Earnings season is underway, and over the next few weeks Wall Street will spend countless hours dissecting revenue, margins and guidance.

We'll be watching those numbers, too.

But we'll also be watching something Wall Street cannot measure from an earnings release: how consumers are behaving in real time.

This week, we're looking at one of our Core Conviction picks where consumer demand keeps improving even as the stock has struggled this year. Then we'll preview Tesla (TSLA) ahead of earnings before checking in on two Infinite Holds where Main Street continues telling a much stronger story than Wall Street: Amazon (AMZN) and Alphabet (GOOGL).

We're also following that same kind of gap somewhere much less obvious: deep in the AI supply chain, in four companies most investors have never heard of.

Let's get into it.

Core Conviction Spotlight

Shopify (SHOP): Convenience Keeps Winning

Convenience keeps raising the bar. Shoppers now expect free delivery in an average of 2.7 days, down from more than 3.5 days just a few years ago.

Shopify is keeping pace. It just gave merchants another built-in way to reach millions of DoorDash (DASH) customers.

This week, the company announced a direct integration that lets merchants publish inventory to DoorDash directly from Shopify. Products, inventory and orders stay synchronized automatically, giving local retailers access to millions of DoorDash customers without changing how they run their business.

Shopify powers the storefront. DoorDash helps fulfill the order.

Both companies are building on top of consumer demand that is already accelerating.

Shopify merchants processed $100.7 billion in sales during the first quarter, up 35% year over year and the first $100 billion first quarter in company history. Momentum inside the Shop app accelerated even faster, with sales jumping 70% and unique buyers climbing more than 50%.

Now Shopify is getting help reaching even more customers. Every order strengthens the network both companies are building, exactly the kind of setup that keeps Shopify one of our Core Conviction picks.

Wall Street has knocked roughly 24% off Shopify this year. Meanwhile, SHOP Main Street demand is heading in the opposite direction, up 70% year over year as of this writing.

Let the analysts debate the future of online commerce. Consumers are already living it. And that kind of demand rarely stays hidden for long.

Infinite Hold Updates

Tesla (TSLA): Beyond the Earnings Report

Tesla reports earnings next Wednesday, July 22, after the close. By now, Wall Street has already digested the biggest headline.

Second-quarter deliveries came in at 480,126 vehicles, up 25% from a year ago and well ahead of expectations. The company also deployed 13.5 GWh of energy storage, a second-quarter record and another reminder that Tesla has grown into much more than an electric vehicle company.

That stronger-than-expected delivery report sparked another round of price target increases across Wall Street ahead of earnings.

We're more interested in what consumers are doing.

Analysts spend earnings season adjusting models based on what already happened. We spend it watching the demand signals that point to what could happen next.

Our early read: Tesla's web traffic is running about 2% above last year's levels, and its Main Street Score remains bullish at 76 out of 100. Those are steady signals, but they're also arriving after the stronger-than-expected delivery report sent expectations higher. In other words, the consumer data is supportive, but it stops short of a clear earnings edge today.

From a long-term perspective, the conversation continues to shift beyond vehicle sales. Consumers are talking more about robotics, autonomous driving and AI, reinforcing that Tesla's long-term story extends well beyond how many cars it delivers each quarter.

We'll be watching the earnings numbers next week. Earnings Season Pass members will be able to trade along with us if there's a clear opportunity. But we'll be listening even more closely for updates on Optimus, Robotaxi and the company's AI roadmap.

Whether the stock jumps or drops after earnings, our long-term thesis stays the same: Tesla is evolving from an electric vehicle company into an AI and robotics platform. That's why it remains one of our Infinite Holds.

Amazon (AMZN): The Disconnect Keeps Growing

Some of our best opportunities begin when Main Street and Wall Street tell different stories.

Right now, Amazon is one of the biggest examples.

Our Main Street Score sits at 92. Wall Street's score is just 31. That's a 61-point gap, one of the widest divergences in our universe.

History tells us those gaps rarely last.

Eventually, either consumer demand fades or Wall Street catches up. We're betting on the latter.

The consumer story keeps getting stronger.

During June's four-day Prime Day event, Americans spent $26.4 billion, up 9.3% from a year ago. Consumer research firm Numerator projected that about 43% of U.S. households would shop the event. Consumers spent $8.3 billion in the first 24 hours alone, more than they spent online on Thanksgiving Day 2025. Electronics sales ran 120% above a typical June day, while purchases of baby products like strollers surged 195%.

The momentum extends well beyond retail. AWS grew 28% last quarter, its fastest growth in 15 quarters, as businesses continue investing heavily in AI infrastructure.

Consumers are spending. Businesses are spending. Yet Wall Street has given Amazon little credit for either. And that disconnect is your opportunity.

Alphabet (GOOGL): Demand Is Outrunning Capacity

The same split shows up at Alphabet.

Alphabet's Main Street Score sits at 90, even as many investors remain focused on rising AI spending and shrinking free cash flow.

They're looking at the cost. We're watching the demand.

Gemini reached 900 million monthly active users in May, up from 350 million just over a year ago. Enterprise adoption is accelerating just as quickly. As of February, more than 2,800 companies were paying for Gemini Enterprise, the business version of the product, covering 8 million paid seats.

That demand is flowing straight into Alphabet's cloud business.

Google Cloud revenue jumped 63% last quarter to $20 billion, making it one of the company's fastest-growing businesses. Management says demand is now so strong that it's compute constrained, meaning it could sell even more AI services if it had enough capacity.

That's an important distinction.

Wall Street sees billions of dollars flowing into new data centers and AI infrastructure. Main Street sees customers lining up to use those investments.

We're far more interested in the second story. Rising demand is what turns today's AI spending into tomorrow's earnings.

Sneak Peek at July's MegaTrends Watchlist: The Supply Chain Nobody's Watching

If AI demand is outrunning capacity at Alphabet, the same squeeze is showing up somewhere far less visible.

We're putting the finishing touches on this month's MegaTrends issue, and as we dug through the data, one theme kept rising to the top: the AI memory shortage.

Most investors will stop at the memory makers.

We kept following the supply chain.

That's where we found four businesses that get paid every time another AI memory chip is built. Most investors have never heard of them. Several are already seeing demand accelerate.

This full watchlist, along with the LikeFolio Scores behind it, goes out to MegaTrends members next Tuesday.

Click here for more information about MegaTrends.