US Earnings This Week: AI Infrastructure, Space Stocks In Focus

One of the most consequential earnings weeks for AI infrastructure, and Space related companies kicks off today, with a cluster of bellwether names reporting results that will either validate the multi-trillion-dollar buildout thesis or expose cracks in the foundation. At the center of the storm are Nebius Group and CoreWeave, two pure-play AI compute providers whose quarterly prints will offer the clearest read yet on whether hyperscaler demand can justify the staggering capital commitments both companies have made.

Monday

Rocket Lab (RKLB)

The Rocket Lab stock price has bounced back firmly into earnings, adding 31.2% over the past week of trading, and a further 3.8% today early in the pre-market session.

Rocket Lab reports Monday afternoon with analysts expecting a loss of $0.08 per share on revenue of $230.94 million, up 59.83 percent year-over-year and in line with management’s $225 million to $240 million guidance. Last quarter was a barnburner, with revenue topping $200 million for the first time, backlog exploding to roughly $2.2 billion (up 108 percent year-over-year), and margins hitting a record 38.2 percent. The company signed more launch contracts in one quarter than in all of 2025, including the largest deal in company history.

Gross margins are guided to step down as lower-margin defense work rolls in, and the acquisitions of Monarc and Motive will weigh on profits until integration is complete. More importantly, the market is focused on Neutron, the larger reusable rocket still targeting its first flight in the fourth quarter of 2026. Until that vehicle leaves the pad, the biggest prize remains a promise, and any hint of delay could pressure the stock.

AST SpaceMobile (ASTS)

AST SpaceMobile reports Monday afternoon with Wall Street bracing for a loss of $0.29 per share on revenue of $34.4 million, up 2,875 percent year-over-year. The company landed FCC approval to go commercial in the United States with Verizon, AT&T, and FirstNet, added new partners including TELUS, and locked in over $1.2 billion in future revenue commitments. The balance sheet is a fortress at roughly $3.5 billion in cash, providing runway to complete satellite deployments.

The fly in the ointment is that one satellite, Bluebird 7, was lost when a Blue Origin rocket had a mishap, and the investigation has no clear end date. AST SpaceMobile needs to launch a satellite almost every month through year-end to hit its target of 45 in orbit, and any further delay could push out revenue and raise capital expenditures.

ASTS has build up some momentum off YTD lows into the print, adding 26.7% over the past week to set the stage for a volatile session, with markets pricing a move ~12%.

Hims & Hers (HIMS)

HIMS shares have more than doubled since the end of February this year, yet such was the extent of earlier selling pressure, that holders remain 5.45% lower YTD. Momentum has been shifting, yet there remains work to be done, with recent trading particularly chopppy.

Hims & Hers Health reports Monday afternoon with Wall Street expecting a loss of $0.05 per share on revenue of $730.12million, up 34.01 percent year-over-year and in line with management’s $680 million to $700 million guidance. In March the company pivoted its weight-loss business toward brand-name GLP-1 drugs from Novo Nordisk and Lilly, and early demand has been explosive, with over 125,000 Wegovy shipments in the first six weeks and a run rate north of 100,000 new weight-loss subscribers per month. Management raised its full-year revenue outlook to $2.8 billion to $3 billion.

Last quarter the company trimmed its profit outlook, took approximately $33 million in one-time cleanup charges, watched margins shrink, and pushed the return to bottom-line profitability all the way out to 2027.

Tuesday

CoreWeave (CRWV)

CoreWeave steps into the ring Tuesday afternoon, with Wall Street bracing for a loss of $1.45 per share on revenue of $2.56 billion, up 110 percent year-over-year. The company’s own guidance called for $2.45 billion to $2.60 billion, and analysts have been nudging estimates higher, not lower, in recent weeks. Yet the stock has fallen 23.5 percent since its last post-earnings open and now trades 3.4 percent below its 200-day moving average, reflecting concern that the path to profitability remains murky.

The demand story is strong, with CoreWeave reporting a backlog of roughly $100 billion, up 50 percent sequentially in the last quarter, fuelled by a $21 billion Meta expansion, a multi-year Anthropic agreement to power Claude, and additional contracts with financial institutions including Jane Street. The company has also issued investment-grade debt backed by AI compute capacity, a milestone that lowers funding costs and validates the credit thesis.

The catch is that CoreWeave is deliberately running through a margin trough. Operating income last quarter was just 1 percent, and the net loss swelled to approximately $740 million as the company front-loaded capital expenditures and ramped new data centers. Interest expense is climbing rapidly as the company layers on debt to fund the buildout, and management has framed the current period as the low point, with margins expected to expand as capacity fills and utilization improves.

CoreWeave’s stock has rebounded along with many of these in the AI trading bucket over the past week, adding 28.22% on the period in a red/green YTD move. The stock is now 14.3% higher YTD, yet 35.1% lower on a TTM basis, creating tension into the print.

