ii Tech Focus: SpaceX, Nvidia, Oracle, Iren, Micron

Mission crew. Credit: SpaceX via Flickr.

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SpaceX

According to Bloomberg, Elon Musk’s SpaceX is pursuing plans for an IPO, seeking to raise more than $30 billion (£22.4 billion), similar in size to Saudi Aramco’s record listing in 2019 when it raised $29 billion. It is reportedly targeting a valuation of around $1.5 trillion and could float as early as mid-to-late 2026.

The funds will be used to develop space-based data centres including purchasing necessary chips.

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Nvidia

US President Donald Trump announced that NVIDIA Corp (NASDAQ:NVDA) can now sell its advanced H200 chips to approved customers in China. Until Monday’s announcement, the US had blocked Nvidia from selling advanced chips because of fears around security. The US will receive 25% of the proceeds and Trump is now expected to try to strike similar deals with other chipmakers such as Advanced Micro Devices Inc (NASDAQ:AMD) and Intel Corp (NASDAQ:INTC).

However, Trump has faced a backlash from Democrats, with some raising concerns about how these chips could power China’s military and surveillance, describing this decision as a “colossal economic and national security failure”.

Shares in Nvidia are up 37% year-to-date. There is a consensus buy recommendation among analysts. It is the third most-bought tech stock on the ii platform so far this week.

Oracle

Shares in Oracle Corp (NYSE:ORCL) fell by more than 10% pre-market on Thursday after quarterly revenue hit $16.1 billion, falling short of expectations. Also spooking investors, the company raised its capital expenditure forecast by over 40% to $50 billion as the company looks to spend an extra $15 billion expanding its data centres, sparking concerns about the company’s increased debt pile. Investors overlooked strong sales growth of 68% at Oracle Cloud Infrastructure (OCI), its AI business, to $4.1 billion, in line with expectations. Earnings per share (EPS) hit $2.26, ahead of expectations for $1.64.

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There are concerns about the scale of Oracle’s investments, rising debts, its dependence on OpenAI and fears of an AI bubble. Shares have fallen sharply since the highs in September – it is down around 32% over the past three months but it is up by a similar percentage year-to-date.

Oracle has maintained its consensus buy recommendation from analysts with an average price target of $315.61. It is the sixth most-bought tech stock on the ii platform so far this week.

15 most-bought tech stocks on the ii platform

Source interactive investor, 8-10 December 2025.

Iren

IREN Ltd (NASDAQ:IREN) is the eighth most-bought tech stock on the ii platform so far this week. Shares have fallen sharply over the last month, down by almost 30%, sparking opportunistic investors to snap up the stock at a discounted price. Longer term, however, the stock has still enjoyed an incredible run, gaining more than 500% over the past nine months alone.

Based in Australia, Iren owns and operated data centres powered by 100% renewable energy. Iren says, “whether you need immediate access to graphics processing units (GPUs), world-class turnkey data centres for your own hardware, or a partner to design and build your AI-ready facility, IREN provides the expertise, infrastructure and flexibility to accelerate your AI journey.”

The company has made a strategic pivot away from bitcoin mining to AI cloud services and high-performance computing (HPC), sending shares soaring this year. It has invested heavily in GPUs and partnered with hyperscalers such as Microsoft Corp (NASDAQ:MSFT) and Nvidia.

However, the stock has sold off more recently, caught up in the broader market volatility and concerns about expensive AI valuations. The stock maintains its buy recommendation among analysts with an average target price of $80.25, up 87% from the current share price. 

Week Ahead

Micron Technology earnings

Micron Technology Inc (NASDAQ:MU) gets set to deliver fiscal first-quarter 2026 earnings on 17 December. According to Refinitiv, Micron is expected to report Q1 revenue of $12.7 billion and reported EPS of $3.76. Focus will be on its sales of memory for cloud providers which has enjoyed impressive growth lately. Last week, Micron said that it is quitting its consumer business so it can focus on the faster growing AI segments instead.

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Artificial intelligence chips central to the AI boom require high-bandwidth memory (HBM), which is manufactured in the US by Micron. In a major milestone, Micron’s HBM revenue surpassed $1 billion in its fiscal second-quarter earnings this summer. In September, its quarterly results impressed investors with a beat on the top and bottom lines. Adjusted EPS hit $3.03 and revenue reached $11.32 billion, both ahead of forecasts.

It has been a standout AI winner this year with shares up over 200% year-to-date, rallying around 88% over the past three months alone.

There is a consensus buy recommendation among analysts. It has enjoyed some recent price target upgrades too including from Bernstein, BofA, Susquehanna and Mizuho so far in December.