Cotai Glory and George Baker took the bet365 Molecomb Stakes, as favourite Beacon failed to get the breaks.
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The Richard Hannon-trained Beacon was all the rage for the five-furlong Group Three having completed a hat-trick in Sandown's Dragon Stakes at the start of the month, but Richard Hughes was having to bustle up the 10/11 market-leader from an early stage.
Cotai Glory, on the other hand, travelled within himself for a long way at the head of affairs and was still moving strongly passing the final furlong marker.
Fast Act was right on the premises and Beacon eventually found top gear once switched very wide, Hughes having failed to find racing room between rivals as he tried to throw down a challenge.
But 3/1 shot Cotai Glory found plenty for pressure and passed the post with half a length in hand, Fast Act just holding Beacon for second in a photograph.
"Racing has really improved him, he was quite hard to settle earlier this season, but he's going the right away and he's a very, very quick horse," Baker told Channel 4 Racing. "I think he bumped into quite a good one at Newbury last time."
Cotal Glory recorded a winning time of 57.30s, bettering Requinto's previous record time of 57.51s set in the 2011 renewal of the Molecomb.
The winner was racing just 11 days after running a good second to Henry Candy's Limato at Newbury and trainer Charlie Hills admitted: "We were slightly worried that today might come too soon. He's quite a highly-strung horse but he's settled down a bit with racing. He's all about speed - he's from a very fast family.
"He pays a serious compliment to Limato, who's a very good horse and won very well at Newbury. I would certainly want to keep following him this year.
"I think we will have a look at Doncaster and possibly the Flying Childers. He is also in the Prix Morny and there is also the Cornwallis Stakes at Ascot. I think he got the six furlongs last time but we will have a look and choose our way with him now.
"He's had quite a lot of racing so we might just take our time and let him mature a bit more. He is a very fast horse.
"The horses have been running consistently well over the last three or four weeks and we can look forward to a good back end of the year."
A stewards' inquiry considered possible interference between runner-up Fast Act and Beacon, but the placings remained unaltered.
Harry Herbert, who heads Highclere Thoroughbred Racing whose Albany Syndicate owns Beacon, said: "He was a bit unlucky, possibly, and Hughesie said he would have gone very close otherwise - and is a bit frustrated.
"The ground was plenty quick enough for him, particularly going down the hill. He's run really well and we will have to consider stepping him up to six furlongs on a flatter track."
Kevin Ryan trains one of the best three-year-old sprinters in Hot Streak, but he admitted runner-up Fast Act - a chestnut like his stablemate - has some way to go before comparisons with that colt can be justified.
Ryan said: "I'm delighted with him. He is starting to grow up and is improving with every run. He jumped from the stalls and got on the wrong leg today, which meant he was lugging away from the other horses, but Jamie (Spencer) said that once he changed legs and got on an even keel he finished really well. That may have cost him.
"He has loads of options, including a five-furlong race at York and the DBS race over six furlongs at Doncaster. There are also races abroad - he's improving, and we've learned that like the whole family he needs fast ground. This place can be overpowering for a horse, but he's shown today that he can handle it.
"He's not Hot Streak yet, but he is a very good horse in his own right."