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• JPMorgan analysts this week warned investors could face a particularly volatile earnings season for U.S. stocks, based on recent options pricing.
• Big swings in shares of Tesla and Alphabet after their earnings reports could reinforce that view and signal more volatility ahead for other companies set to follow.

Some Wall Street experts are warning investors could be in for a bumpier ride than usual this earning season.

Analysts at JPMorgan told clients in a note earlier this week that “options are pricing above-average earnings volatility” this quarter, “reflecting earnings uncertainty, high investor crowding and leverage, and potentially a returning geopolitical risk premium” as tensions flare in the Middle East.

High expectations for earnings growth could also set the stage for more-punishing reactions from investors if companies fail to impress, the bank said in an earlier note last week. “While our base case is that it will be cleared, there is higher risk of disappointment,” the analysts wrote.

America’s biggest companies are widely expected to post strong second-quarter earnings, but elevated expectations could also make it harder for companies to wow investors with their results.

JPMorgan warnings seem to be playing out, as post-earnings swings in shares of America’s most valuable companies rattle markets. Shares of Google parent Alphabet (GOOGL) fell 7% Thursday after the company said it plans to boost spending on its AI buildout this year, overshadowing better-than-expected results. Tesla’s (TSLA) stock plunged nearly 15%, hitting its lowest level in nearly a year after a profit miss.

The performance of the two companies, the first of the Magnificent 7 to report this earnings season, could signal more volatility ahead for others set to follow. Next week looks to be one of the busiest of this earnings season, with several heavyweights including Microsoft (MSFT), Meta (META), Apple (AAPL) and Amazon (AMZN) scheduled to release results.

For longer-term investors, however, the prospect of heightened volatility could lead to more opportunities to buy the dips in their favorite stocks. JPMorgan analysts said they aren’t backing off their support for Alphabet, and that they “would be buyers” after the cloud and search giant’s recent pullback.

• Shares of Alphabet slumped on Thursday after the company raised its full-year capex forecast for the second time this year, overshadowing signs that AI investments are helping to boost growth.
• Investors are increasingly concerned that Alphabet and the other hyperscalers are weakening their finances with AI investments that they may never be able to recoup.

Alphabet’s AI spending is translating into growth. Investors still aren’t loving the price tag.

Shares of Google-parent Alphabet (GOOG)(GOOGL) plunged more than 6% on Thursday as investors bristled at the mounting costs and uncertain benefits of its AI data center buildout, even as its infrastructure spending began to bear fruit.

Alphabet on Wednesday raised its full-year capital expenditures guidance range to $195 billion to $205 billion from the $180 billion to $190 billion range it gave just three months ago. CFO Anat Ashkenazi said the increase was “primarily due to an acceleration in the delivery of [cloud computing] capacity to meet growing demand,” and predicted capex would continue to “increase significantly” next year. 

Investors are increasingly worried about the bills being racked up by Alphabet and its hyperscaler peers Microsoft (MSFT), Amazon (AMZN), Meta (META) and Oracle (ORCL) as they rapidly increase their spending on AI infrastructure. The group is expected to spend more than $700 billion on capex this year, with the majority of that spending earmarked for AI enabling infrastructure such as chips, servers and networking equipment.

The fear on Wall Street is that the hyperscalers will spend trillions on computing capacity that eventually becomes so abundant they won’t be able to charge enough to recoup their costs.

Investors have contended with uncertainty about returns on AI investments for years, but the debate has become more urgent this year as tech giants increasingly tap debt and equity markets to fund their data center buildouts.

Alphabet’s upped investment forecast was weighing on its peers’ stocks as well Thursday, suggesting capex forecasts could be the Achilles heel of tech stocks as more earnings reports land in the coming weeks.

Amazon and Oracle were both down more than 4% in recent trading, while Meta slid 3% and Microsoft declined more than 2%. On the other hand, a few high-profile beneficiaries of AI spending rose, including Sandisk (SNDK) and Micron (MU), each up more than 2%. 

Alphabet’s spending has grown so quickly and become so large that its free cash flow turned negative for the first time in its history last quarter. The company burned through nearly $6 billion as it shelled out $45 billion for property and equipment, a 25% increase from the first quarter.

As their free cash flows dwindle, the hyperscalers are selling stock and debt to finance their data center builds, weakening their balance sheets and diluting shareholders in the process. Alphabet last month announced it was issuing up to $85 billion of new stock “to scale AI infrastructure and global compute.” Its long-term debt more than doubled to $98 billion in the first half of the year.

