Last week was the worst week since June for tech: the S&P 500 fell 1.9% to 7,659.44, the Nasdaq dropped 4.5% to 26,140.03, and chip stocks sank 11.4% after September CPI came in hot at 3.7%, producer prices jumped 6.3%, and crude closed over $100 at $101.41. The money did not leave — it rotated, lifting the Dow 0.7% on the week as Coca-Cola, Walmart, Procter & Gamble and health care caught the bid. Sunday-night futures pointed modestly higher (Nasdaq-100 futures +0.8%), but this week belongs to earnings. Four reports will tell us whether the selloff was sentiment or something real.

1. Netflix (NFLX) — the first big-tech report card after the selloff

Netflix reports third-quarter results after the close on Tuesday, October 20, and it is the first major tech name to face investors since the chip rout. Consensus expects EPS of $0.82, up about 39% year over year, on revenue of $12.87 billion, up 11.8%. Netflix’s own guidance is nearly identical — revenue of $12.86 billion with an operating margin of 33.2%, up from 28.2% a year ago. U.S. and Canada revenue is estimated at $5.58 billion.

The growth story has changed hands: with subscription growth maturing, advertising is the new engine. U.S. upfront ad commitments nearly doubled, supporting a target of roughly $3 billion in 2026 ad revenue. The stock needs that story — shares opened Monday around $70.53, roughly half the 1-year high of $124.86 and not far above the $65.08 low.

What to watch: Ad revenue progress against that $3 billion target, UCAN revenue versus the $5.58 billion estimate, and whether the 33.2% margin guide holds.

Caution flag: Engagement is the soft spot going in — third-party app data shows U.S. app churn up 16.6% and younger-viewer minutes down. A revenue beat with weak engagement commentary may not be enough.

2. Tesla (TSLA) — deliveries beat, margins decide

Tesla reports after the close on Wednesday, October 21. The volume story is already known: 486,532 deliveries beat the 461,974 consensus by 5.3%, though that was still down 2.1% year over year against a tough comparison — a year ago buyers rushed in before the $7,500 federal EV credit expired. Production was 464,391, and energy storage deployments rose 9.6% to 13.7 GWh. Analysts expect EPS of about $0.44 to $0.45, down from $0.50 a year earlier, on revenue of roughly $27.8 billion to $27.9 billion.

China is the mixed picture underneath: September China-made sales hit 95,366, the year’s highest, up 5% year over year — but that was driven by a 58% surge in exports while domestic China sales fell 9%.

What to watch: Auto gross margin first, then energy-storage economics, FSD subscription growth, and any Cybercab / robotaxi update ahead of the October 30 Texas regulatory deadline.

Caution flag: Tesla missed earnings by 34% in Q2, and the estimate has slipped 3 cents in 30 days. With deliveries already public, there is no volume surprise left to rescue a soft margin print.

3. Lam Research (LRCX) — the chip-equipment verdict on the AI selloff

Lam Research also reports after the close on Wednesday, October 21, and after an 11.4% weekly drop in semiconductor stocks, this is the print that separates sentiment from demand. Lam sells the wafer-fabrication equipment chipmakers use to etch and deposit layers — if AI data-center buildout demand were actually cooling, it would show up here first.

Consensus expects EPS of $2.17 to $2.18, up about 72% year over year, on revenue of about $8.13 billion, up more than 50% from $5.32 billion a year ago. Management guided to revenue of $8.10 billion, plus or minus $400 million, and EPS of $2.15, plus or minus $0.15. Lam has beaten EPS estimates for eight straight quarters and is coming off a fourth consecutive quarter of record revenue ($6.72 billion in the June quarter).

What to watch: The December-quarter guide above all — whether Lam echoes the “demand stronger than supply” language the foundries have used, or turns cautious on orders and China exposure.

Caution flag: The bar is high by construction. When a company has beaten eight quarters in a row and the guide already calls for 50%+ revenue growth, a merely in-line print can get sold in a market that is de-rating chip names.

4. Procter & Gamble (PG) — where the money hid, now facing its own test

While tech fell last week, defensives did the opposite: staples rose about 5% on the week in the rotation, and Procter & Gamble shares gained about 5.4%, clearing a 154.32 buy point, alongside Walmart up 6.7% and Coca-Cola at records. P&G is the defensive trade’s report card — it posts fiscal first-quarter results before the open on Thursday, October 22.

The numbers are deliberately unexciting, and that is the point: consensus expects EPS of $1.88 to $1.89, down about 5% year over year, on revenue of about $22.7 billion, up 1.4%. Higher input costs are expected to squeeze gross margin by about 120 basis points to roughly 50.3%. Full-year guidance stands at $6.89 to $7.11 in EPS.

What to watch: Volume versus pricing — whether sales growth is coming from selling more product or charging more for it — and any change to full-year guidance while crude sits over $100 and input costs stay hot.

Caution flag: Safety now has a price. After last week’s run, P&G trades around 22 times forward earnings for a business expected to shrink EPS this quarter; if the defensive bid fades, there is less valuation cushion than staples usually offer.

The bottom line: This week answers the question last week’s selloff asked. Netflix on Tuesday tests whether a mature tech name can grow through advertising; Tesla and Lam Research on Wednesday test the two ends of the AI story — the company selling the dream and the company selling the machines that build it — with deliveries already known at Tesla and an eight-quarter beat streak on the line at Lam; and P&G on Thursday shows whether the defensive rotation was a hiding place or a real home. Looking ahead only: Microsoft and the FOMC decision land October 28, and Palantir reports November 2.

Disclaimer: This post is for educational and informational purposes only and is not financial advice, a recommendation, or an offer to buy or sell any security. Investing involves risk, including possible loss of principal. Do your own research and consult a qualified financial professional before making investment decisions.