Lumentum (LITE)

Lumentum reports Tuesday afternoon with Wall Street expecting $2.97 per share on revenue of $987.70 million, more than doubling last year’s haul (+105%). The stock has been building up a head of steam, adding 30% on the past week to sit 130.5% higher YTD. The market appears to be bullish starting the week, with LITE up a further 3.8% to $924 in Monday’s pre-market session.

The company’s problem is that it simply cannot make enough pump lasers and EML chips to satisfy demand. Last quarter gross margin jumped from 37.8 percent to 47.9 percent, driven by high-value optical components for AI and data center customers. NVIDIA invested approximately $2 billion in Lumentum, and the company acquired a fifth chip fab in Greensboro to add capacity. The optical switch business scaled from a $400 million backlog to a multi-year, multi-billion-dollar deal, effectively selling out capacity with pricing power.

Supermicro (SMCI)

Supermicro reports Tuesday afternoon with Wall Street expecting $0.96 per share on revenue of $11.56 billion, up 100 percent year-over-year. Management’s own guidance called for $0.65 to $0.79 per share on $11 billion to $12.5 billion in revenue.

Last quarter was a classic good news, bad news sandwich. Gross margins snapped back to 10.1 percent from a painful 6.4 percent, the enterprise business nearly doubled to 28 percent of sales, and AI GPUs made up over 80 percent of revenue. But revenue of $10.2 billion badly whiffed the company’s own $12.3 billion target, management trimmed the full-year outlook, and guided fourth-quarter margins right back down to around 8.3 percent. Worse, cash burned like a bonfire, with free cash flow at negative $6.7 billion and net debt ballooning to $7.5 billion from under $800 million.

The SMCI share price has managed to claw it’s way back into territory YTD (+0.55%), following an 11% gain over the past week. Markets are pricing a move of ~15% off the back of the print, setting the stage for a volatile week.

Wednesday

Nebius (NBIS)

Nebius Group reports Wednesday morning, with analysts expecting a loss of $0.86 per share on revenue of $574.65 million. That top line would represent a continuation of the explosive trajectory established last quarter, when sales rocketed 684 percent year-over-year to $399 million. The NBIS stock price has slipped 14.42% over the past month of trading to remain 108.97% higher YTD, and markets are pricing a move of ~13% following the results.

The pullback from highs stems from management pre-announcing that second-quarter margins would dip below the 45 percent peak achieved in the prior period due to timing effects. More critically, Nebius faces a daunting funding challenge, having laid out plans for $20 billion to $25 billion in capital expenditures to build out AI data center capacity, a figure that dwarfs its current $9.3 billion cash pile and will require substantial debt or equity raises in a market that has grown more selective about AI infrastructure bets.

The bull case flags an expanded Meta contract from roughly $3 billion to a staggering $27 billion over five years, a vote of confidence that extends revenue visibility deep into the decade. The company also secured a $2 billion investment from NVIDIA, cementing both strategic alignment and access to scarce GPU supply. Core AI segment margins nearly doubled to 45 percent, demonstrating that the business model can generate robust profitability at scale once capacity is fully utilized.

Thursday

Applied Materials (AMAT)

Applied Materials reports Thursday afternoon with Wall Street looking for $3.39 per share on $9.01 billion in revenue, up 23.3 percent year-over-year. Management has raised its 2026 wafer fabrication equipment growth outlook to over 30 percent from over 20 percent, and customers are now providing two-year rolling forecasts that extend visibility into 2027 and 2028.

Last quarter Applied Materials posted record sales and its fattest profit margins in over 25 years, driven by AI-oriented chip production and advanced packaging demand that is projected to grow more than 50 percent. The company is tracking over 100 new fab projects globally, and TSMC joined its research hub as a founding partner. Applied Materials is also acquiring Nex to enhance its next-generation chip packaging capabilities.

The persistent overhang is export controls tied to Huawei and China, which could force incremental restrictions or delays in Chinese fab orders. Applied Materials has also flagged that its own supply chain is struggling to keep up with red-hot demand, raising the risk that the company cannot deliver tools on schedule.

AMAT’s stock price has doubled since the turn of 2026 (+100.52%), yet sits 25% lower than where it ended calendar H1. Volatility is expected to continue this week, with markets pricing an 8% move in the stock following the print.

What Markets Will Be Watching

The earnings cluster this week will provide critical data points on whether the AI infrastructure buildout can transition from a demand story to a profitability story.

Nebius and CoreWeave will set the tone for AI compute providers, with markets scrutinizing margin trajectories, funding plans, and backlog conversion rates. Lumentum and Applied Materials will offer insight into the depth and duration of AI hardware capital expenditures, with any signs of supply-chain strain or demand moderation likely to ripple across the semiconductor sector.