April 21th News Express

The market generally holds an optimistic view on this quarter's revenue, but the real divergence lies in whether a balance can be achieved between capital expenditures in 2027 and AI monetization. Aside from spending concerns, analysts expect the earnings call to also focus on several key areas: user adoption rates for Muse and per-user token costs, enterprise-level AI opportunities, and large language model and infrastructure strategies. Bank of America warns that if management suggests capital expenditures or operating expenses may further increase in 2027, or if the timeline for AI monetization lags behind expectations, the company's stock price will inevitably come under pressure.

SpaceX reported revenue of $14.58 billion in Q3, and Elon Musk revealed that merger discussions with Tesla are underway; Super Micro Computer's preliminary results exceeded expectations, with shares rising 15.6% after hours. The Dow Jones surged more than 500 points, while Netflix dropped over 5% after hours due to weak guidance.

SpaceX's Q3 financial report shows revenue increased by 161%, turning losses into profits. SI contributed three-quarters of the incremental revenue, though with thin margins, while Link contributed 85% of operating profit. Capital expenditure guidance for the next quarter is $35-40 billion, mainly allocated to SI infrastructure.