If you’re trying to figure out what could move your portfolio this week, here’s the short version: AI stocks and inflation data are about to collide. Six companies tied to the AI-infrastructure boom — the data centers, chips, servers, and networking gear that power artificial intelligence — report earnings between Tuesday and Thursday. Right in the middle of that, on Wednesday, the government releases the July Consumer Price Index (CPI), the most closely watched inflation report of the summer.
Why does that combination matter so much? Because the stock market just had a wild swing in expectations. A surprisingly weak July jobs report (the U.S. economy actually lost 23,000 jobs, when Wall Street expected a gain of roughly 83,000) convinced investors the Federal Reserve wouldn’t need to raise interest rates anytime soon. Stocks rallied hard on that news, with the S&P 500 closing at a record high on Friday, August 7. But three Federal Reserve officials had already voted for a rate hike just a week earlier, on July 29 — so this week’s inflation data will decide whether that dovish, no-hike story holds up, or whether it needs a rewrite.
Layer on top of that a half-dozen high-stakes AI earnings reports, a consumer-spending test from Tapestry and Friday’s retail sales report, and an unresolved standoff over oil shipping through the Strait of Hormuz, and you’ve got one of the more information-dense weeks of the summer. Below, we walk through what’s on the calendar, why it matters, and the 10 U.S. stocks most likely to move.
Quick Answer: What to Watch This Week
The week of August 10–14, 2026 is defined by two things: a cluster of AI-infrastructure earnings reports (CoreWeave, Super Micro, Lumentum, Cisco, Coherent, and Applied Materials) and Wednesday’s July CPI report, which will heavily influence whether the Federal Reserve holds interest rates steady at its September 16 meeting. The stocks with the highest odds of a big move this week are CoreWeave (CRWV), Super Micro Computer (SMCI), and Applied Materials (AMAT), all of which sit directly at the intersection of AI-spending demand and this week’s inflation-driven rate-path debate.
Why This Week Matters
Last week’s rally was built almost entirely on one number: a jobs report so weak it flipped how traders think about the Federal Reserve’s next move. Odds of a September interest-rate hike, tracked by the CME FedWatch tool, tumbled from somewhere around 55–67% down to roughly 44–45% in the span of a few days. That’s a big swing, and it’s the reason the S&P 500 notched a record close on Friday.
But that repricing is about to face its toughest test. On Wednesday, the Bureau of Labor Statistics releases the July CPI report — the government’s main measure of how much prices for everyday goods and services have risen. Economists expect headline inflation of around 3.4% year-over-year and core inflation (which strips out volatile food and energy prices) of about 2.5%. Those numbers sound reassuring on the surface, but here’s the catch: three regional Federal Reserve presidents already voted in favor of a rate hike at the July meeting. That means the Fed’s internal vote was closer than usual, and a hotter-than-expected CPI reading could reignite hike expectations almost overnight.
At the very same time, Wall Street is getting its most concentrated look yet at whether the “AI trade” is still standing on solid ground. CoreWeave, Super Micro Computer, and Lumentum all report earnings Tuesday evening. Cisco and Coherent follow Wednesday, the same day as the CPI report. Applied Materials closes out the cluster Thursday. Together, these six companies touch nearly every layer of the AI-infrastructure stack — cloud computing power, servers, optical networking, and the equipment used to manufacture advanced chips. If even one of the bigger names stumbles, it could ripple through the entire sector, including bellwether Nvidia, which doesn’t report this week but tends to move on sentiment either way.
Add in an unresolved standoff over shipping through the Strait of Hormuz that’s kept oil prices elevated, and a retail sales report on Friday that will test how resilient U.S. consumers really are, and you have a week where almost every major theme in the market — inflation, AI spending, and consumer health — gets tested at once.
Watching Oil Prices This Week?
Crude remains roughly 16% above pre-conflict levels as the Strait of Hormuz standoff keeps energy markets on edge — with Exxon Mobil the most direct way to track it. Trade oil, gold, and other commodities with tools built for active traders.
