Elon Musk has publicly dismissed a report describing a $52 billion order between Foxconn and Nvidia, labeling it "fake news," according to reporting carried by Stocktwits and TradingView.
Despite Musk's denial, SPCX stock rose overnight, the two outlets reported. In other words, the pushback from Musk did not weigh on the share price the way a disputed report sometimes might — instead, the stock moved higher.
The sources center on two threads: a specific, large-dollar claim about hardware ordering tied to Foxconn and Nvidia, and Musk's flat rejection of that claim. Nvidia designs the high-end chips that power much of today's artificial intelligence buildout, and Foxconn is one of the world's largest contract manufacturers, so a purported order of that size naturally draws market attention. Musk's characterization of the report as "fake news," per Stocktwits and TradingView, is a direct challenge to its accuracy.
The available reporting does not resolve the underlying dispute. It documents that the claim exists, that Musk denies it, and that SPCX shares climbed overnight in the wake of the back-and-forth. Beyond those points, the sources do not provide additional detail on the order's origin or confirmation.
Why it matters: When figures like Musk contest headline numbers around Nvidia's AI-chip supply chain, it underscores how sensitive markets have become to any signal about who is buying — and how much — even before the facts are settled.