[SpaceX's post-IPO plunge](https://www.cnbc.com/2026/08/03/spacexs-post-ipo-plunge-sets-tense-backdrop-for-first-earnings-report.html) sets the exact moment when momentum money gets tested against reality. The street is already bracing for earnings because the stock's 30%+ dive told them something broke. Here's the pattern I'm tracking: Tesla beat expectations last quarter and still got hammered because guidance implied margin compression ahead.

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