Explore Pepperstone →This Week’s U.S. Economic Calendar
| Date | Time (ET) | Event | Why It Matters |
|---|---|---|---|
| Mon, Aug 10 | — | Light data calendar | Markets digest last Friday’s jobs report |
| Wed, Aug 12 | 8:30 AM | Consumer Price Index (July) | The week’s most important report; expected ~3.4% YoY headline, ~2.5% YoY core |
| Thu, Aug 13 | 8:30 AM | Producer Price Index (July) | Measures wholesale-level price pressure before it reaches consumers |
| Thu, Aug 13 | 8:30 AM | Initial Jobless Claims (weekly) | Standard labor-market check-in following last month’s weak jobs report |
| Fri, Aug 14 | 8:30 AM | Retail Sales (July) | Tests consumer spending strength; June’s reading slowed sharply to +0.2% |
| Fri, Aug 14 | 10:00 AM | Michigan Consumer Sentiment (Prelim.) | Early read on consumer mood heading into fall |
International event to watch: Talks over reopening the Strait of Hormuz to commercial shipping remain stalled between the U.S. and Iran, with both sides demanding concessions from the other. Oil prices (WTI near $82/barrel, Brent near $88) are up roughly 16% since the conflict began and remain a wildcard behind this week’s inflation data.
This Week’s Earnings Calendar
| Company | Ticker | Date | Why It’s a Catalyst |
|---|---|---|---|
| Cardinal Health | CAH | Tue, Aug 11 (before open) | Healthcare distributor with a strong recent beat record; EPS guided +16.3% YoY |
| Super Micro Computer | SMCI | Tue, Aug 11 (after close) | AI-server maker with a $60B+ order backlog against roughly $1.3B in cash |
| CoreWeave | CRWV | Tue, Aug 11 (after close) | AI cloud-computing bellwether; revenue guided to more than double YoY |
| Lumentum Holdings | LITE | Tue, Aug 11 (after close) | Optical-networking supplier riding ~90% revenue growth on AI datacenter demand |
| Cisco Systems | CSCO | Wed, Aug 12 (after close) | AI-infrastructure order backlog guided to $9B, up from $5B; eight straight beats |
| Coherent Corp. | COHR | Wed, Aug 12 (after close) | AI-optics supplier with datacenter revenue up ~41% YoY |
| Applied Materials | AMAT | Thu, Aug 13 (after close) | Semiconductor-equipment maker; EPS guided +35.5% YoY |
| Tapestry | TPR | Thu, Aug 13 (before open) | Luxury retailer; options markets imply an 8.7% earnings-day move |
Top 10 U.S. Stocks to Watch This Week
1. CoreWeave, Inc. (CRWV)
Reports: Tuesday, August 11, after close
CoreWeave rents out massive amounts of computing power to AI companies, and its earnings are one of the clearest windows into how much demand there really is for AI infrastructure right now. Revenue more than doubled last quarter, and analysts expect that pace to continue.
Bull case: Revenue and future bookings both beat expectations, and management shows the company’s heavy spending on data centers is starting to turn into steady cash flow.
Bear case: Rising debt, construction costs, or capital spending overshadow the growth story, reviving worries about how sustainable this kind of rapid buildout really is.
2. Super Micro Computer, Inc. (SMCI)
Reports: Tuesday, August 11, after close
Super Micro builds the servers that go inside AI data centers, and business has been booming — its order backlog has topped $60 billion. The catch: the company only has about $1.3 billion in cash on hand, which has investors asking how it plans to fund all that growth.
Bull case: Revenue lands near the high end of guidance and margins hold up, showing the company can convert its backlog into cash without needing to raise new capital right away.
Bear case: Management signals it needs to raise money to keep up with orders, which could dilute existing shareholders.
