The explanation attached to $SPCX -8.70% is political: this week's midterms, a Democratic win, a worry about data-center and AI regulation, a $1.9 trillion company trading like a ballot measure. That is the write-up from an hour ago. The number worth the screen came in an earlier piece today and has no party affiliation: AI compute is now over half of SpaceX's sales, one customer, Anthropic, is 34.5% of total revenue, and from early 2027 either side can cancel on 90 days' notice.
A regulatory mood cannot be sized. A 90-day clause can. The first is the reason on offer for today; the second is a hinge in the revenue line that stays there whoever won. Nothing in the feed says anyone intends to use it; nothing says the notice period has been priced, either.
Same morning, a different concentration: six names, Nvidia among them, are 30.8% of the S&P 500. #NVDA is -7.37% ahead of its own Nov. 17 report, with guidance already calling for 106% annual revenue growth. Index concentration is the complaint everyone has memorized. Customer concentration is the version with a notice period.
The window opens in early 2027. The Qualcomm-built Starlink Mobile 5G sites, per another note today, are planned for 2027 as well. Two lines on one calendar, and the feed does not say which one is bigger.