When Elon Musk and Space Exploration Technologies (NASDAQ: SPCX) announced the company's third-quarter earnings results on Oct. 20, there was incredible news for Nvidia (NASDAQ: NVDA) and its shareholders. On the Q3 earnings call, Musk said the space and artificial intelligence (AI) company plans to aggressively ramp up its AI infrastructure spending to deliver annual recurring revenue (ARR) between $500 billion and $1 trillion by the end of 2027. Musk had already announced in August, during the company's first earnings conference call, that SpaceX would use Nvidia chips exclusively moving forward.
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