KOR | ENG

NexTick Daily

July 22, 2026 (Wed)

SaaS/cloud tumble ~6% as the broad market stays calm

Today's Market

On the 22nd (local time) the Nasdaq closed -0.6%, the S&P 500 -0.1%, and the Dow roughly flat — indices barely lower. High-multiple SaaS/cloud names were the standout weak spot: ServiceNow (NOW) -6.5%, Workday (WDAY) -6.2%.

• Indices and volatility both steady; the drop was concentrated in high-multiple SaaS/cloud, not broad-based

• VIX eased to 16.64 (-2.4%); oil rebounded +2.3%

• After the close, GOOGL/TSLA/NOW reported — Google's raised capex and Tesla's cash burn are the focus (below)

Market Data

S&P 500

7,498.96

▼0.14%

NASDAQ

25,690.90

▼0.57%

DOW

52,218.58

▼0.01%

VIX

16.64

▼2.40%

Sector Heat Map

SPY benchmark + 11 GICS sectors · 1-day

S&P 500 SPY −0.12%	Technology XLK −0.28%	Comm. Svcs XLC −0.75%	Cons. Discr. XLY −0.74%
Cons. Staples XLP +0.38%	Energy XLE +1.20%	Financials XLF −0.11%	Health Care XLV −0.51%
Industrials XLI +0.11%	Materials XLB +1.44%	Real Estate XLRE −0.42%	Utilities XLU +2.25%

In Focus

Big-tech earnings after the close — the focus is capex, "AI spend vs. cash flow"

Google's cloud beat and raised capex outlook, alongside Tesla's first quarterly negative free cash flow, push the payback question on AI-infrastructure spend to the center of the valuation debate

• After the close, Google topped Q2 estimates yet roughly doubled AI-infrastructure spend and raised its capex outlook again

• Tesla posted its first quarterly negative free cash flow in over two years as AI/robotaxi capex surged

• WATCH: Microsoft and Meta earnings on July 29 are the next flashpoint in the "AI capex vs. profitability" debate

Oil rebounds 2.3% — an inflation/FOMC variable

Crude's +2.3% rebound revived price/energy caution ahead of the FOMC

• Higher energy prices raise inflation and corporate-cost sensitivity

• WATCH: the July 29 FOMC decision is a variable for rates and tech valuations

Inside the Ticker

Google, cloud posts surprise beat yet raises capex again — 'AI demand' signal, or cash‑flow burden?

Alphabet GOOGL | $342.09 | 1D −1.5% 1W −7.8% 1M −2.2% 3M +0.9%

What happened

Cloud beat and capex raised again

• Cloud lifted results above estimates

• Reports: AI infra spend nearly doubled · capex outlook raised further · three Gemini models launched · cyber‑security expansion emphasized

Why this matters

AI‑demand signal possible vs. cash‑flow burden concern

• Demand‑signal case: infra spend rise could indicate more large‑model training/inference or intent to scale cloud AI services · three Gemini models + security boost suggest move to AI‑centric portfolio

• Cash‑flow/profitability concern: repeated capex increases + infra costs pressuring near‑term free cash flow · even if revenue rises, payback speed for equipment/power/ops uncertain · could supply real‑world data to hyperscaler capex debate

Earnings Note

GOOGL2026-07-22 8-K

• Revenue $119.8B (YoY +24%), EPS $9.11, and other net gains of $98.0B materially exceeded consensus

• A June net raise of $49.6B enables a shift to aggressive investment, expanding AI infrastructure capex and securing capital-policy flexibility

TSLA2026-07-22 8-K

• Recorded revenue of $28.236B (YoY +26%) and EPS of $0.32, driven by record quarterly vehicle deliveries

• Despite capital expenditures of $5.789B and free cash flow of -$1.092B, it held $43.524B in cash and continued to expand proactive investments

NOW2026-07-22 8-K

• Revenue of $3,987M (YoY +24%) and subscription revenue of $3,877M (YoY +24.5%) exceeded consensus and guidance

• ServiceNow's AI annual contract value surpassed $1B, bolstering growth through an aggressive AI-centered pivot and expanded RPO

This Week

ALL TIMES EASTERN (ET)

• Thu 7/23 INTC earnings | EPS est $0.22

• Fri 7/24 New Home Sales

• Tue 7/28 V earnings | EPS est $3.23

• Tue 7/28 BA earnings | EPS est $-0.31

• Wed 7/29 MSFT earnings | EPS est $4.24

• Wed 7/29 META earnings | EPS est $7.23

• Wed 7/29 FOMC Rate Decision

For informational purposes only. Not investment advice. All investment decisions are your own responsibility.

To unsubscribe, click here.