SpaceX and AMD test whether Nasdaq 100 confirms last week's bullish turn

SpaceX faces its first major test

SpaceX reports to the market for the first time since its stock-market debut. Consensus expects EPS of -$0.23 and revenue of $6.88bn, driven mainly by Starlink. The satellite connectivity division is not only becoming the company's profitability engine, but also the cash generator funding its two major long-term bets: artificial intelligence and the Starship space programme.

Attention is likely to return to balance-sheet quality and cash burn, especially in a much more demanding financing environment. The yield on SpaceX's 10-year bonds sits around 6.60%, almost 200 basis points above US 10-year Treasuries and in high-yield territory.

In this environment, the market will probably continue to assess whether growth is enough to justify current valuations. Despite the recent share-price correction, SpaceX trades on a price-to-sales ratio above 52x, well above Globalstar's 36.3x and close to Rocket Lab's 57.6x.

SpaceX valuation comparison

Source: TradingView, 3 August 2026

SpaceX still commands a strategic premium

Even so, investors continue to award SpaceX a premium for its strategic role in aerospace and defence. Its main competitive moat lies in reusable Falcon and Starship rockets, a technological advance that has dramatically reduced launch costs and created a barrier to entry that is difficult to replicate.

According to analyst consensus, the average recommendation remains buy and the average price target is $236.72, implying upside of more than 100%. However, Wall Street remains divided, with 25 strong-buy recommendations, seven holds, one sell and one strong sell.

That split is also reflected by Morningstar, which assigns the company an extreme uncertainty rating and a price/fair value ratio of 1.42x.

SpaceX share price and 10-year bond yield

Source: TradingView, 3 August 2026

AMD needs faster growth to support its multiples

Consensus expects EPS of $1.62, up 237% year-on-year, and revenue of $11.31bn, up 47.3%. However, the market's main focus will be AMD's ability to maintain a pace of growth strong enough to justify demanding valuations.

With a price-to-sales multiple of 21.4x, one of the highest in the sector, AMD is the only major semiconductor company without an average buy recommendation and has one of the lowest upside profiles relative to its consensus target price.

AMD valuation comparison

Source: TradingView, 3 August 2026

AMD consolidation keeps USD 424.03 in focus

Consensus expects revenue to reach $12.54bn in the current quarter, although that would imply a slowdown in growth to 35.6% year-on-year.

Technically, the stock remains in a sideways range that can be interpreted as consolidation within the broader uptrend. The $424.03 area is the key support level. A break below it would increase the risk of a reversal towards the long-term moving average.

AMD weekly chart

Source: TradingView, 3 August 2026

Nasdaq 100 awaits confirmation

Taken together, SpaceX and AMD results could determine whether technology can regain leadership after last week's rebound. Strong numbers would help confirm the Nasdaq 100's bullish turn, while disappointment from either company could leave the recent recovery looking fragile.