1/ Here's my evening debrief from KingCambo. Just can't believe this Substack is free.

The stock market is, as many have observed, largely broken. It's leveraged ETFs, 0DTE options, passive flows, meme stocks, and degenerate gambling. But the bond market is still working. It's telling us something important about our deficits, our debt, and (alas) our (lack of) leadership.

I'm going to celebrate Tesla earnings tomorrow with a livestream instead of polluting Bluesky with the usual live post thread Come hang out and lose your mind along with me in real time! Tomorrow, 5:30 Eastern/2:30 Pacific, right here on the AT Protocol.

Happy fraudiversary!

Two weeks ago today, after Nasdaq willingly rigged the rules, somewhere btw $7-10 bil of passive money was forced to buy SpaceX at $160.42 Today, 10 trading days later, it closed at $119.85 It’s an unprecedented forced loss (at least $2b) for passive investors and our financial media is 🦗

1/ 1/ Alex Gibney, director of the forthcoming movie "Musk" which will premiere in two months, is also the director of the Oscar winning "Taxi to the Dark Side," which won the Oscar for Best Documentary Feature in 2008.

I'm a consulting producer for the upcoming documentary "MUSK," and I've already watched the five hour rough cut... the chances of him losing his mind in unprecedented new ways when it debuts this fall are 100%

if you're enjoying Elon Musk's impotent rage at the success of The Odyssey, just wait until you see how he reacts to the movie about him that's dropping this fall! www.forbes.com/sites/conorm...

I wish more US litigants had the courage and perseverance being shown by the BBC in Trump's defamation suit.

Another simply superb conversation between @kofinas.bsky.social & @pboyle.bsky.social on @hiddenforces.bsky.social. hiddenforces.io/podcasts/spa...

Barron's asked real questions, something Scott Wapner did not do when he had Ives on tv last week. I hope his research depth is more than what he gave Barron's about his new job/firm.

I would have supported a war with Iran led by a President with integrity & character, a determination to effect regime change with ground troops, and a coherent case to the public & Congress about why it was necessary. But all those elements were always lacking. So, this: www.ft.com/content/59f8...

If you have time this weekend, please check out the doc (~30 min.) my team & I released this week on Musk’s push into Greater Memphis with xAI and its noisy, methane gas burning turbines, data centers, broken promises & impacts on majority Black communities next door. www.cnbc.com/2026/07/16/e...

They've had 22 crashes *with* safety drivers in only 12 months, including: 1) 2 minor injuries (1 hospitalized) 2) 18 property damages 3) 12 at-fault crashes (55% of total) 4) 3 tow-aways Human drivers are 3.5x safer. This is history's most elaborate dog-and-pony show. #$TSLA

If you believe data centers can economically rely on solar power with battery backup, have you done your homework? @jaberwock22.bsky.social has done his: johnd12343.substack.com/p/why-data-c...

has anyone considered listening to women

THE ODYSSEY's instantly, predictably enormous success is Exhibit #32176 that the right wing's grievance-farming operation is not some great American cultural shift. Most people don't give a shit about their petty crusades.

Here's a link to that KingCAMBO Substack. Agree or disagree, this is just terrific writing with great insights and data. kingcambo812.substack.com/p/dumpster-f...

Yeah, sure, corporate insiders are unloading stock like crazy, but what would they know? www.bloomberg.com/news/article...

Reminder: even if the last #$SPCX insider unloads their stock at $13.5 per share, that will still constitute an obscene profit at an absurd valuation.

1/ @robinwigglesworth.ft.com's favorite comment to an @alphaville.ft.com post:

Kudos to the S&P 500 committee for ignoring Elon simps like you and refusing to bend the rules for the enormous pile of massively overvalued garbage we used to recognize as X and xAI crap, and now call SpaceX.

1/ Lots more of this ahead as (1) it becomes increasingly obvious that Starship will never reach the moon (never mind Mars), (2) the #$SPCX unlocks create immense selling pressure, (3) people realize the orbital data center promise is bullshit, & (4) bleeding SpaceX financials tell the true tale.

