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It’s Sunday.
Last weekend, Spain dominated Argentina to claim its second World Cup title.
An even bigger winner? FIFA.
The organization is expected to report a record $15B in revenue from the 2026 World Cup.
This is significantly higher than its original $11B forecast and nearly double the $7.6B generated by Qatar in 2022.
Following the financial success of the expanded 48-team format, FIFA President Gianni Infantino confirmed that relevant committees will formally consider a 64-team tournament in 2030.
For FIFA, the biggest trophy may have been proving just how valuable a larger World Cup can be.
Key Data Bites Over The Last Week:
Goldman Sachs shared 36 market winners that aren’t AI stocks.
Oracle signed 10-year software contract with Pentagon worth up to $7B.
Taiwan Semi to raise prices by up to 10% in 2027.
Pete Hegseth estimates Iran War has cost $37.5B.
2 in 5 Americans believe stock market only serves top 1%.
Nvidia has a nearly 10% stake in Nebius.
OpenAI raised projected spending from $600B to $750B.
Airbus predicted it can nearly double earnings by 2029.
U.S. unemployment aid filings fell to lowest level since 1969.
Trump imposed new tariffs on 60 trade partners.
Lockheed Martin announced record $230B backlog.
Stripe in talks to buy OpenRouter for potentially up to $10B.
In today’s newsletter:
💵 Uber’s Cheap Valuation
📉 Google’s Cash Flow Goes Red
🪫 Tesla’s Profits Plunge
🚀 Intel Accelerates
💥 SpaceX Is Crashing
Let’s jump right in.
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Uber’s driverless future is starting to look less friendly.
Waymo recently announced plans to launch its own app in Austin and Atlanta in 2028, ending Uber’s exclusivity in two key markets.
The move renews fears that autonomous vehicle developers could bypass ride-hailing platforms and compete directly for riders.
That pressure has pushed Uber to its lowest valuation on record at just 11x forward free cash flow, well below its three-year median of 21x.
Uber is still growing quickly and building partnerships across the AV ecosystem.
Still, investors remain unconvinced that robotaxis will strengthen Uber’s network, and Waymo’s latest move only adds fuel to the fire.
Google is paying up to stay ahead in AI.
The company crushed earnings expectations, while Google Cloud revenue surged 82% as demand for AI services accelerated.
However, CapEx doubled to $44.9B, pushing quarterly free cash flow into the red for the first time ever.
Management then raised its 2026 CapEx outlook to as much as $205B, making the trade-off clear.
AI growth is accelerating, but the cost of supporting it has now pushed free cash flow below zero.
Tesla’s next chapter is getting expensive.
The company generated just $398M in operating profit in Q2, its lowest level in six years, even as revenue grew 26%.
Tesla is spending aggressively on Robotaxi, Optimus, AI chips and new manufacturing capacity while its core automotive economics remain under pressure.
Operating expenses surged 47%, pulling its operating margin down to just 1.4%.
Tesla is moving beyond cars and betting heavily on technologies that could define its future.
For now, those ambitions are growing much faster than the profits funding them.
Intel is finally moving at full speed again.
Revenue surged 25% in the second quarter, its fastest growth in 15 years, as AI infrastructure demand lifted server processor sales.
Data center revenue jumped 59% to $6.3B, and management said customers are asking for more chips than Intel can currently produce.
The company also guided above Wall Street expectations and is locking in longer-term CPU agreements as supply remains tight.
Still, the bigger test is foundry.
Intel is preparing to increase capital spending, but investors are still waiting for a major outside customer.
SpaceX is struggling to stay in orbit.
Just over a month after its historic IPO, the stock has underperformed 90% of $1B+ U.S. listings since July 2009, per a Barron’s analysis.
Shares are down nearly 30% from their first-day close and now trade below the $135 IPO price.
The pressure could build in August as billions of restricted shares begin unlocking, adding new supply while demand remains weak.
Index inclusion could eventually provide support, with SpaceX already in the Russell 1000 and Nasdaq 100 and potentially eligible for the S&P 500 after a year.
For now, one of the biggest IPOs ever is already struggling to hold its launch price.
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🤝 Full Stack↗ – AMD expanded their partnership with Microsoft spanning GPUs, CPUs, networking and software.
🏢 Server Surge↗ – AMD and Anthropic signed an AI server deal worth tens of billions of dollars.
🚫 Deal Blocked↗ – A federal judge temporarily blocked Paramount’s takeover of Warner Bros. Discovery after saying it likely violates antitrust law.
💊 GLP-1 Fight↗ – Novo Nordisk sued Eli Lilly over GLP-1 ads it called “maliciously and deceptively false.”
‼️ Market Warning↗ – Jamie Dimon warned markets are underestimating risk and said he would not buy stocks or Treasurys at current prices.
Notable Companies Reporting Earnings Week of July 26th, 2026:
Major Trades Published 7/20 - 7/24. Trades may be those of family members. [Source: Capitol Trades]
Buys
Jerry Moran (R)
Company: Berkshire Hathaway ($BRK.B)
Amount Purchased: $15K - $50K
Sells
Laurel Lee (R)
Company: Nokia ($NOK)
Amount Sold: $18K - $95K
Jim Himes (D)
Company: Exxon Mobil ($XOM)
Amount Sold: $15K - $50K
Company: Home Depot ($HD)
Amount Sold: $15K - $50K
Major Trades Published 7/20 - 7/24
Buys
Taiwan Semi ($TSM)
Insider: Bor-Zen Tien (VP)
# of Shares Purchased: 3,000
$ Amount: $223,170
SEC Forms: [1]
Sells
Snowflake ($SNOW)
Insider: Frank Slootman (Director)
# of Shares Sold: 289,685
$ Amount: $79,486,057
SEC Forms: [1]
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