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Tesla's auto woes clash with Elon Musk's AI dreams. Plus officials investigate the

meltdown at Delta Airlines as cancellations drag on, and Congress looks into whether drug

middlemen known as pharmacy benefit managers are actually saving people money.

The committee in effect is saying that they are really taking advantage of their position

to pad their own bottom lines.

It's Wednesday July 24th.

I'm Luke Vargas for the Wall Street Journal and here is the AM edition of

What's News? The top headlines and business stories moving your world today. shares of Tesla have fallen more than 7% off hours after the automaker posted its second

straight quarter of tumbling profits and missed Wall Street expectations

on both income and free cash flow as it contends with slower demand for its vehicles and stiffer

competition.

But while Tesla's core business its vehicles and stiffer competition.

But while Tesla's core business may be facing a bumpy road, journal heard on the street columnist

Stephen Wilmot told me that its results validated claims by Chief Executive Elon Musk that it's become more than just a car company.

This is the bright spot in what were otherwise not very encouraging earnings. The energy business in particular doubled its

revenue. That's the unit that sells battery storage units and solar panels.

However, it's still kind of small. It had quarterly revenue of just over $3 billion, about 12% of the total.

There's also the services and other business where Tesla sells used cars, there's the parts business,

...