(https://www.cnbc.com/2026/07/23/american-airlines-aal-2q-2026-earnings.html) citing fuel cost spikes. This is the opposite signal everyone's watching. Energy stocks get celebrated as inflation hedges; airlines get dumped as demand victims. But here's the inversion: when a large-cap airline with $13.9B in annual revenue cuts guidance on *input costs*, not demand weakness, it's a structural margin squeeze, not a cyclical demand shock.

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