Large unrealized gains and losses from SpaceX equity positions on Big Tech balance sheets create earnings volatility that amplifies stock price swings in semiconductor and cloud companies.

"Accounting rules require companies like Nvidia to report unrealized gains and losses from equity investments on their quarterly income statements. So when SPCX rallies, Big Tech earnings get a non-operating boost. But when SPCX undergoes deep drawdowns, chip giants must write down those paper losses, adding volatility to their reported earnings per share (EPS)."