3. Applied Materials, Inc. (AMAT)
Reports: Thursday, August 13, after close
Applied Materials makes the machines that chipmakers use to manufacture semiconductors. Because its customers need to buy this equipment before they can produce more AI chips, Applied Materials’ results are often an early signal of where chip demand is headed.
Bull case: Management raises its outlook for AI-related equipment orders, suggesting chipmakers still plan to spend heavily.
Bear case: Customers hint at slowing down their spending, raising concerns that the AI investment boom could be cooling off.
4. Cisco Systems, Inc. (CSCO)
Reports: Wednesday, August 12, after close (same day as the CPI report)
Cisco makes networking equipment, and it’s increasingly benefiting from AI infrastructure buildouts. The company just raised its guidance for AI-related order backlog to $9 billion, up from $5 billion, and it’s beaten estimates for eight straight quarters.
Bull case: AI-driven orders keep accelerating and management raises its backlog guidance again.
Bear case: Regular (non-AI) networking demand from businesses stays weak, offsetting the AI-related strength.
5. NVIDIA Corporation (NVDA)
Doesn’t report this week, but reacts to everything that does
Nvidia isn’t on the earnings calendar this week, but it’s the market’s biggest single stock for expressing views on AI. When AI-linked companies like CoreWeave or Super Micro report, Nvidia often moves right along with them, since it makes many of the chips that power the entire industry.
Bull case: A clean sweep of good news from this week’s AI earnings reinforces confidence in continued chip demand.
Bear case: A disappointing report from any of the week’s AI names reopens doubts about whether AI spending is paying off, and Nvidia gets hit hardest given its size.
6. Coherent Corp. (COHR)
Reports: Wednesday, August 12, after close
Coherent makes the optical components that let data inside AI data centers move at high speed. That part of its business grew about 41% year-over-year last quarter and now makes up roughly three-quarters of total revenue.
Bull case: Demand for AI-related optical parts keeps climbing and profit margins improve as the company scales up production.
Bear case: The cost of expanding production capacity eats into profits faster than revenue grows.
7. Cardinal Health, Inc. (CAH)
Reports: Tuesday, August 11, before open
Cardinal Health distributes medicine and medical supplies to pharmacies and hospitals across the country. It’s not an AI story — which is exactly why it’s worth watching this week, as a steadier, more defensive counterweight to all the tech-earnings drama.
Bull case: Strong distribution volumes and continued growth in specialty pharmacy services extend the company’s recent streak of beating estimates.
Bear case: Thinner profit margins in its core distribution business limit the upside even if revenue comes in strong.
8. Tapestry, Inc. (TPR)
Reports: Thursday, August 13, before open
Tapestry owns Coach and Kate Spade, and its earnings are a genuine read on how much shoppers are still willing to spend on non-essential, higher-priced goods. Options traders are pricing in an 8.7% stock move on the news — a sign expectations are running hot.
Bull case: Brand momentum continues and management gives confident guidance for the year ahead.
Bear case: Any sign that shoppers are pulling back on discretionary spending would be a red flag, especially with Friday’s retail sales report landing just one day later.
9. Exxon Mobil Corporation (XOM)
Doesn’t report this week, but tracks the biggest oil story of the summer
Exxon Mobil doesn’t have earnings this week, but it’s the most direct way to track what’s happening with oil prices, which have climbed roughly 16% since the U.S.–Iran standoff over the Strait of Hormuz began. Crude has stayed elevated because shipping through the strait remains a fraction of normal levels.
Bull case: The standoff drags on without a resolution, keeping oil prices — and Exxon’s profits — elevated.
Bear case: A surprise diplomatic breakthrough could send oil prices tumbling just as quickly as they climbed.
10. Lumentum Holdings Inc. (LITE)
Reports: Tuesday, August 11, after close (same evening as CoreWeave and Super Micro)
Lumentum makes the high-speed optical parts that connect servers inside AI data centers. Revenue grew roughly 90% last quarter, making this one of the fastest-growing stories in the AI-infrastructure space — and one of the riskiest, given how much good news is already priced in.
