Musk Denies $52 Billion SpaceX-Foxconn AI Server Deal, Lifting SMCI Stock From Recent Losses

Super Micro Computer and Dell Technologies both recovered slightly in premarket trading after SpaceX CEO Elon Musk labeled reports of a $52 billion Foxconn server deal as "fake news." The denial came in response to a Taiwan-based report claiming SpaceX intended to purchase over 13,000 AI server racks powered by Nvidia GB300 chips at approximately $4 million per rack. The rumored arrangement would have represented a significant setback for both companies, which have historically supplied AI infrastructure to SpaceX.

The Economic Daily's original reporting suggested that Foxconn aimed to capture major cloud and artificial intelligence infrastructure contracts in North America through the SpaceX contract. An analyst at Citrini had stated the deal would displace Dell and Super Micro from SpaceX's procurement, with delivery timelines projected for late 2026 extending into the first quarter of 2027. Musk's swift refutation on X halted widespread speculation among investors and market participants who had treated the report as credible.

Both companies have experienced significant pressure in recent weeks amid a broader investor rotation away from AI-focused stocks. Super Micro Computer declined 18 percent during July, while Dell Technologies fell 8 percent as traders redirected capital toward large technology firms and software providers. Despite the recent pullback, both remain central to the artificial intelligence infrastructure expansion, as enterprises and cloud service providers continue accelerating data center spending.

Super Micro has prioritized scaling its server portfolio and manufacturing capacity to meet demand, though the company has recently drawn increased scrutiny over governance matters. Dell continues broadening its AI infrastructure offerings while leveraging relationships across its enterprise customer base. Retail sentiment on Stocktwits showed neutral positioning for Dell but remained bearish for Super Micro, even as some traders continued discussing the Foxconn arrangement as though Musk's denial had not occurred.