[EARNINGS CALL] SpaceX (SPCX) CEO Musk says demand for AI compute is likely to remain strong, with even older H100s (NVDA) renting for more than when they were new, while warning that a shortage of superintelligence compute could persist for a long time

SpaceX (SPCX) CEO Musk says demand for AI compute is likely to remain strong, with even older H100s (NVDA) renting for more than when they were new, while warning that a shortage of superintelligence compute could persist for a long time.

Scarcity commentary from a large-scale compute buyer and builder has historically functioned as a corroborating data point for the accelerator complex rather than a market-moving event in itself, with the read-through running through NVDA and the server and networking peer set. The telling detail is the pricing of prior-generation hardware: in past capex booms, old equipment renting above its original price has been the signature of an undersupplied market, and it is a condition that has typically persisted until new capacity catches up, at which point rental rates on older kit have rolled over quickly. The qualification is that the speaker is himself a bidder for compute and a seller of AI ambitions, so statements of this kind carry a promotional incentive; participants have tended to treat them as directionally useful but to anchor on the seller side, with hyperscaler capex guidance and GPU lead times the harder evidence. Worth watching is whether rental prices for the newest generation hold while older units reprice, since divergence there has historically flagged the transition from shortage to glut. As a private-company call with no figures disclosed, the signal is qualitative.