Most Important News

1. Iran Says Hormuz Strait Will Not Reopen Immediately;
2. Bessent Backs Warsh’s No-Guidance Approach;
3. SpaceX Faces Record IPO Lockup Expiry;
4. Circle Raises Outlook Despite Revenue Miss;

SpaceX(SPCX.US) stock fell 10% after the aerospace company issued its first quarterly earnings release since its June public listing. Elon Musk’s company reported that second-quarter capital spending surged sixfold to $18.4 billion, exceeding analysts’ forecasts. Most of that investment was directed toward artificial intelligence.

Advanced Micro Devices, Inc.(AMD.US) shares also declined, slipping 7% in premarket trading. The chipmaker’s adjusted earnings modestly surpassed Wall Street expectations.

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As of 03:54 PM Riyadh Time, top pre-market movements are as follows:

Iran Says Hormuz Strait Will Not Reopen Immediately

Iran said a possible agreement with Oman on vessel transit through the Strait of Hormuz would not mean an immediate reopening, state television reported Aug. 5. The talks concern navigation coordination and exclude the US, it said. Iran added that reopening depends on Washington ending what Tehran calls violations, despite President Donald Trump signaling the waterway could reopen.

Bessent Backs Warsh’s No-Guidance Approach

US Treasury Secretary Scott Bessent said Tuesday that interest-rate increases were unnecessary and defended Federal Reserve chief Kevin Warsh after markets reacted poorly to his news conference. Bessent said traders were adjusting to less central-bank intervention. He called Warsh’s refusal to offer forward guidance prudent, arguing such forecasts helped fuel inflation five years ago and can be difficult to reverse.

Burry Warns US Stocks May Near Major Peak

Michael Burry warned that record highs in the S&P 500 could draw fresh inflows before a potential 1987-style crash. He said AI infrastructure demand relies on potentially unsustainable financing. Burry remains short PHLX Sox Semiconductor Sector Ishares(SOXX.US), Micron Technology, Inc.(MU.US), NVIDIA Corporation(NVDA.US), Caterpillar Inc.(CAT.US), Palantir(PLTR.US), Tesla Motors, Inc.(TSLA.US)and Applied Materials, Inc.(AMAT.US), while saying he would exit if trades moved decisively against him.

SpaceX Slides Despite Strong Results, AI Outlook

SpaceX(SPCX.US) fell despite beating expectations across three businesses. $GS raised its 12-month target to $220 from $205, citing AI revenue potential and 76% upside from $125.33. Citigroup Inc.(C.US) kept a $200 target and reiterated a long-term view above $900. Goldman lifted 2027 AI revenue estimates 104% to $70.34 billion.

SpaceX Faces Record IPO Lockup Expiry

SpaceX(SPCX.US) faces the first lockup expiry from the largest US IPO on Thursday, releasing roughly $116 billion in insider holdings, or about 1 billion shares. Investors fear early shareholders may cash out after the stock fell nearly 40% from its peak. Lower-than-expected sales could instead spark a short squeeze amid sizable bearish positions.

Sandisk, Western Digital Corporation Earnings Test Storage Revival

Sandisk Corporation(SNDK.US) and Western Digital Corporation(WDC.US) report quarterly results after Wednesday’s close, testing whether strong earnings and guidance can restore confidence in battered storage stocks. Sandisk Corporation(SNDK.US) plunged 47% in July, erasing more than $150 billion in market value, its worst month since listing in February 2025. Yet it remains the S&P 500’s top performer this year, up 501%.

Advanced Micro Devices AI Growth Faces Supply Constraints

Advanced Micro Devices, Inc.(AMD.US) beat second-quarter revenue and guidance expectations as data-center sales surged 107%, but investors are focused on supply. Strong MI450 shipments and Venice CPU demand face CoWoS packaging bottlenecks, margin dilution and ramp-up risks. Goldman set a $640 target, while JPMorgan and HSBC target $550 and $500, respectively.

NVDA CEO Promotes Open Self-Driving AI Model

NVIDIA Corporation(NVDA.US) CEO Jensen Huang used his third social-media post to promote Alpamayo 2 Super, an open autonomous-driving reasoning model. He said robotics would drive AI’s next wave, beginning with self-driving vehicles. Available commercially under the OpenMDW-1.1 license, the model enables developers to inspect, fine-tune, and deploy it.

Taiwan Semiconductor Manufacturing Expands CoW Packaging Outsourcing

Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(TSM.US) is expanding outsourcing of the CoW stage in CoWoS advanced packaging to OSAT providers, including ASE Technology Holding Co., Ltd. Sponsored ADR(ASX.US), Korea’s Electronic Times reported. The shift could ease AI-chip packaging constraints. OSAT companies are reportedly buying equipment for new lines and discussing purchase orders with South Korean materials, components and equipment suppliers.

Circle Raises Outlook Despite Revenue Miss

Circle(CRCL.US) reported second-quarter revenue and reserve income of $701 million, up 7% but below the $712 million expected, while adjusted EBITDA reached $143 million. It raised full-year revenue, reserve income, and RLDC-margin guidance, lifting other-revenue guidance to $310 million-$330 million from $150 million-$170 million, including Arc token presale revenue.

Eli Lilly and Company Beats Q2 Estimates, Raises 2026 Outlook

Eli Lilly and Company(LLY.US) reported second-quarter revenue of $22.97 billion, up 48% and above the $20.59 billion expected. Adjusted earnings reached $8.38 per share, up 33%. The drugmaker raised 2026 revenue guidance to $85 billion-$87 billion from $82 billion-$85 billion and lifted its margin outlook to 49.0%-50.5%.

Shopify Surges on Revenue Beat, Strong Outlook

Shopify, Inc. Class A(SHOP.US) rose more than 30% premarket after second-quarter revenue reached $3.583 billion, above the $3.445 billion expected. The company forecast about 30% revenue growth in the third quarter of 2026 and gross-profit growth above 20%. CFO Jeff Hoffmeister said accelerating GMV growth and operating leverage lifted free-cash-flow margin to 18%.

Uber Technologies Revenue Misses, Bookings Beat Estimates

Uber Technologies,Inc.(UBER.US) reported second-quarter revenue of $14.19 billion, below $14.24 billion expected, while gross bookings reached $58.02 billion, topping $57.17 billion forecasts. The company projected third-quarter gross bookings of $58.25 billion-$60.25 billion, compared with market expectations of $59.32 billion.