Key Points

SpaceX (NASDAQ: SPCX) reports Q2 results Tuesday August 4 after close; stock is down 50%+ from its post-IPO peak.AMD reports Q2 after Tuesday’s close August 5; consensus is $11.2B revenue, up 46% year over year.July jobs report prints Friday August 7 — the first labor data since the Fed held rates on July 29.

Look — last week’s earnings marathon is over. Five Mag 7 prints in five days, and the pattern’s clear: AI spending gets rewarded when revenue shows up on the same income statement.

But this week’s different. SpaceX reports for the first time as a public company. AMD gives you the clearest read on chip demand outside of NVDA. And Friday’s jobs number is your first macro signal since Warsh held rates and said nothing new.

Three events. Three different things your portfolio cares about. Here’s how to read each one.

SpaceX Enters the Earnings Era Tuesday

SpaceX reports its first public earnings August 4 after the close, with the call at 4:30 PM ET. And the setup couldn’t be more contested.

The stock’s down more than 50% from its post-IPO peak. It IPO’d at $135, opened at $150. Now it’s roughly half that. And a $100 billion lock-up expiration lands August 6 — 48 hours after the print. Depressed stock, first-ever earnings, massive share unlock. That combination resolves fast.

Here’s what Wall Street’s actually watching:

• Starlink: 10.3 million subscribers as of Q1, up 105% year over year across 164 countries
• Q2 revenue consensus: $6.88–6.93B, up from $4.69B in Q1 — a 47% sequential jump
• AI segment revenue estimate: $2.18B in Q2, up from $818M in Q1 — monetization, not just spending
• Starlink is the only profitable segment; Space and AI both run at operating losses

Your SpaceX position gets its first real test Tuesday night.

AMD Is the NVDA Proxy You’ve Been Waiting For

AMD reports Q2 after the close August 5. Consensus: $1.61 EPS, $11.3 billion revenue, up 47% year over year.

But the number that matters isn’t the headline. It’s data center. Q1 data center revenue was $5.8 billion, up 57% year over year. Wedbush just raised AMD’s price target to $600, citing data center revenue growing faster than expected through 2027.

Here’s why your NVDA position cares about AMD’s print. NVDA doesn’t report until August 26. And the chip sell-off two weeks ago left an open question: is AI chip demand broadening beyond NVDA, or is it concentrated there?

AMD answers that Wednesday. If data center hits $7B+ and Q3 guidance pushes above $12B, the answer is yes — it’s broadening. And that read-through matters for every semiconductor position you hold going into NVDA’s August 26 print.

Not the same company. But right now, it’s your best proxy.

Friday’s Jobs Number Is Your First Macro Signal

The Fed held July 29. The statement was nearly identical to June’s — same language, three dissenters, no change.

Friday’s July jobs report is what comes next. First labor data since the hold. And it matters for a specific reason: $94 oil through July means August CPI (printing August 12) likely reverses June’s soft energy number. If jobs also come in soft — below 150,000 — the September rate-cut conversation reopens.

Above 200,000, it closes.

For Band 2 and Band 3 holders: this number moves the multiple on utilities, REITs, dividend payers, and any bond allocation you’ve been holding through the rate uncertainty. It’s not glamorous. But your portfolio’s rate sensitivity is probably bigger than you think — especially if you’ve been rotating into income names after the Big Tech selloffs this spring.

What to Position For This Week

Three events. Three different portfolio decisions.

SpaceX is the binary. It resolves Tuesday night — either the Starlink subscriber number holds the growth thesis, or the $100B lock-up expiration on Thursday compounds the downside. Don’t wait for August 6 to find out which one you’re sitting in.

AMD on Wednesday tells you whether your semiconductor exposure — NVDA, SMH, any broad tech ETF — is entering NVDA’s August 26 print with confirmed demand or a widening question mark.

Friday’s jobs number resets the rate path for September. Know what’s rate-sensitive in your portfolio before 8:30 AM Friday.

What to Watch This Week

SPCX — Watch Q2 revenue vs. the $6.88B consensus and the Starlink subscriber count vs. 10.3M Q1 baseline. Any subscriber number below 11.5M reopens the growth-rate deceleration debate. The $100B lock-up August 6 means the 48 hours after the print matter as much as the print itself.

AMD — Watch data center segment vs. the $5.8B Q1 baseline. A Q2 data center print above $7B with Q3 guidance above $12B confirms chip demand is broadening — and gives your NVDA position a cleaner setup into August 26.

What to Watch

• Tuesday August 4: SpaceX first public earnings, 4:30 PM ET. Starlink subscriber count and Q3 revenue guide are the two numbers that move the stock.
• Wednesday August 5: AMD Q2 after close. Data center segment vs. $5.8B Q1 and Q3 guidance vs. $12B are what your semiconductor positions care about.
• Friday August 7: July jobs report, 8:30 AM ET. Below 150K reopens September rate-cut debate. Above 200K closes it.
• Key risk: SpaceX lock-up expiration August 6 — $100B in shares eligible to trade. Even a strong print can get overwhelmed by supply pressure in the 48 hours that follow.