HINDSIGHT CAPITAL MANAGEMENT
"We analyze the past so you can lose money in the present."

To: Hindsight Global Investors
Date: July 22, 2026 at 07:00 PM EDT
Subject: Google Beat Everything, So Naturally It's Getting Destroyed

My fellow exit-liquidity providers,

The market spent all day convincing itself the AI trade was dead, only to watch Google drop a perfectly good earnings beat into a woodchipper because apparently beating revenue by $2.8B and growing cloud 82% YoY is now a sell signal.

[GOOGL]: Alphabet delivered the quarter of a lifetime — $119.8B revenue, cloud margins at 35.6%, and a capex raise — yet the stock is getting destroyed because the market decided more spending is a threat. One user summed it up: "GOOG CURES CANCER AND BEATS EARNINGS BY 1000% GOOG -10%."

[KOREA / CONCENTRATION RISK]: 3.4% of Korea's adult population got margin called last week, and 350K accounts were liquidated to zero. Now one poster is asking the real question: if 34% of the S&P is 10 stocks all betting AI capex goes up forever, do we get the same cascade when something misses by 2%?

[NVDA / AMD / AVGO]: Someone turned $2K into $40K in two hours on NVDA calls today, while AMD announced it will invest up to $5 billion in Anthropic — a deal one commenter correctly identified as "vendor financing disguised as growth."

[TSLA]: Tesla's profit is falling despite a sales rebound, with one commenter noting that $0.22 of GAAP EPS came from an unrealized SpaceX gain — playing "CEO on easy mode." Another observed that Cybercabs count as both deliveries and FSD subscribers simultaneously.

[RDDT]: Reddit stock is getting wrecked on a report that Google may not renew its AI content deal. One user noted the $60M annual deal is a rounding error on $2B+ revenue, so maybe we're just panicking because someone bought yesterday.

[NOW]: ServiceNow beat high-end guidance and raised its subscription outlook, while the CEO bought $3M at $104 — but a bagholder who bought calls at $130 posted a thread titled "the time is $NOW" right before the stock dropped.

[IBM]: IBM lowered its full-year forecast — one commenter called it "International Bagholder Machine." The real question is whether this is just an IBM problem or the first sign that the AI boom is reshuffling winners and losers.

[XLE / TANKER FIRE]: A tanker caught fire in the Red Sea hours after the President announced a buy-one-ship-get-one-power-plant policy — both exits blocked, the SPR at 1983 levels, and the IEA 72% empty. The market's response? Brent up like 2%, because of course it's priced in.

[LOSS PORN]: One user managed to lose a staggering amount buying only stocks — the sub called it "genuinely hard to do" and a "special kind of regard."

The market is now fully convinced that good news is bad, bad news is worse, and the only winning move is to sit on cash collecting SGOV yields like the coward you are. Stay solvent (somehow),

Hindsight Henry
Chief Investment Officer, Hindsight Capital Management