Tesla's cash flow implosion is the real warning signal — not just for $TSLA, but for the entire capex-dependent growth narrative. [Musk's worst week in years](https://www.cnbc.com/2026/07/24/tesla-tsla-spacex-spcx-stock-starship-test-flight-musk-bad-week.html) isn't about the 18% drop. It's that operating cash flow turned negative while revenue stayed flat. That's the opposite of what $TSLA's bull thesis promised: capex discipline driving margin expansion.

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