Bull case: Demand for high-speed transceivers keeps climbing and the company issues a strong outlook for the year ahead.
Bear case: After such a sharp run-up, even a slightly disappointing guide could trigger an outsized sell-off.
Track This Week’s Top 10 US Stocks in Real Time
CoreWeave, Super Micro, and Lumentum report Tuesday night, Cisco and Coherent follow Wednesday alongside the CPI report, and Applied Materials closes out the week Thursday — follow every move with free charts, watchlists, and price alerts.
Open Free Charts on TradingView →Sector Outlook at a Glance
| Sector | Outlook | Why |
|---|---|---|
| Technology / AI Infrastructure | Bullish, but binary | Six companies (CRWV, SMCI, LITE, CSCO, COHR, AMAT) report in a single week |
| Semiconductors | Bullish | Led by Applied Materials’ Thursday report and Nvidia’s sentiment sensitivity |
| Healthcare | Neutral-to-bullish | Cardinal Health’s strong beat history supports the sector this week |
| Consumer Discretionary | Mixed | Tapestry’s report and Friday’s retail sales both test spending resilience |
| Energy | Bullish (event-driven) | Oil prices remain elevated on the unresolved Strait of Hormuz standoff |
| Real Estate / Utilities | Cautious | Both sectors are rate-sensitive and exposed to Wednesday’s CPI surprise risk |
Biggest Risks This Week
- A hot CPI or PPI print: Could quickly revive September rate-hike expectations, especially since three Fed officials already voted for a hike in July.
- An AI-earnings disappointment: With six AI-linked companies reporting, a stumble from any major name could ripple through the whole sector, including Nvidia.
- Super Micro’s cash position: A backlog above $60 billion against roughly $1.3 billion in cash raises real questions about how the company funds its growth.
- The Strait of Hormuz standoff: Could push oil prices higher — or reverse them sharply — at any point during the week.
- Consumer spending softness: June’s retail sales growth already slowed to just 0.2%; a weak July reading, paired with Tapestry’s results, would raise fresh concerns about consumer health.
Bullish and Bearish Trade Ideas
Top 5 Bullish Stocks This Week
| Company | Ticker | Why |
|---|---|---|
| Cisco Systems | CSCO | AI-infrastructure order backlog guided to $9B, eight straight quarterly beats |
| Applied Materials | AMAT | EPS guided +35.5% YoY on continued AI-chip equipment demand |
| Cardinal Health | CAH | EPS guided +16.3% YoY, strong recent beat record |
| Coherent Corp. | COHR | Datacenter revenue up ~41% YoY, “Strong Buy” analyst consensus |
| CoreWeave | CRWV | Revenue guided to more than double YoY on AI-compute demand |
Top 5 Bearish (or Higher-Risk) Stocks This Week
| Company | Ticker | Why |
|---|---|---|
| Super Micro Computer | SMCI | $60B+ backlog against just $1.3B cash raises dilution risk |
| Lumentum Holdings | LITE | Richly valued after a ~90% revenue growth run, leaving little room for error |
| Tapestry | TPR | Options imply an 8.7% move against an already-high bar |
| Exxon Mobil | XOM | A resolution to the Hormuz standoff could send oil, and shares, lower quickly |
| D.R. Horton | DHI | Homebuilder sensitivity to a potentially hot CPI print on Wednesday |
These are educational trade ideas based on this week’s catalysts, not personalized investment advice. Always do your own research and consider your own risk tolerance before making any investment decision.
Build a Watchlist for This Week’s Trade Ideas
From bullish Cisco and Applied Materials to higher-risk Super Micro and Tapestry, track every stock on this week’s list in one place.
Set Up Your Watchlist on TradingView →Key Takeaways
- Six AI-infrastructure companies (CoreWeave, Super Micro, Lumentum, Cisco, Coherent, and Applied Materials) report earnings this week, the most concentrated test yet of whether AI spending is paying off.
