US PREMARKET MOVERS: SPCX, LLY, AMD, UBER, SHOP, BKNG, CVS, DIS, LCID

A mixed batch of reports with a familiar split: prints where elevated capital spending on AI infrastructure overshadowed earnings beats have drawn the sharpest selling, a pattern that has recurred through this reporting season as the market distinguishes between AI spend framed as revenue-accretive and spend framed as cost. The channel is margin trajectory rather than the headline beat, and names down on capex have historically recovered only when subsequent disclosures tie the outlay to contracted demand. Elsewhere the tape follows the standard hierarchy: beats accompanied by raised guidance have gapped and held, beats without guidance have faded more often than not, and misses on both lines in capital-intensive growth names have extended. The outsized mover of the session is the clean beat-across-all-metrics print, the kind that has tended to attract momentum follow-through rather than gap-fade. Premarket moves of this size regularly reprice at the cash open as liquidity arrives, with the first hour typically deciding whether the gap holds. Watch for read-across into peers in semis and online travel, and for any management commentary on capex intensity on the calls, which has been the recurring tell.