I cannot overstate how important earnings season is.

Every three months, our favorite stocks get graded and numbers finally outweigh the narratives.

Some companies soar… others stumble.

This week is particularly huge with Palantir, Uber, AMD, and Qualcomm reporting earnings.

So while headlines may move stocks in the short term, it’s important to remember that earnings drive the market over the long-term.

Here are the most important events I’m watching this week:

Palantir (PLTR): The Bubble Inside the Boom

Tonight, all eyes are on Palantir.

Analysts have raised earnings estimates 20 times in the past three months, putting the average forecast at 17 cents per share.

That’s 18% higher than three months ago and 22% higher than six months ago.

Higher revisions are usually a good sign.

But valuation still matters.

Palantir trades at 675 times earnings and 140 times sales. Those are nosebleed levels.

I don’t believe AI itself is a bubble. But this particular stock looks like one. Let’s stay away.

Uber (UBER): The Real Consumer Barometer

Uber reports tomorrow, and this one’s worth watching closely.

The company gives a rare look into how consumers are really doing.

Last week, Chipotle warned that a weaker consumer was weighing on results. Uber could face that same risk if people start cutting back on rides or deliveries.

Still, Uber remains one of the most powerful platforms in the market.

It doesn’t own the cars. It doesn’t own the robots. And its drivers aren’t technically employees.

Yet hundreds of millions of people use Uber every month.

That reach gives Uber enormous flexibility. It can bolt on new services, expand into new categories, and still take a cut of every transaction.

Whether it’s human drivers, autonomous fleets, drone deliveries, or flying taxis, Uber controls the flow of people and goods.

That’s why I’ve recommended Uber before. And it’s why I still believe Uber is a buy today.

AMD (AMD): Riding the OpenAI Wave

AMD reports Tuesday after one of its strongest months ever.

The stock jumped 58% in October after a major partnership announcement with OpenAI.

The deal – involving six gigawatts of GPU capacity – won’t make a big financial impact until late next year. But it changed how investors view AMD.

Now, management needs to prove that growth extends beyond a single headline.

The focus will be on AMD’s data center business where it still trails Nvidia by a wide margin.

If AMD can show traction beyond that OpenAI deal, the recent rally could continue.

Qualcomm (QCOM): The New Challenger

Qualcomm reports Wednesday.

After years of being known for smartphone chips, it’s now entering the AI arena with its new AI200 and AI250 data center chips.

That announcement pushed the stock up 15% and this week’s report should reveal how much early interest those chips are getting.

For perspective, Nvidia still controls roughly 90% of the data center GPU market.

Last quarter, Nvidia posted $41 billion in data center revenue. AMD reported $3.2 billion. Qualcomm is starting from zero.

But in AI, things can change quickly if the technology delivers.

That’s why I’ll be paying close attention to Qualcomm’s comments on demand and adoption.

Stay tuned.