Starship launch aborted. 4 engines failed to light. Now scrubbed.

SpaceX Starship - If Eric Berger ain't buyin' it, you shouldn't buy it either.

it's crazy how much it feels like we're stuck in an Elon Musk nightmare that just won't ever end youtu.be/e7vFCP3PtuA

No, Dan Ives is not just a clown. He's also a crook. www.ft.com/content/8557...

So, just checked again. His posts say he has a Bluesky handle (KingCAMBO812) but I'm coming up empty.

I have no idea who this guy is. I can't remember how I came across him several weeks back. But, his Substack ... my Lord, it's incredible! And free!! substack.com/@kingcambo

Reminder: tomorrow or Friday, SpaceX will perform a meaningless suborbital test of Starship. It won't even attempt to recover either the booster or the Starship. The satellites it hopes to launch will never achieve orbit either. It is hopelessly behind in its Artemis obligations.

I'm guessing all those #$SPCX IPO buyers wish they had been conservative and bought the company's debt instead. Oh, wait, @tobyn.bsky.social over there @alphaville.ft.com just weighed in on that... Things will be ever so much more fun with the unlocks start next month. www.ft.com/content/3a02...

@montanaskeptic.bsky.social @coverdrive12.bsky.social @chancethelawyer.bsky.social

Live feed of Adam Jonas typing up daily SpaceX notes to try to keep the stock above the IPO price of $135

You can be offended by his environmental recklessness. By the insouciance with which he violates the law. Or by his deep-rooted racism. Choose one, or choose them all, they're all Elon. www.reuters.com/world/americ...

What is America's word worth now? A sad question to ponder, and one that every "ally" is asking themselves now. But at least Coward Nutlick got his rake. thehill.com/homenews/adm...

🇷🇺For nearly five years, we never heard Russians saying things like this. Now that the war has reached their homes, some are beginning to understand. One Russian woman says everything will only get worse because of the war, and that Putin must end it by leaving Ukraine.

This debate will rage for some time to come. Interesting piece, and don't miss the link to the earlier piece -- "A theory of (almost) everything for financial markets."

Superb primer here on corporate debt issuance from @alphaville.ft.com (written by @tobyn.bsky.social). Worth a close read, and a bookmark. Alphaville continues to do such amazing work. www.ft.com/content/47a6...

Review: 1. SpaceX sold ~639 million shares in its IPO. The remaining shares are subject to lockup. 2. Another 1.2 billion shares will unlock by Aug 20 (of which ~900 million unlock 2 days after 10Q). 3. Now to Aug 20, I expect Musk to exceed the total stock pumps in the history of planet Earth.

There’s a game plan here, and we all need to be alive to it. In a just world, Trump and his circus performers would be blindfolded, stood against a wall, and offered cigarettes.

👀

1/ Let's dig into this idea that #$SPCX hopes to generate enough net income from its leasing deals in order to generate a year of profitability and thereby enter be admitted to the S&P 500, where it can use passive flow to keep the stock price levitated much as #$TSLA has done.

"the goal was to degrade a threat" No, it far more expansive until they failed and needed to move the goalposts. Plus it opened the door to undermining an objective (an open Straits of Hormuz) that previously prevailed.

Re-upping because, well, it’s brilliant.

Point here being there are some insane narratives out there that are being lapped up. Analysts at Bloomberg Intelligence are some of the worst - huge Elon dickriders. Not to give advice but there is some interesting opps out there on the terrestrial side that have been pasted, in part cuz of this.

The donated #$SPCX stock will be worth a hell of a lot less by the time Trump exits the White House. In the meantime, though, Trump will have Musk's back to the maximum extent possible, so be careful out there.

More hilarious brilliance from @alphaville.ft.com re $ SPCX: www.ft.com/content/1344...

Speaking as just one guy who sues the government a lot: This basically does not happen. It is a transparent effort to shut down further inquiry by conceding relief. What they are seeking to cover up must be unspeakably bad.

1/ Yes, Adam Jonas actually wrote this in the Morgan Stanley analysis with a mid-case $300 price target: