SpaceX shares dropped on Wednesday after Elon Musk’s plans for blockbuster spending to position his AI and rocket company as a data center developer spooked investors.

SpaceX surpassed analysts’ expectations in Tuesday’s debut earnings report, posting quarterly revenues of $7.8 billion, well above analysts’ estimates of $6.82 billion and up 92 percent from a year earlier. It posted a net loss of about $541 million, better than estimates of $2.12 billion.

But shares in SpaceX fell 10 percent in early trading after it reported capital expenditure of almost $16 billion on AI, double the previous quarter and well above Wall Street’s expectations. It said spending would persist at current levels for at least two more quarters.

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OpenAI has accused Apple of waging a “careless, aggressive and oddly personal lawsuit” in a blog post rebutting the iPhone maker’s claims that the AI start-up stole top-secret information.

“We do not have, nor want, any of their trade secrets,” the ChatGPT maker wrote on Monday evening, accusing Apple of “making vague accusations” and “trying to change their narrative.”

The post marks the latest escalation in a dispute that began last month when Apple filed a lawsuit claiming OpenAI had stolen hardware designs as it planned to launch its own AI-focused consumer devices.

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