Investing.com -- One chip stock stands out as the primary beneficiary of the SpaceX IPO's ripple effects across the semiconductor sector, according to equity research firm Lynx Equity Strategies.

Lynx argues that the recently completed SpaceX IPO — which brought together an AI data center and an advanced fabrication facility under one roof — is set to generate sustained tailwinds for AI chip and semiconductor equipment names for years to come, with AI darling Nvidia singled out as particularly well-positioned.

Lynx expects capital expenditure at both xAI and the Terafab advanced fab to extend well beyond what was outlined in the S-1 filing, and Nvidia’s position looks especially strong on the xAI side of the equation. The S-1 discloses $300 billion in planned AI capex through the end of the decade, and Lynx is unequivocal about where that spending flows.

"There is little doubt that xAI is an NVDA house," the firm wrote, adding that unlike major hyperscalers, xAI has no plans to develop internal AI chips, making its dependence on Nvidia’s platform more durable.

Despite that, Nvidia shares have been relatively range-bound, something Lynx expects to change. The firm shed a yearlong cautious stance on Nvidia ahead of the Computex keynote and now expects the IPO to reignite investor interest in the stock.

“We expect the SPCX IPO to regenerate investor interest in NVDA stock,” it wrote.

Lynx added that a post-IPO tweet from Musk — in which he said he was "looking forward to taking our exciting partnership with Nvidia to the next level" — was "just the highlight we were looking for."

Central to the bull case is Nvidia’s next-generation Rubin architecture. Lynx views Rubin as critical not just for Nvidia but for xAI itself, framing it as an inference-optimized platform designed to lower token costs at a time when corporate buyers are demanding greater efficiency.

"Rubin ramp at xAI is perhaps the reason for Google and Anthropic approaching xAI with large multi-year contracts," it noted, pointing to a combined $75 billion in agreements between xAI and the two companies.

On the semiconductor equipment side, Lynx sees Lam Research, Applied Materials, ASML, and KLA as key beneficiaries of Terafab’s buildout, with wafer fabrication equipment demand of roughly $25 to $30 billion expected over 2027-28.

Memory and storage names including Micron, SanDisk, Seagate, and Western Digital are also seen as winners.

But not everyone stands to benefit equally. Lynx warned that neocloud companies — smaller, heavily leveraged businesses — are expected to come under pressure as xAI’s scale and pricing power make it a formidable competitor for AI infrastructure customers.