Wall Street’s concerns about runaway AI spending overshadowed the positive surprises in Wednesday’s report. Notably, Google Cloud revenue—a proxy for AI demand and the primary target of Alphabet’s capex—grew 82% to nearly $25 billion, blowing past Wall Street’s estimates. Its backlog increased by $50 billion to total more than $500 billion. The company said cloud demand is so strong it intends to rent data center capacity from third parties in order to keep adding new customers. 

Many analysts believe Alphabet is giving investors what they’ve been demanding for years: evidence of AI’s return on investment. “We continue to believe Google is showing returns on AI spending,” wrote JPMorgan analysts on Thursday. Google’s AI mode “continues to support greater search engagement,” while AI-driven improvements are increasing the relevance and value of ads across its platforms, according to JPMorgan. Bank of America analysts argued accelerating cloud growth,  expanding cloud margins, and its fast-growing backlog were all clear evidence that investments are already paying off. 

Experts were surprised by the stock market’s reaction on Thursday. “We acknowledge it wasn’t a perfectly clean quarter, but bottom line is that the positive surprise from Cloud revs/EBIT more than offsets modest negatives,” including slightly soft core search revenue and the expected margin pressure from third-party cloud agreements, wrote Mizuho analysts on Thursday. “We would be buyers of Google shares on the pullback,” said JPMorgan.

Others saw an informative signal in the market’s response. “We’re very much in a narrative driven tape,” wrote Bernstein analyst Mark Schmulik on Thursday. With investors questioning the strength of its finances and the performance of its frontier AI models, Alphabet “is a tough stock to own,” he said.

• New business applications are up from a year ago, but those planning to hire are down, according to a report this week from Bank of America Institute.
• The spread of AI tools has made it easier for founders to start with leaner operations, researchers at the bank said.

More Americans are starting new businesses, but today’s entrepreneurs aren’t hiring the way they used to.

While a growing number of Americans are starting new businesses, with applications up some 15% year-over-year as of June, those with plans to hire workers are on the decline, according to a report from Bank of America Institute this week. 

That’s contributed to a widening divergence between the number of new businesses and those hiring workers in recent years, as “more companies are being started with leaner operating models,” the report said. That could be thanks in part to the rise of AI, which has made it easier for entrepreneurs to launch businesses with fewer workers, according to the the bank’s researchers.

“If AI or other digital tools can help founders automate administrative tasks, bookkeeping or content creation, the upfront need for employees could be lower than in past startup cycles,” Bank of America Institute wrote. “That would help explain why headline applications can rise even as those with planned wages lag.”

While AI could make it easier for Americans to start new business with fewer employees, it could also mean fewer new jobs created for today’s job seekers—at least initially.

AI-enabled founders of one-person businesses, or “solopreneurs,” are increasingly driving American’s new business boom, a Nasdaq analysis of Census Bureau data published last month found. In fact, “the acceleration in business formation has come almost entirely from those one-person companies,” said Nasdaq economist Michael Normyle, citing data showing applications by one-person companies have surged 20% since early 2025, while those from companies likely to hire remained nearly flat.

These shifts in new businesses’ hiring trends could have broader implications for the economy, though it remains to be seen whether these business might hire more employees later. A Bank of America analysis of small business operations last month found that while many small businesses are boosting their spending on the technology, there are “still limited signs that AI is replacing jobs” in the longer term.

“For now, we think evidence suggests that AI may be making it easier to form a business rather than a proven driver of broad-based small business productivity gains,” Bank of America Institute wrote in Tuesday’s report.

Shares of the Google and YouTube Parent Paced Dow Decliners Thursday

• Alphabet shares tumbled Thursday after the tech giant told investors it could spend more than it previously anticipated to fuel its AI ambitions.
• The news overshadowed quarterly sales and profits that topped analysts’ estimates.

Google parent Alphabet’s stock is taking a hit on growing worries about its AI spending.

Shares of Alphabet (GOOGL) were down 7% in recent trading despite quarterly earnings that topped analysts’ expectations, after the tech giant warned it could end up spending more than it previously anticipated to fuel its AI ambitions. It led the Dow Jones Industrial Average lower, and was among the worst-performing stocks in the S&P 500 and Nasdaq on a down day for the major indexes.

