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#EarningsRealityCheck This earnings season is reminding investors that beating expectations is only the first test. SpaceX reported revenue of $7.8 billion and a smaller-than-expected loss in its first quarter as a public company. AMD and Sandisk also produced strong numbers, while Palantir rallied after delivering rapid growth and raising its outlook. Market reactions have still been mixed because investors are looking beyond the latest quarter. SpaceX faces higher AI spending and a major lockup release, while other technology companies must defend valuations built on exceptional future growth. The new reality is that a company can beat current estimates and still fall if guidance, spending, or future supply fails to satisfy an already optimistic market.