Tech stocks today: SpaceX and AMD post quarterly results; investors weren't impressed.

SpaceX (SPCX) reported its first-ever quarterly earnings after the bell today. While results topped estimates, the stock fell post-release. SpaceX reported Q2 revenue of $7.8 billion versus $6.81 billion, per Bloomberg consensus, up sequentially from $4.7 billion in Q1. SpaceX posted adjusted EBITDA of $3.5 billion vs $2.0 billion consensus expected.

SpaceX said its Q2 capital expenditures came in at $18.37 billion, slightly below estimates for $18.58 billion.

The concern with SpaceX’s large capital requirements — like those of other large AI frontier startups and even Oracle (ORCL), Alphabet (GOOG, GOOGL), and Meta (META) — is that its AI infrastructure investments will not generate a healthy return given the level of cash required.

AMD (AMD) also reported after the bell. It beat on Q2 earnings estimates and provided a strong outlook but left investors unimpressed, with the stock falling 8% after-hours.

Nvidia will report its results on Aug. 26.

Elsewhere, Amazon’s (AMZN) market cap topped $3 trillion for the first time on Monday, and Microsoft (MSFT) stock continued to climb higher, after posting strong earnings results last week.