Alphabet said it now sees capital expenditures of between $195 billion and $205 billion this year, up from an earlier forecast of $180 billion to $190 billion, marking the second time the tech giant has raised its 2026 forecast. CFO Anat Ashkenazi told investors during the company’s earnings call that expenditures could also “increase significantly” in 2027, per a transcript provided by AlphaSense.

Alphabet’s higher spending forecast adds to worries about the sustainability of AI spending, which have pressured the AI trade in recent weeks.

The news overshadowed better-than-expected quarterly results. The company posted second-quarter earnings of $9.11 per share on revenue that rose 24% year-over-year to $119.80 billion, ahead of consensus projections compiled by Visible Alpha.

Wall Street analysts were unfazed by Alphabet’s higher spending plans and remain largely bullish on Alphabet’s prospects. Bank of America, JPMorgan, Citi, Jefferies, Mizuho, and Wedbush all reiterated “buy” or equivalent ratings in their notes to clients after the results.

“We would be buyers of Google shares on the pullback,” JPMorgan analysts wrote, dismissing the market’s reaction as a temporary and pointing to Alphabet’s 82% Cloud growth and +17% Search growth as evidence that its AI spending is showing a clear return on the investment. Mizuho analysts said they believe a rebound for the stock could come as soon as Friday.

With Thursday’s slide, nearly all of Alphabet’s year-to-date gains have been wiped out. The stock is down more than 20% from the record high hit two months ago.

Shares Hit Lowest Level in Nearly a Year Amid Concerns About Heavy Spending

• Tesla shares tumbled on Thursday after the EV maker reported lower-than-expected quarterly profit despite revenue exceeding estimates.
• The company burned through more than $1 billion in cash as it upped investments in Robotaxi, Optimus and semiconductor manufacturing.

Tesla (TSLA) shares plummeted Thursday after the electric vehicle maker’s quarterly earnings missed estimates as infrastructure spending ballooned. 

The stock fell nearly 15% to around $320, leading S&P 500 decliners and trading at its lowest level in nearly a year. Tesla stock has now lost 29% of its value since the start of 2026, making it the worst performer among the Magnificent Seven.

Tesla on Wednesday afternoon reported second-quarter profit of 33 cents a share, an 18% decrease from last year’s quarter and well short of the 55 cents Wall Street had forecast. Revenue increased 26% to $28.2 billion, surpassing expectations. The company’s gross margins contracted by more than 2 percentage points to 16.9% as regulatory credit revenue declined and the average selling price of its cars fell. 

The company reported negative free cash flow for the first time since early 2024, burning through more than $1 billion as its capital expenditures more than doubled to nearly $6 billion. Chief financial officer Vaibhav Taneja affirmed the company’s plan to spend more than $25 billion on capex this year, up from $8.5 billion in 2025. Capex is expected to continue increasing in the coming years as Tesla expands its Robotaxi fleet, scales production of its humanoid robot Optimus, and builds its own chip  manufacturing facility. 

Morgan Stanley analysts on Thursday said Tesla’s increasing capex reflected “a necessary investment to secure leadership in autonomy & robotics.” Still, the analysts lowered their price target on the stock to $400 from $417, “reflecting increasing capex and worsening cash burn through the end of the decade.” 

UPDATE: This article has been updated after initial publication to include Thursday’s closing stock price information

• The share of SpaceX stock that’s reportedly been sold short has ballooned to about 32% from less than 7% a month ago.
• The surge in short interest coincides with a stock slump that has weighed on the portfolios of individual investors who own any fund tracking the hugely popular Nasdaq-100 index.

“SpaceX will be worth more than Earth if we achieve our goals,” Elon Musk recently said. Investors think that’s a very big “if.” 

Investors have reportedly shorted about 206 million shares of SpaceX (SPCX), or about 32% of the company’s public float, according to estimates from S3 Partners. The latest estimates are an increase from 185 million shares, or about 29% of float, last week, and just 40 million shares, or less than 7% of tradable stock, a month ago. 

Short interest is rising as SpaceX’s share price falls. The stock soared to record high above $225 in its frenzied first days of trading last month, but it’s mostly been downhill from there. Shares closed below its $135 IPO price for the first time last week in the middle of a seven-day slump. The stock snapped its losing streak on Tuesday amid a broad market rally, but slumped nearly 7% to a record low of about $115 on Wednesday.

SpaceX’s relatively small public float, speculative nature and high profile have all made it a volatile stock since its debut last month. Rising short interest could exacerbate that volatility if a sudden upswing squeezes short sellers. Though, upcoming lock-up expirations could put even more pressure on shares.

