neocloud providers CoreWeave and Nebius.
Bernstein analysts said Nvidia could prioritize SpaceX for limited chip supply, pushing the rocket company to the front of the allocation queue and affecting other major cloud customers including Microsoft and Oracle.
The pressure on neoclouds is compounding. SpaceX and Meta are both entering the sector, intensifying competition at a moment when memory, server and chip prices are rising.
CoreWeave and Nebius face significant financial headwinds. Neither is profitable; both carry limited cash flow and heavy debt loads while chasing AI demand in a difficult macroeconomic environment.
Nvidia previously invested $2 billion in CoreWeave, acquiring a nine percent equity stake. That position represents just 5.7 percent of CoreWeave's planned $35 billion in capital expenditures for 2026. The remaining $32 billion must come from other financing sources.
Nvidia shares traded at $223.96, up 2.3 percent, as supply chain decisions by the chipmaker continue to carry weight across the AI infrastructure market.
