A $82 Million Company Doing $109 Million in Revenue. Read That
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Friday July 24, 2026  •  Your Daily Market Briefing Sponsored
Content

This ad is sent on behalf of Surf Air Mobility Inc.

Twenty years ago, Amazon started renting out the internal software it
built to run its own stores. Wall Street shrugged.

That side project became AWS. Today it generates the majority of
Amazon’s profits.

The lesson: the tools a company builds to run its own operations can
become worth more than the operations themselves. But the play only
works if you actually run the operations first.

One small aviation leader has been running this exact play in plain
sight.

It spent years flying real passengers on real routes, then built an AI
operating system with a $300 billion technology giant to make it even
better. It tested the software on its own airline first.

The internal results: 32% more bookings closed, 57% faster deals, and
40% more payments processed on-platform for its charter broker
business, comparing this year’s first quarter to last.

Then the first outside customer arrived. One of the biggest names in
private aviation signed a contract worth up to $12 million to run its
charter business on the software.

Weeks later, the technology giant disclosed it had more than doubled
its equity stake in the airline.

The airline did $109 million in revenue over the last year. The whole
company trades for roughly $82 million.

See the full breakdown while this story is still early.
[[link removed]]

And remember to do your own research.

LEARN MORE →
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We are issuing this disclosure in compliance with Section 17(b) of the
Securities Act, which requires us to disclose any compensation
received or expected to be received in cash or in kind in connection
with the purchase or sale of any security. This is a paid
advertisement for  Surf Air Mobility (NYSE:SRFM) from Trading
Whisperer. Behind the Markets will receive compensation from Market
Jar Media in connection with multiple mailings for this advertisement.
Behind the Markets receives a fixed fee for each subscriber that
clicks on a link in this email, totaling up to $3,000. This
communication is for informational and advertising purposes only and
does not constitute investment advice, an offer, or a recommendation
to buy or sell any security. Investors should conduct their own
independent research and consult a qualified financial professional
before investing. This disclosure is made as of 07/24/2026.

THE MARKET JUST CRACKED IN THREE PLACES AT ONCE — AND THE WORST MAY
NOT BE OVER

KEY POINTS:

* Tesla (TSLA) closed at $316.42 — down 15.4% and its worst
single-day decline since June 2025 — after missing Q2 adjusted
earnings by 39%, with free cash flow turning negative and operating
margins collapsing to 1.4%
* Alphabet (GOOGL) sank nearly 7% to $318.39, wiping $138 billion in
market cap, despite posting $119.8 billion in revenue — as the
company raised its full-year AI capital expenditure target to a record
$195–$205 billion
* Brent crude crossed $100 a barrel intraday for the first time
since late May, with Goldman Sachs warning oil could hit $120 if
Strait of Hormuz disruptions persist — while Houthi attacks on Saudi
oil tankers opened a second front in the Red Sea
* The Dow fell more than 500 points, the Nasdaq dropped roughly 2%,
and the 10-year Treasury yield climbed to 4.66% — its highest since
January 2025 — as the collision of AI spending fears, oil-driven
inflation, and military escalation pressured markets from three
directions simultaneously
* SpaceX (SPCX) bounced 2.6% to $118.24 from its post-IPO low but
faces its biggest test ever: first-ever public earnings on August 4,
followed by the unlock of 1.37 billion restricted shares on August 6

[bull]
[[link removed]]

WALL STREET JUST GOT HIT FROM THREE DIRECTIONS AT ONCE

Thursday wasn't just a bad day. It was the kind of session that
changes how investors think about the rest of the year.

The Dow fell more than 500 points. The Nasdaq dropped roughly 2%. The
10-year Treasury yield climbed to 4.66% — its highest since January
2025. And three separate forces — none of which Wall Street had
adequately priced
[[link removed]] —
converged on the market all at once.

Tesla. Oil. And a question that nobody on Wall Street seems willing to
answer: when does all this AI spending actually generate a return?

CRACK #1: TESLA'S WORST DAY IN OVER A YEAR

Tuesday night, we laid out the three things Musk needed to get right
[[link removed]] in
Tesla's Q2 earnings report. He got none of them.

Revenue of $28.24 billion beat estimates, and record deliveries of
480,126 vehicles confirmed that the car business is still growing. But
adjusted earnings of $0.33 per share missed the $0.53 consensus by
39%. Free cash flow turned negative at minus $1.1 billion. Operating
margins collapsed to 1.4%. And capital expenditures surged 142%
year-over-year, with Tesla now guiding to over $25 billion in
full-year CapEx as it pours cash into AI computing, robotaxi
infrastructure, Optimus robots, and semiconductor facilities.

The stock closed at $316.42 — down 15.4%, the largest single-day
crash since June 2025. It erased roughly $18 billion from Elon Musk's
net worth in a single session. BofA slashed its 2026 earnings forecast
by 17.4%. Wells Fargo maintained its Sell rating with a $130 price
target — implying 59% more downside from here.

For a company trading at 177 times forward earnings at the start of
the week, the market's verdict was devastating: growth means nothing
if it destroys profitability, and AI ambitions do not justify infinite
patience with negative free cash flow.

CRACK #2: OIL CROSSES $100 — AND THE REAL RISK IS STILL AHEAD

We've been warning about this for weeks. On Monday, we wrote that the
risk nobody was pricing
[[link removed]] was
oil — and that the escalating conflict in the Middle East could push
prices far higher than the market expected.