The slump has cost Musk his trillionaire status. It’s also been a drag on many everyday investors’ retirement portfolios. Several stock index providers fast-tracked SpaceX’s entry to their indexes.

The stock was added to the Nasdaq-100, one of America’s marquee stock indexes, on July 7, just 15 trading days after its debut. As a result, funds tracking the index, including the Invesco QQQ ETF (QQQ), with more than $450 billion in assets, bought the stock when it was trading around $160. Shares have since declined more than 20%.

The Nasdaq-100 is a popular choice among savers. More than 40% of 401(k) plan participants own a fund tracking the Nasdaq-100, according to a recent survey by Shelton Capital Management, and SpaceX accounts for about 1% of the index.  

Nasdaq’s decision to accommodate SpaceX was controversial. New stocks tend to be volatile, and many experts warned SpaceX’s high profile, small float, and the speculative nature of its business would likely amplify that volatility. Historically, pre-IPO buzz has been a short-term boon and a longer-term headwind to stocks. According to Mark Malek, chief investment officer of Siebert Financial, shares of the 10 largest U.S. IPOs in history have underperformed the S&P 500 by 96 percentage points since their listings. 

There may be more turbulence ahead for unwitting SpaceX investors out there. The company on Tuesday scheduled its first earnings report as a public company for August 4. The print will open the door for company insiders to begin selling shares that have been subject to a post-IPO lock-up period.

Insiders can start selling up to 20% of their locked-up stock, or 911.5 million shares, on August 6. An additional 10%, or 455.8 million shares, will be unlocked if the stock closes at least 30% above its IPO price in five of the 10 trading days leading up to its first report. (That 10 day stretch started Wednesday, and the price to watch is $175.50.)

Despite mounting pessimism among short sellers, there are plenty of SpaceX bulls on Wall Street. Nine of the 10 analysts with current ratings tracked by Visible Alpha rate the stock a buy, and their median price target of $235 implies more than 100% upside. 

For his part, Musk responded to surging short interest on Friday when he wrote in an X post: “The survival probability of firms who maintain a significant short position in SpaceX over time is very low.”

Musk has a history of bitter feuds with short shellers. Tesla (TSLA) was one of the most shorted stocks in history in 2018 when the EV maker was burning through cash and struggling to scale production. Musk accused short sellers of market manipulation and, that August, said he wanted to pay a 20% premium to take Tesla private. “Funding secured,” he infamously tweeted, causing shares to jump. That incident cost Musk $20 million in fines, his Tesla chairmanship, and his unfettered freedom to tweet, but the bears got burned, too. Tesla’s business improved, it turned profitable, and shares rose, culminating in a historic short squeeze in 2020 that reportedly cost hedge funds billions. 

News of the day for July 23, 2026

Stock futures are lower as worries about AI spending pressure big tech shares; Tesla shares are falling after the electric vehicle maker said rising R&D costs squeezed profits; Alphabet shares are taking a hit too after the company lifted its capital expenditures forecast; strong AI spending trends could favor chipmaker Intel, due to release results after the closing bell today; and Advanced Micro Devices is set to showcase its latest tech at its “Advancing AI” keynote. Here’s what you need to know today.

Stock futures are lower Thursday as concerns about AI-related costs drag on tech shares. Futures tied to the tech-heavy Nasdaq and the benchmark S&P 500 were recently down 0.7% and 0.5, respectively, while Dow Jones Industrial Average futures slipped 0.5%. The major indexes closed lower yesterday, resuming their recent slide ahead of the results from Tesla and Alphabet. WTI oil futures were nearly 5% higher at $91 per barrel, as fighting in the Middle East raises worries about a prolonged conflict. Gold futures were down 1.7% to around $4,080 an ounce, while bitcoin hovered around $65,500. The yield on the 10-year Treasury note, which affects interest rates on consumer loans, rose to 4.70%, its highest level since early last year.

Tesla shares are more than 6% lower in premarket trading, after the electric vehicle maker’s quarterly profits missed analysts’ estimates. Tesla said higher costs driven by the company’s investments in AI and R&D projects, along with lower average selling prices and the expiration of EV tax credits, squeezed profits. Adjusted earnings dropped 18% year-over-year to 33 cents per share, well below the 55 cents per share analysts surveyed by Visible Alpha looked for. The EV maker’s second-quarter revenue fell 26% to $28.24 billion, though that figure came ahead of the consensus projection of $26.69 billion.