- Wednesday’s July CPI report is the single most important data point of the week and could sharply move expectations for the Fed’s September 16 rate decision.
- Three Federal Reserve officials already voted for a rate hike in July, meaning the market’s reaction to any inflation surprise this week could be outsized.
- Super Micro’s $60 billion-plus order backlog against roughly $1.3 billion in cash is one of the more important stories to watch for balance-sheet risk.
- Oil prices remain elevated on the unresolved Strait of Hormuz standoff, a dynamic best tracked through Exxon Mobil.
- Friday’s retail sales report closes out the week with a direct read on U.S. consumer spending health.
Frequently Asked Questions
What stocks are reporting earnings this week?
CoreWeave, Super Micro Computer, and Lumentum Holdings report Tuesday evening, August 11. Cisco Systems and Coherent Corp. report Wednesday, August 12. Applied Materials and Tapestry report Thursday, August 13. Cardinal Health reports Tuesday morning, August 11.
When is the July CPI report released?
The Bureau of Labor Statistics releases the July Consumer Price Index on Wednesday, August 12, 2026, at 8:30 a.m. Eastern Time.
Will the Federal Reserve raise interest rates in September 2026?
It’s uncertain. Markets currently see roughly a 44–45% chance of a rate hike at the Fed’s September 16 meeting, down from higher odds a week earlier after a weak July jobs report. Wednesday’s CPI report, plus Thursday’s PPI and Friday’s retail sales data, will heavily influence that probability.
Why does Super Micro have such a large order backlog but limited cash?
Super Micro’s backlog reflects strong demand for its AI servers, but building that many servers requires significant upfront spending on parts, labor, and manufacturing capacity. With only about $1.3 billion in cash against a backlog exceeding $60 billion, some analysts believe the company may need to raise additional capital to keep up.
Why are oil prices elevated right now?
Oil prices have climbed roughly 16% since a standoff began over shipping through the Strait of Hormuz, a critical global oil transit route. Talks between the U.S. and Iran over reopening it to commercial traffic remain stalled.
Is the AI stock trade still a good opportunity?
That depends on your own goals and risk tolerance. This week’s cluster of AI-infrastructure earnings will offer some of the clearest evidence yet of whether the sector’s rapid spending is converting into durable profits, which is exactly why it’s worth watching closely rather than assuming the trend will simply continue.
Related Reading
- Top 10 US Stocks to Watch This Week (August 3–7, 2026)
- Top 10 UK Stocks to Watch This Week (August 3–7, 2026)
- Top 10 Asian Stocks to Watch This Week (August 3–7, 2026)
- Top 10 Forex Pairs and Commodities to Watch This Week (August 3–7, 2026)
- Crypto Market Outlook: Bitcoin Braces for a Hawkish Fed and Friday’s Jobs Report (August 3–7, 2026)
Conclusion
This week puts two of the market’s biggest 2026 storylines on a collision course. On one side, six companies central to the AI-infrastructure boom report earnings within three days of each other, giving investors their clearest picture yet of whether all that spending on chips, servers, and data centers is actually paying off. On the other, Wednesday’s CPI report will help determine whether last week’s rate-cut-friendly rally can hold up, especially with three Fed officials already on record favoring a hike.
Treat Tuesday evening’s three-company cluster (CoreWeave, Super Micro, and Lumentum) as your first read on AI sentiment for the week. Watch Wednesday closely, since it pairs the CPI report with Cisco and Coherent’s earnings on the very same day. And don’t overlook Friday’s retail sales report — after Tapestry’s earnings the day before, it’s the last major piece of the puzzle for understanding how U.S. consumers are holding up. With this much data and this many earnings reports packed into five days, expect volatility, and use it as an opportunity to learn rather than a reason to panic.
Disclosure: The content on this page was produced with AI writing assistance under the editorial direction of a licensed Electrical Engineering practitioner and certified investor in different markets with over a decade of experience. All articles are reviewed and approved by the author before publication.