On Thursday, it happened. Brent crude crossed $100 a barrel intraday
for the first time since late May, surging to $102 before settling
near $100. West Texas Intermediate blew past $91. Oil has now risen
more than 30% in the past month alone.

The trigger was an attack by Yemen's Houthis on two Saudi oil tankers
in the Red Sea — a second chokepoint
[[link removed]] that
compounds the already-severe disruption to Persian Gulf shipping
through the Strait of Hormuz. The U.S. military confirmed a 12th
consecutive night of strikes against Iran, deploying B-1 long-range
bombers. Iran retaliated by striking U.S. assets in Kuwait. A U.S.
strike near the Iraq border killed two Iranians. Regional mediators,
led by Oman, are pushing for a new 10-day ceasefire — but Trump
signaled Thursday that the conflict will continue.

Goldman Sachs has warned that Brent could spike to $120 per barrel if
Hormuz disruptions persist. Persian Gulf flows are now below 45% of
pre-war levels. The bank's base case assumes tensions ease and prices
average $80 in Q4, but with both the Strait of Hormuz and the Red Sea
effectively compromised, that base case looks increasingly like a
fantasy.

CRACK #3: THE AI SPENDING QUESTION NOBODY CAN ANSWER

Alphabet reported $119.8 billion in Q2 revenue — a 24% beat. Google
Cloud grew 82% year-over-year to $24.8 billion, with backlog reaching
$514 billion. By almost any measure, the quarter was extraordinary.

The stock dropped 7%.

The reason? Alphabet raised its full-year AI capital expenditure
forecast to $195–$205 billion, up from $180–$190 billion just
three months ago. That's roughly $550 million per day in spending —
a staggering commitment that the market increasingly views as a leap
of faith rather than a calculated investment.

This is the transformation we've been tracking
[[link removed]] —
the shift from AI as a software trend to AI as the most
capital-intensive infrastructure build in history. Combined with
Tesla's CapEx explosion, Thursday's message was unmistakable: the
biggest companies in the world are spending more money faster than
ever, with no clear timeline for when that spending will translate
into proportional profits.

SPACEX: THE NEXT SHOE TO DROP?

Meanwhile, Elon Musk's other publicly traded company is heading into
the most consequential two weeks of its short public life. SpaceX
bounced 2.6% on Thursday to $118.24, a modest recovery from
Wednesday's post-IPO low of $115.26. But the stock is still down 48%
from its all-time high and 12% below its $135 IPO price.

What's coming is what matters. On August 4, SpaceX will report its
first-ever public earnings. Two days later, 1.37 billion previously
restricted shares unlock — potentially flooding the market with up
to $116 billion in insider stock. We detailed the full breakdown
of why SpaceX has been crashing
[[link removed]] last
week. The lock-up expiry adds an entirely new dimension of risk.

WHAT COMES NEXT

This market is being squeezed from three directions at once:

* AI spending that consumes cash faster than it generates returns
* an oil crisis that threatens to push inflation higher and consumer
spending lower
* and a military conflict with no end in sight. The 10-year Treasury
yield at 4.66% tells you the bond market sees the same thing.

The next two weeks — SpaceX earnings on August 4, the share lock-up
on August 6, and the trajectory of oil prices — will determine
whether Thursday was a one-day capitulation or the beginning of
something much worse.

Read More Here →
[[link removed]]

Also on Behind the Markets

▸
The Risk Nobody Is Pricing Right Now
[[link removed]]
— Oil hit $90 a barrel as the Strait of Hormuz faces the largest
supply disruption in the history of global energy markets.

▸
China Just Gave Away Its Crown Jewel
[[link removed]]
— Beijing released the largest open-source AI model ever built. Kimi
K3 beats top U.S. systems in coding at a fraction of the price.

▸
They’re Watching the Wrong Chokepoint
[[link removed]]
— The last legal authorization to transport Iranian oil just
expired. Both of the world’s major oil chokepoints could go dark at
the same time.

▸
AI Just Changed. 99% of Investors Missed It.
[[link removed]]
— Agentic AI has sent demand for computing power surging 1,000%. One
tiny supplier sits at the center of it all.

"Be fearful when others are greedy and greedy when others are
fearful."

— Warren Buffett

Worth Reading Today

American Alternatie Assets

THE MOVE WASHINGTON MADE IN 1934
[[link removed]]

In 1934, the government executed a legal maneuver that transferred
billions in wealth overnight. Most Americans had no idea it was
coming. A small group who saw it early walked away wealthy. Everyone
else paid for it. See what you can do now to prepare.
[[link removed]]

Paradigm Press

THE ULTIMATE “MAGA” STOCK?
[[link removed]]

I believe the Trump administration is about to take a direct stake in
a tiny $2 stock
[[link removed]].
A stock that controls the largest mineral reserve in the
country. This single site has enough gold to establish a new Fort
Knox. Enough silver to build 57 billion AI chips. Click here to get
complete details on what I predict is “Trump’s next big buy”
[[link removed]]. 


Chaikin Analytics

1 STOCK TO OWN BY JULY 31ST
[[link removed]]

Get rid of overpriced AI stocks before a scheduled announcement on
July 31st threatens to reshuffle the stock market's winners and
losers. Smaller, lesser-known names are now showing the overwhelming
potential to dethrone AI's Magnificent 7. On July 31st, this
little-known stock
[[link removed]] in
particular could soar while Tesla faceplants. Get the name and ticker
of this stock on your radar now...
[[link removed]]

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