Google Earnings Preview, SpaceX Gives Us a Date, Internals Heat Check, Biotechs Rally
July 21, 2026
AI Summary
5 min readGoogle Earnings Preview, SpaceX Gives Us a Date, Internals Heat Check, Biotechs Rally
The hosts kicked off Tuesday's episode with a packed agenda: a SpaceX lockup expiration that could dump $123 billion worth of shares onto the market, a Google earnings preview positioned as the most consequential report of the season, and a deep dive into market internals that suggests the bull case is stronger than the recent semiconductor selloff implies.
SpaceX's Staggered Lockup and the Path Below $100
SpaceX announced August 4th as the date for its first quarterly report as a public company. That date matters because of the shareholder lockup structure. Within two days of reporting, the first tranche of shares becomes available — roughly 7% of total outstanding, or 911.5 million shares worth about $123 billion. That would quadruple the current float from 3% to 12%. Additional tranches unlock every two to three weeks through October, and by December 8th, the entire remaining block expires, bringing the float to 40% (excluding Elon Musk's 42% stake, which is a separate conversation).
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What you'll learn
- 1 (00:46) **Show Open & Calamos Sponsor** - Josh and Michael preview the episode, shout out the live chat, and discuss the Calamos Autocallable Income ETF (CAIE).
- 2 (02:53) **SpaceX Lockup Date Announced** - SpaceX will report its first quarterly earnings as a public company on August 4th, triggering a staggered shareholder lockup expiration.
- 3 (14:13) **Google Earnings: The Key to the Market** - The hosts argue Alphabet's earnings report (due after the close tomorrow) is the most determinative moment of earnings season for the AI trade and the broader market.
- 4 (23:15) **Semiconductor Wipeout & Market Internals** - The hosts analyze last week's brutal selloff in semis and AI names, framing it as a healthy cleansing of leverage.
- 5 (28:54) **Apple's Quiet Strength** - Apple has had its best three-week stretch relative to the S&P 500 since 2009, acting as a crucial market stabilizer while other tech sold off.
- 6 (31:42) **Non-Tech AI Stocks Caught in the Wipeout** - A segment on how "non-AI AI stocks" (Caterpillar, Vertiv, Eaton, Comfort Systems) traded in lockstep with Nvidia and got sold off with the semis.
- 7 (33:48) **Debating the "Catch Down" Thesis** - The hosts reject the idea that the rest of the market will "catch down" to the recent AI pullback.
+ Full timestamped outline available in the app
Show Notes
Join Downtown Josh Brown and Michael Batnick for another episode of What Are Your Thoughts and see what they have to say about: Google's earnings, SpaceX's first earnings report and massive lockup expiration, the selloff in AI infrastructure stocks, whether market breadth is flashing a warning sign, why investors still love stocks, and if the K-shaped economy narrative has become overstated.
This episode is sponsored by Calamos. To learn more about CAIE, visit https://www.calamos.com/funds/etf/calamos-autocallable-income-caie
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Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
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