Shares of Alphabet are down 5% premarket despite quarterly earnings that topped analysts’ expectations, after the tech giant told investors it could spend more than it previously anticipated to fuel its AI ambitions. Alphabet said it now sees capital expenditures of between $195 billion and $205 billion this year, up from an earlier forecast of $180 billion to $190 billion, per a transcript provided by AlphaSense. The company posted second-quarter earnings of $9.11 per share on revenue that rose 24% year-over-year to $119.80 billion, ahead of projections.

Intel is slated to report earnings after the closing bell, with analysts surveyed by Visible Alpha expecting the chipmaker to report growing revenue and profits, thanks to booming demand for its AI hardware. A strong print could help reinvigorate enthusiasm for the shares, which have dropped close to 30% from last month’s highs amid a broader tech pullback in recent weeks. They’re still up nearly 180% since the start of the year, making Intel one of the best-performing stocks in the S&P 500 for 2026 so far. The stock climbed around 1% in premarket trading.

Advanced Micro Devices (AMD) is set to host its “Advancing AI” keynote later today, which could bring more announcements regarding the chipmaker’s latest products and partnerships. CEO Lisa Su is set to headline the address scheduled for 12:30 p.m. ET. Wall Street analysts have said the event could also bring a more ambitious update to AMD’s longer-term outlook based on growing AI demand, after what’s already been a strong year for the chipmaker, with shares up roughly 160% year-to-date. Shares of AMD were down less than 1% in premarket trading.

• The S&P Pantera Digital Asset Index excludes bitcoin and focuses on tokens with real-world use and revenue-generating blockchains.
• The index includes 18 digital assets, with ether, bnb, sol, tronix and hype as its top constituents.
• Unlike other crypto benchmarks, this index avoids bitcoin-heavy weightings to highlight underrepresented assets.

The elephant in the crypto universe is getting snubbed.

S&P Dow Jones Indices, the index provider behind the S&P 500, and crypto investment shop Pantera Capital launched a new benchmark for digital assets yesterday called the S&P Pantera Digital Asset Index. It isn’t the first yardstick that aims to represent the crypto market, but it is likely among the more high-profile that doesn’t include bitcoin.

That’s by design—the 18-constituent index’s main feature is that it only includes tokens that show real-world use and whose underlying blockchains generate revenue, or “things that we think that matter for serious investors,” according to S&P Dow Jones Indices CEO Kathy Clay. “What we’re trying to bring are the same sort of principles that we have in our equity indexes into digital assets,” she said in an interview with CNBC.

Bitcoin is by far the most recognizable cryptocurrency in the world and has been embraced by Wall Street. So the fact that a new benchmark from a major index provider focuses on lesser-known but crypto-popular tokens is a big deal for the industry because funds that start tracking it would buy those coins.

Other high-profile benchmark indexes aim to represent the broader crypto market and end up bitcoin-heavy. For example, the Nasdaq CME Crypto Index has a near 77% weighting in bitcoin, and a 13% weighting in the next largest, ether. The FTSE Digital Asset All Cap Index similarly has bitcoin at a 75% weighting. That would make sense because the cryptocurrency’s market cap accounts for roughly 57% of the total market, per CoinGecko.

The S&P Pantera Digital Asset Index said it looks beyond bitcoin to what the index says are “assets underrepresented in traditional crypto strategies,” per the index’s brochure.

“Bitcoin is not in there because it’s really not one of those revenue generating protocols that we think belongs in this index and meets all of the criteria,” Clay said.

Bitcoin doesn’t qualify, in part, because that’s not how it works. Newly minted coins go to bitcoin miners as compensation for securing the network, but the cryptocurrency’s price isn’t driven by how much activity is occurring on that blockchain.

The top five constituents in the S&P Pantera Digital Asset Index are ether, bnb, sol, tronix, and hype, representing Ethereum, BNB Chain, Solana, Tron, and Hyperliquid, which generate revenue from activity on their respective blockchains. In other words, the new benchmark index is effectively tracking which chains are seeing traction.

Shares of the Server Maker Jumped 20% in Early Trading, Pacing S&P 500 Gainers

Super Micro Computer says that business is booming and profitability is improving. Investors like the sound of that.

Shares of Supermicro (SMCI), as the company is commonly known, jumped 22% to $31 in early trading Wednesday after the server maker said it expects to report gross margins of between 15% and 17% for its fiscal fourth quarter, which ended on June 30. That’s a steep increase over the company’s previous guidance of 8.2% to 8.4%.

