Daily Briefing — July 23, 2026 | Alphabet and Tesla Beat, Fall Anyway, as Oil Nears $100

Alphabet and Tesla both beat revenue expectations in their second-quarter reports last night, yet both stocks fell in after-hours trading — Alphabet on a sharply higher capital spending forecast and negative free cash flow, Tesla on margin pressure despite record deliveries. We look at what that reaction says heading into tonight's Intel earnings, and at Fed Chair Kevin Warsh's pointed warning that persistent inflation is harder to tame than an energy shock alone, with hundreds of billions in AI-related corporate debt now riding on where rates go next. Oil is the other major thread today, with Brent crude pushing toward $98 a...