Bloomberg Stock Movers
2026-08-05 · Hosted by — · Bloomberg / iHeartMedia
Executive Summary
SpaceX shares plunged about 12% in pre-market trading, down 42% from their June 16 peak, despite better-than-expected revenue of $7.8 billion and a smaller-than-expected loss of nine cents per share (versus a 24-cent estimate). Investors focused instead on higher-than-expected AI spending, even as CEO Elon Musk told analysts SpaceX could reach a $100 billion annualized run rate by year's end.
Key Stories & Changes
1. SpaceX Slides Despite Beating Estimates
Shares down about 12% in the pre-market, and down 42% from their June 16 peak
Revenue of $7.8 billion beat expectations; loss of nine cents per share was smaller than the 24-cent estimate
Elon Musk said he expects the cadence of AI development to improve dramatically and that SpaceX could reach a $100 billion annualized run rate by year's end
Lock-up period expiring this Thursday adds more than $100 billion of stock eligible for sale, a potential source of further volatility
2. AMD Falls Despite Record Data Center Revenue
AMD: Advanced Micro Devices — -9% pre-market — Data center revenue doubled to a record $6.7B (58% of total revenue) despite fifth straight quarter of record processor sales
SPCX: SpaceX — -12% pre-market — Revenue and EPS beat, but AI capex concerns and Musk's Nvidia-exclusive chip comment weighed on both stocks
AMD CEO Lisa Su secured multi-year chip supply partnerships with OpenAI, Meta, and Anthropic
Investors focused on Musk's comment that SpaceX would rely exclusively on Nvidia chips going forward, seen as a negative read-through for AMD
3. Disney Beats on Parks and Streaming
Shares up 4% pre-market; Q3 revenue up 7% to $25.2 billion
Growth driven by theme parks, cruise division, and the box office success of Toy Story 5
Adjusted EPS of $2.06 beat average analyst estimates
Disney+ streaming profit rose 64%, with double-digit margins in the online video business
Company flagged a disappointing performance from its live-action Moana remake and softer-than-expected U.S. streaming advertising for the current quarter
4. Eli Lilly Boosts Guidance on Weight-Loss Drug Strength
Shares up nearly 6%; Q2 revenue up 48%, driven primarily by Mounjaro and Zepbound
Raised full-year revenue guidance to $85-87 billion
Adjusted EPS of $8.38 blew past the $6.31 Street estimate
Mounjaro revenue alone was near $10 billion; R&D expenses rose 14%, less than expected
Trends Identified
1. Beat-and-Miss Dynamic Persists for AI Infrastructure Names
Both SpaceX and AMD delivered results that beat headline estimates yet sold off, reinforcing a pattern seen across the AI infrastructure trade where investors are scrutinizing capital spending and competitive positioning (e.g., Musk's Nvidia-exclusive comment) more closely than top-line beats.
2. GLP-1 Drug Makers Diverging on Execution
Eli Lilly's strong beat and raised guidance, contrasted with reports elsewhere of softer results from peers, underscores a widening execution gap in the weight-loss drug market as Mounjaro and Zepbound continue to scale rapidly. ---
Sentiment Analysis
Overall Market Sentiment: Mixed
Earnings reactions were sharply divided: AI infrastructure names (SpaceX, AMD) fell despite beats, while consumer and pharma names (Disney, Eli Lilly) rallied on strong execution.
Risk Factors Highlighted
SpaceX AI spending concerns: Investors are focused on higher-than-expected AI capital expenditure despite the revenue and EPS beat.
SpaceX lock-up expiration: More than $100 billion in shares become eligible for sale this Thursday, a potential overhang on the stock.
AMD customer concentration risk: Musk's comment that SpaceX will buy chips exclusively from Nvidia raises questions about AMD's ability to win AI infrastructure share.
Disney streaming softness ahead: Company flagged weaker-than-expected U.S. streaming advertising and a disappointing Moana remake for the current quarter.
This episode was covered in today's [The Market Signal — 2026-08-05](https://marketsignal.beehiiv.com/p/the-market-signal-2026-08-05), a cross-source synthesis of multiple podcast reports.