Earnings reports are the most direct barometer of the market. After Google and Tesla's data dropped, both stock prices fell, showing that the market is no longer satisfied with just revenue growth—it’s starting to ask when AI investments will turn into profits and cash flow. The next few reports are even more critical. On July 30, Meta, Microsoft, and Qualcomm will release their results, focusing on AI applications, cloud computing power, and edge AI, respectively. On July 31, it’s Apple, Amazon, and Coinbase’s turn, covering consumer electronics, cloud computing, and the crypto market. From August 4 to 5, Palantir and AMD will need to answer whether AI software orders can catch up with valuations and how strong AI chip demand is beyond NVIDIA. Finally, there’s NVIDIA in the early hours of August 27, which is basically the grand finale of this AI earnings season. Over the next month, the market won’t just be trading on whether results beat expectations, but on which AI strategies are already making money and which companies are still relying on capital expenditures to support their valuations. It’s going to be exciting. $GOOGL $TSLA