Trump has paused the new round of military strikes on Iran, giving the market a temporary breather. As long as tensions in the Strait of Hormuz ease, oil prices and inflation expectations have a chance to cool down, and the external pressure on U.S. stocks, semiconductors, and $BTC will also lessen a bit. But in my opinion, geopolitical risks are just temporarily loosening their grip on the market's neck. Next week, the real question is whether capital is willing to flow back into stocks and whether companies can deliver decent data. So next week, what I care about more isn’t how much $BTC fluctuates over the weekend, but the earnings reports from SpaceX and AMD after the market closes on August 4. I hold $SPCX and have semiconductor positions. SpaceX needs to prove whether Starlink can support its revenue and cash flow, and AMD needs to show whether AI server demand has truly translated into orders. I think Wall Street isn’t bearish on AI; it’s just unwilling to keep paying endlessly for promises. SpaceX’s rocket story is big enough, but after going public, it’ll still come down to capital expenditures and profitability. AMD’s growth can’t rely solely on industry expectations—AI chip shipments, data center revenue, and next-quarter guidance are the real keys. The market is starting to check the books now: how much was spent, and how much was earned back—all of it needs to be clear. If U.S.-Iran tensions continue to ease and both SpaceX and AMD deliver strong growth and stable guidance, the recent market concerns about slowing AI hardware demand might ease, giving semiconductors, memory, and $BTC a chance to recover. But if geopolitical tensions flare up again or if the guidance from these two companies is weak, the market will likely continue compressing AI valuations. These are the two key threads worth watching next week.