Earnings Season Briefing

AMD Earnings: Good May Not Be Good Enough

AMD takes center stage Tuesday, August 4, after the closing bell. The AI story is powerful, the stock has already soared — and Wall Street is expecting fireworks.

The bar is sky-high

AMD has guided for approximately $11.2 billion in second-quarter revenue, which would represent explosive growth of roughly 46% from last year. Those are impressive numbers, but the stock has already made a tremendous run. Wall Street is not waiting for good. It wants a beat, a raise and a confident outlook.

AMD has plenty of fuel

The AI story keeps getting bigger. AMD is expanding its Instinct accelerator business, strengthening EPYC server-chip sales and preparing its MI400-series GPUs and Helios rack-scale systems for major deployments.

Microsoft, OpenAI, Meta, Oracle and Anthropic are all connected to AMD's growing AI ecosystem. Most recently, Anthropic agreed to deploy up to two gigawatts of AMD MI450 GPUs through Helios systems. The first gigawatt is expected to begin in the first half of 2027 — a major long-term opportunity, but not revenue for this quarter.

What Wall Street wants to hear

The real fireworks may come on the call

The headline numbers will start the show, but guidance could determine the ending. If AMD beats estimates and raises its outlook, the rally could have another leg. If the company posts excellent results but sounds cautious about margins, supply or shipment timing, traders may hit the sell button anyway.

That is modern earnings season: the reported quarter tells us where a company has been; guidance tells Wall Street where the stock may go next.

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Market Briefing · Earnings Watch

SpaceX Earnings: Big Opportunity, Big Test

The first quarterly report since the IPO arrives just before a major block of shares becomes eligible for sale.

SpaceX reports its first quarterly results as a public company Tuesday after the closing bell. Cantor Fitzgerald remains bullish, maintaining a $246 price target — more than double the stock's recent $108 price.

There is plenty to like. Starlink reached 10.3 million subscribers and generated approximately $3.3 billion in first-quarter revenue. SpaceX also controls its rockets, satellite launches, Starlink network and growing AI-computing business.

The Cash-Flow Question

Growth is coming at an enormous cost. SpaceX spent approximately $20.7 billion on capital expenditures in 2025 — more than its $18.7 billion in revenue — and reported a $4.9 billion net loss. Investors now need evidence that those investments can eventually produce sustainable cash flow.

The next challenge arrives August 6, when approximately 911.5 million restricted shares become eligible for sale. That does not mean every share will be sold, but it creates a substantial supply overhang only two days after earnings.

Sources: SpaceX investor relations and SEC filings. Cantor Fitzgerald price target reported August 2026. Figures are approximate.

Week of August 3 — Two SPX 0DTE trades

Two SPX 0DTE plays — late-morning and late-day. Different strategies at different entry times.

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