US Q2 Earnings Season: Beyond the Mag 7

Every earnings season, the Mag 7 dominates the conversation. But over the past few months, something has shifted. Rate hike expectations, rising memory costs, and stretched valuations are raising real questions about how much longer the giants can hold their ground.

Instead, a different set of AI names has been quietly stealing the spotlight. High-bandwidth memory has become one of the biggest bottlenecks in the AI buildout, lifting memory stocks. Defense AI plays have drawn intense interest on geopolitical tailwinds. And on-device AI chipmakers are forcing a rethink of where the next wave of AI actually runs.

The market is no longer asking whether AI demand is real. It's asking who's winning, who's losing, and how much upside is already priced in.

Over the next two weeks, three companies will help answer that question. Here's what to watch. 

Theme: AI Chips — On-Device

Qualcomm (QCOM) · After Market Close

Watch: China handset recovery + data centre timing

Qualcomm has made the most ambitious strategic bet in its history. At its June 2026 Investor Day, the company doubled its non-handset revenue target to $40 billion by 2029, unveiled a data centre roadmap, and said initial hyperscaler shipments remain on track for later this year.

This earnings report is the first real test of whether Wall Street believes it. Management called Q3 the bottom for China handset revenue. If handset demand recovers and management keeps hyperscaler shipments on schedule, Qualcomm's AI story gains credibility. If not, traders may start viewing it as a smartphone chip company trying to break into AI rather than an AI player in its own right.

On the chart, price has pulled back sharply from its late-May highs and is now attempting to find a base. If buyers regain control, the $190–$200 zone (near the 20-day moving average) becomes the first area of resistance to watch. On the downside, the early-July low around $172 is the initial support level, with the late-April gap at $157.3–$163.6 as the next line of defense.

*Source from TradingView on 14 July 2026. 

Theme: AI Chips — Data Centre 

AMD (AMD) · After Market Close

Watch: Data centre revenue — is the MI450 ramp actually happening?

AMD is one of the most credible challengers to Nvidia in AI accelerators, and Q2 is where that narrative either gets validated or starts to crack. The MI400 series is designed to compete directly with Nvidia's best, and AMD's rack-scale platform Helios is scheduled to begin shipping in Q3 2026.

The number to watch is data centre revenue. Last quarter it hit $5.8 billion. The Q2 bar is higher — and so is the scrutiny. AMD's ramp depends on securing HBM4 memory at volume in the middle of the tightest memory market in years. If supply constraints slip the Helios timeline, the Nvidia challenger story takes a hit.

On the chart, price has been consolidating near recent highs over the past month. A break below the 20-day moving average would put the uptrend line from mid-May and the $500 psychological level in play as key downside supports. To the upside, a strong earnings print could put the all-time high near $585 in focus as a level to watch. *

*Source from TradingView on 14 July 2026. 

Theme: AI + Defense

Palantir (PLTR) · After Market Close

Watch: US commercial revenue — is the AIP platform scaling beyond government?

Palantir is down roughly 26% this year — but the business hasn't slowed down. Revenue is still growing fast, and the defence story is getting stronger by the week.

The recent catalyst: a July 1 partnership with Nvidia to deploy sovereign AI on air-gapped government hardware, an expanded US Army contract, and a geopolitical backdrop — rising defence budgets, sovereign AI mandates, AI on the battlefield — that plays directly into what Palantir does. The stock has already bounced 11% off its June lows.

Government demand already looks solid. The real question is whether commercial customers can keep pace. US commercial revenue grew 133% in Q1. If that growth rate holds or accelerates, the case for the current valuation premium becomes harder to sustain. If it slows, the valuation premium may come under greater scrutiny.

On the chart, watch how price reacts around the April low at $122.7 on the downside and the early-July high near $139 as the key level to reclaim to the upside. *

*Source from TradingView on 14 July 2026. 

The bigger picture

Three companies. Three very different AI stories.

AMD needs AI hardware to ship on time. Qualcomm needs traders to believe it can become more than a handset business. Palantir needs its commercial business to grow as fast as its government franchise. Together, they'll provide one of the clearest reads yet on where the AI trade goes next.

And importantly, all three report before Nvidia. That means they'll shape expectations heading into the most important earnings release.

Beat season or miss season — the volatility creates potential opportunities in both directions.

Ready for earnings season? Trade US share CFDs 24/5 with Pepperstone and and monitor market moves as volatility unfolds. 

Note – all figures in this article are correct as of 14 July 2026; past performance is not a reliable indicator of future results.