Daily Brief

SpaceX filed its first set of results as a public company after the bell, and the market looked past revenue to cash. Second-quarter revenue rose 92% year over year to $7.8 billion, ahead of the $6.81 billion consensus; adjusted EBITDA of $3.5 billion cleared the $2.0 billion estimate by a wide margin, and Starlink passed 12 million subscribers. Against that, quarterly capital expenditure reached $18.37 billion, with the AI-directed portion climbing to $15.8 billion from $7.7 billion in the first quarter. The stock fell about 7% premarket — some sources put the pre-session loss as wide as 12% — and a second source of pressure sits on the calendar: the lock-up expires tomorrow, August 6, making 911.5 million shares eligible for sale, with 20% freed in the first tranche against a public float currently below 280 million shares.

AMD was the report's second casualty. Elon Musk said SpaceX will build its AI infrastructure exclusively on Nvidia hardware, using Rubin GPUs and Vera CPUs for the Starmind AI-1 workload. AMD fell 6.5% premarket after an after-hours loss that had approached 8%. Its own numbers the previous evening were not weak: revenue up 50% to $11.5 billion against an $11.28 billion consensus, adjusted EPS of $1.66, data center revenue up 107% to $6.7 billion and 58% of the total, and third-quarter guidance of $13 billion. The issue is not the size of the demand but whose demand it is.