The Hidden SpaceX Opportunity: Five Semiconductor Stocks Driving Momentum Ahead of Its IPO.

A $2 trillion IPO doesn’t emerge in isolation. Long before SpaceX lists on a public exchange, the technology stack behind its reusable rockets and AI-powered systems is already being built by a select group of publicly traded firms—and according to Dylan Jovine, founder of Behind the Markets, most investors are looking in the wrong place.

“SpaceX doesn’t exist without chips,” Jovine argues. The company’s ability to autonomously land rockets and expand its Starlink satellite network depends heavily on semiconductor technology—designed, fabricated, packaged, and delivered by companies investors can access right now.

Here are the five stocks Jovine sees as best positioned to gain from this trend.

Taiwan Semiconductor: The Foundry Powering Every Player on This List

No matter which company designs the next breakthrough in AI chips—whether it’s NVIDIA, AMD, Intel, or even Elon Musk’s rumored AI5—Taiwan Semiconductor Manufacturing Company (TSMC) is almost always the one that brings those designs to life in silicon.

Jovine calls TSMC the backbone of the entire AI chip ecosystem, a view reinforced by its latest earnings results.

“TSMC benefits regardless of who wins the chip race,” he notes. “They’re positioned to succeed across the board.”

The company commands a leading role in advanced semiconductor manufacturing—one that rivals, and in some respects even surpasses, SpaceX’s dominance in orbital launches.

That advantage only deepens as chip designs grow more complex. With next-generation GPUs, AI5, and emerging agentic AI processors demanding increasingly advanced fabrication, TSMC’s technological edge becomes more difficult—not easier—for competitors to match.

Intel: A CPU Revival the Market Is Only Beginning to Recognize

The rise of agentic AI—systems capable of taking action, not just generating responses—is quietly reshaping demand across the semiconductor landscape.

In the early phase of the AI boom, GPUs dominated, with roughly eight GPUs sold for every CPU. According to Jovine, that ratio has already tightened to around four-to-one, and Intel’s CEO has indicated it could eventually move closer to parity.

For Intel, whose core strength has long been CPU design, that shift represents a major tailwind. “It’s like a comeback story,” Jovine suggests, likening it to a powerful return rather than a fading legacy.

The stock has already begun to reflect this changing narrative, climbing more than 100% in the past month. Still, Jovine argues the opportunity is rooted in structural demand, not short-term hype. With the so-called “Magnificent Seven” expected to pour nearly $200 billion into AI infrastructure, the need for CPUs—especially for agentic workloads—is scaling faster than the industry was built to handle.

That gap between demand and supply is exactly where pricing power tends to emerge.

For those concerned about entering after a sharp rally, Jovine takes a balanced view: periods of consolidation are both natural and necessary. The broader trend, he believes, is still in its early stages.

AMD: Positioned to Capture Both Ends of the AI Boom

Advanced Micro Devices is benefiting from the same surge in CPU demand that’s boosting Intel, while also gaining from its exposure to GPUs.

The stock has jumped करीब 70% over the past month, fueled by the broader wave of enterprise spending on AI infrastructure.

Microsoft has indicated that around 90% of Fortune 500 companies are now exploring agentic AI solutions—and AMD plays a key role in enabling that shift.

The investment case is clear: as businesses push cloud providers to integrate more autonomous, agent-driven capabilities, that demand cascades down to chipmakers. AMD is right in the middle of that flow.

NVIDIA: “Cheap” on a Different Scale

It’s not a word most investors would use for NVIDIA—but Jovine does: cheap, at least in relative terms.

While Intel and AMD have surged on the CPU narrative, NVIDIA has been moving sideways, consolidating as it waits for the next phase of its growth story.

The initial GPU-driven rally may have cooled, but the rise of agentic AI is setting the stage for a fresh wave of demand in high-performance computing.

Jovine points to research suggesting a potential $24 trillion valuation for NVIDIA—a figure that naturally invites skepticism, yet is argued on the basis of the company’s dominant market position and exceptional pricing power in GPUs.

With the Magnificent Seven collectively committing massive capital to AI infrastructure, the question becomes less about if demand materializes and more about where that spending ultimately flows—and NVIDIA remains a primary destination.

Amkor Technology: The Overlooked Link in the Semiconductor Chain

The least recognizable name on the list may offer one of the more compelling opportunities.

Amkor Technology operates in semiconductor packaging—a segment that was historically viewed as a low-margin, commoditized business.

That perception is shifting. As chip architectures grow more complex, companies like Taiwan Semiconductor Manufacturing are increasingly producing “chiplets”—modular components that must be precisely assembled before they can function as a complete system.

This is where Amkor comes in. Modern chip packaging now involves highly advanced processes, requiring precision engineering at microscopic scales. As complexity rises, so does the value—and strategic importance—of companies providing these services.

Jovine highlights a key signal: when TSMC built its major fabrication plant in Arizona, Amkor followed by establishing its own facility just seven miles away. That proximity isn’t accidental—it reflects a tightly linked supply chain, with Amkor’s performance increasingly tied to TSMC’s production volumes.

After rallying about 65%, the stock saw a modest pullback in late April. Jovine views this not as a red flag, but as a typical consolidation phase following a sharp repricing—suggesting the broader investment thesis remains intact.

AI Spending Keeps the Momentum Alive

SpaceX may be capturing the spotlight, but the real enablers are already trading in public markets. From chip design and fabrication to advanced packaging, the backbone supporting what could be the most anticipated IPO in history runs through these companies—and the Magnificent Seven’s record-level AI spending continues to reinforce that demand.

This trend has staying power. The cycle doesn’t fade until the capital behind it does.