In a preliminary business update released late Tuesday, Supermicro estimated that revenue for the quarter will be closer to the low end of its previous forecast range of $11 billion to $12.5 billion. However, the company said that new orders in the period exceeded $60 billion, putting its backlog at a record level, indicating that the outlook for the coming quarters is strong.

The rosy view on margins from Supermicro gave shares of rival server makers a boost in early trading Wednesday. Hewlett Packard Enterprise (HPE) rose 5%, while Dell Technologies (DELL) jumped 8%, on an otherwise sluggish morning for U.S. stocks.

Coming into Wednesday’s session, Supermicro shares had lost nearly 50% over the past year. The stock, which traded above $110 in early 2024 amid optimism about the role the company would play in the AI data center boom, has slumped in recent years amid investor concerns about accounting irregularities and corporate governance.

Supermicro is scheduled to release its full earnings report after the closing bell on Aug. 11.

Stock futures are lower this morning as investors await Big Tech earnings reports, Alphabet, Tesla and other major tech companies are scheduled to release results after the closing bell; AT&T and GE Vernova headlined this morning’s batch of quarterly reports; Supermicro shares are soaring after the server maker provided fresh guidance on profitability; and SpaceX has set a date for its first earnings report as a public company. Here’s what you need to know today.

Stock futures are pointing to a lower open on Wednesday ahead of the release later today of earnings reports from several tech giants. Futures tied to the tech-heavy Nasdaq and the benchmark S&P 500 were recently down 1% and 0.4%, respectively, while Dow Jones Industrial Average futures fell 0.3%. The major indexes closed solidly higher yesterday, snapping a three-day losing streak, as chip and memory stocks climbed. WTI oil futures were up more than 4% at around $88 per barrel, trading at their highest levels in six weeks, as the Iran war continued with no signs of progress toward peace talks. Gold futures rose 1% to $4,130 an ounce, while bitcoin was holding steady at around $64,300. The yield on the 10-year Treasury note, which affects interest rates on consumer loans, rose to 4.64%, its highest level in two months.

The ‘Magnificent 7’ earnings season kicks off tonight, with Google parent Alphabet (GOOGL) and Elon Musk’s Tesla (TSLA) set to release quarterly results after the closing bell. The report from Alphabet, which is expected to report a 20% increase in revenue from a year ago, will drive expectations for cloud computing competitors such as Microsoft (MSFT) and Amazon (AMZN) that are scheduled to report their quarterly numbers next week. Tesla, which has been gradually shifting the focus of its business to AI initiatives such as fully autonomous vehicles and humanoid robots, has reported strong EV sales recently. International Business Machines (IBM) and Texas Instruments (TXN) are also due to report later today.

Shares of a handful of big-name companies are on the move this morning after their quarterly reports. AT&T (T) stock was up more than 4% in recent premarket trading after the telecommunications giant reported a higher-than-expected profit for the second quarter. Shares of GE Vernova (GEV) were down 7% even as the energy technology company raised its full-year guidance, as last quarter’s earnings came in below expectations. Among other companies reporting this morning, shares of tobacco company Phillip Morris (PM) were down 1%, while exchange operator CME Group (CME) added 1%.

Shares of Super Micro Computer (SMCI) jumped in premarket trading after the server maker said its profitability was higher in the latest quarter than previously expected. In preliminary numbers released late Tuesday, Supermicro said that adjusted gross margin for the quarter ended on June 30 should be in the range of 15% to 17%, compared to the company’s previous guidance of 8.2% to 8.4%. Supermicro also said that revenue for its just-completed fiscal fourth quarter is estimated at the low end of its $11 billion to $12.5 billion range of guidance, but noted that its order backlog surged in the latest quarter. Supermicro shares, which have lost about half their value over the past year amid a series of setbacks, were up more than 15% ahead of the opening bell. Supermicro is scheduled to release its full earnings report on Aug. 11.

SpaceX (SPCX) shares are little-changed this morning after rising yesterday for the first time in eight sessions. Yesterday’s rebound came after Elon Musk’s space exploration, AI and connectivity company announced the date for its first earnings release as a publicly traded company. SpaceX is set to release its second-quarter results on Aug. 4, which is important not just because it will provide a clearer picture of how the company is doing financially but because it’s the trigger for the expiration of certain lock-up agreements that kept early investors and employees from selling stock. That could add pressure to SpaceX shares, which remain below their $135 IPO price and down 45% from the high set a few days after the stock started trading in mid-June.