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SpaceX defied lockup expiry fears with 35% rally adding $500B market cap, though further lockups (including Elon Musk's shares next summer) will test volatility.

Nvidia remains the largest S&P 500 stock but earnings have not been a positive catalyst recently — four of last five quarterly reports saw shares fall post-results despite strong numbers, making sentiment and forward guidance the key drivers.

Nvidia remains the largest S&P 500 stock and its moves drive the index; sentiment around earnings has turned negative with the stock falling after 4 of the last 5 reports despite strong numbers, making forward guidance and demand commentary the key catalyst.

Nvidia's last four of five earnings reports saw the stock fall despite strong results. Investors are focused on forward demand signals and the next AI wave rather than current numbers. Memory stocks are the biggest laggards, signaling broader infrastructure concern.

SpaceX's first major lockup expiration saw minimal selling pressure and a 35% rally, but larger unlocks including Elon Musk's shares next year could create volatility.