SpaceX is trading about 9% lower after its first public-company report shows $7.8 billion of revenue but exposes an $18.4 billion quarterly capital-spending run rate tied to AI infrastructure and Starship. Why it matters: SPCX is now the cleanest public test of investor patience for mega-scale AI capex. What to watch: lockup-related supply, Starlink subscriber commentary, and whether management can defend the spending curve.

AMD is gapping about 8.6% lower even after record Q2 revenue of $11.5 billion, as Elon Musk says SpaceX is no longer buying AMD chips and is standardizing on Nvidia's Blackwell platform. Why it matters: the move turns a strong AI-chip quarter into a customer-share and margin-risk debate. What to watch: data-center revenue durability, Helios timing, and any customer-disclosure rebuttal.

Nvidia is trading roughly 1.9% higher as Musk's SpaceX and AI hardware comments point future deployments toward Nvidia chips while rival AI suppliers weaken. Why it matters: NVDA remains the market's preferred beneficiary when AI capex rises but supplier choice narrows. What to watch: whether the gain survives broader semiconductor weakness and whether memory or networking constraints cap Blackwell deployment pace.

Arista Networks is gapping double digits higher after Q2 adjusted EPS of $1.02 and revenue of $3.04 billion beat estimates, with Q3 guidance also above consensus. Why it matters: ANET is showing that AI data-center networking demand is still converting into revenue and margin. What to watch: cloud titan order concentration, component supply, and whether buyers pay up after a strong year-to-date run.

Booking Holdings is trading about 6.6% higher after Q2 adjusted EPS and revenue beat estimates, with gross bookings showing resilient travel demand despite Middle East disruption. Why it matters: BKNG is a high-quality consumer and travel read while lower oil risk helps sentiment. What to watch: third-quarter room-night growth, long-haul travel commentary, and read-through into Airbnb and Expedia.

Disney reports fiscal Q3 revenue of $25.2 billion, with theme parks, cruise lines, and the Toy Story 5 box office driving growth while adjusted EPS comes in above the year-ago level. Why it matters: DIS is a large-cap consumer and media test for parks demand, streaming scale, and IP monetization. What to watch: 8:30 a.m. ET call guidance, ESPN margins, and buyback detail.

McDonald's is trading higher after adjusted Q2 EPS beats expectations, though revenue is slightly light and U.S. same-store sales slow to 0.8%. Management is naming Skye Anderson to lead U.S. operations. Why it matters: MCD is a clean read on value-focused consumer behavior and restaurant execution. What to watch: simplified value-menu rollout, digital promotions, and franchisee pricing discipline.

Chipotle is gapping 9.7% lower after health officials investigate a salmonella outbreak tied to jalapenos served at Mexican-style restaurants, with Chipotle removing suspect peppers from affected locations. Why it matters: CMG is a high-multiple restaurant stock with prior food-safety baggage. What to watch: FDA traceback findings, new case counts, traffic impact, and whether the issue stays contained to a supplier lot.

Pinterest is trading more than 8% lower after Q2 sales beat and users reach a record, but a net loss and slower Q3 revenue-growth guide overshadow Gen Z engagement. Why it matters: PINS is a high-beta check on whether AI-assisted ads can protect smaller platforms from cost pressure. What to watch: Amazon cloud spending, shopping-ad conversion, and whether Meta/Snap sympathy selling appears.

Astera Labs is trading lower after its initial post-earnings pop fades, even as Q2 sales more than double and Q3 guidance clears Wall Street forecasts. Why it matters: ALAB is a pure AI-connectivity name, so the reversal tests valuation tolerance in the infrastructure trade. What to watch: Scorpio switch ramp timing, optical-interconnect demand, and whether investors separate ALAB from the wider chip pullback.

Uber is scheduled to report Q2 results before the open and hold its call at 8:00 a.m. ET, with consensus centered near $14.2 billion of revenue. Why it matters: UBER is a large-cap consumer-services and autonomous-mobility barometer after a volatile travel and fuel-cost period. What to watch: mobility bookings, delivery margin, insurance costs, and autonomous-vehicle partnership commentary.

Eli Lilly is scheduled to report Q2 results today with investors focused on Mounjaro, Zepbound, and the newly approved oral obesity pill Foundayo. Why it matters: LLY is the highest-profile obesity-drug catalyst of the morning and follows Novo Nordisk's mixed readout. What to watch: manufacturing capacity, oral GLP-1 adoption, full-year guidance, and Novo advertising-litigation commentary.