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- π All-Time Highs. Again.
π All-Time Highs. Again.

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βοΈ GM Munchers! The market hit another all-time high yesterday. Incredible news. My wife saw the portfolio and immediately opened a browser tab for European hotels. I am now actively rooting for a small correction. Nothing catastrophic. Just enough.
On todayβs menu:
π All-Time Highs. Again. Don't Get Too Comfortable.
π¨ The Smartest Investor Alive Just Sent A Warning
π Air Taxis Are Here (Seriously)
π This Stock Is Down 99%
π A Senator Just Bought This Stock
Yesterdayβs numbers:
S&P 500 | 7,173 | +0.12% |
Nasdaq | 24,887 | +0.20% |
Dow Jones | 49,167 | -0.13% |
Bitcoin | $77,000 | -2.12% |
BREAKING NEWS
π All-Time Highs. Again. Don't Get Too Comfortable.

The S&P 500 closed at a fresh record on Monday. The Nasdaq did too. The market is now up 13.6% in 20 trading days. That is $7.8 trillion in market cap added since the March 30 bottom. Numbers that would have seemed impossible eight weeks ago.
$NVDA hit $5.2 trillion in market cap. The company has added $4.9 trillion in value since 2022. Read that sentence again slowly.
The gains came despite the Iran situation getting messier by the hour. Here is where things stand right now:
π« Trump scrapped plans to send envoys to Pakistan for ceasefire talks, saying it could all happen by phone. "Too much time wasted on travelling, too much work!" he posted on Truth Social.
π’οΈ Iran submitted a new Hormuz proposal through Pakistani mediators. Oil is sitting near $96 a barrel. Goldman Sachs now expects Brent to average $90 through year-end.
βοΈ Jet fuel prices are on average 105% higher than last year. Major airlines, including United, American, and Delta, have been cutting flights as fuel costs surge.
The war is not over. The market has simply decided to stop caring about it on green days.
Now here comes the real test. Wednesday is the most important earnings day of the year. $MSFT, $GOOGL, $AMZN, and $META all report after the bell. $AAPL follows Thursday. The Fed decision also lands Wednesday afternoon. The market has priced in a lot of good news. It now needs to see it.
The Munch Take: Records feel good until something breaks them. Right now the market is running on earnings optimism, a shaky ceasefire, and vibes. Two of those three things report on Wednesday. My wife asked if this week was important. I said it might be the most important week of the year. She nodded, went back to her tanning chair, and told me to let her know how it goes. Must be nice.

π¨ The Smartest Investor Alive Just Sent A Warning. Are You Listening?
Ray Dalio is not a guy you ignore.
He built Bridgewater Associates into the largest hedge fund on earth. He called the 2008 financial crisis before almost anyone else. He has been warning about America's debt problem for years while most people keep looking the other way. When he talks, the smart money listens.
Yesterday, he went on television and said something simple. Do not cut interest rates right now. Not even close.
The US economy is stuck in something called stagflation. That means prices are still going up but the economy is slowing down at the same time. It is the worst combination possible. Here is what Dalio says that means in practice:
π Cut rates to help growth and inflation gets worse. The dollar weakens. Prices climb further.
π Keep rates high to fight inflation and the economy slows further. Businesses struggle. Jobs disappear.
πͺ€ There is no good option. The Fed is trapped and everyone knows it.
Kevin Warsh is widely expected to replace Jerome Powell as Fed Chair in mid-May. Trump wants rate cuts. Dalio says that would be a catastrophic mistake. "You will lose your credibility," Dalio said. "The Federal Reserve would lose its credibility, particularly now."
Dalio has also been warning about America's national debt for years, calling it a potential "debt death spiral" where the government borrows money just to pay interest on debt it already has. His advice: hold 5% to 15% of your portfolio in gold.
The Munch Take: Dalio has been saying the same thing for three years, and people keep not listening. Cutting rates in a stagflation environment to juice the stock market is like taking painkillers instead of going to the doctor. Fine short-term, but long-term itβs potentially catastrophic.
4 Stocks to Watch as Middle East Conflict Drives Market Moves (Ad)
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To Your Trading Success,
The Financial Newsletter Team
MARKET OVERVIEW
πΏ Tasty Movers & Shakers
π΄ $PTON climbed 2.51% after partnering with Spotify to launch a fitness hub featuring 1,400+ classes for Premium users. Great news for Peloton. Spotify will use this as an excuse to raise your subscription price again. They always do.
π $JOBY popped 6.35% after successfully flying a paying passenger in an air taxi from JFK to Manhattan. That is not a drill. Air taxis are real now. The future arrived quietly on a Monday and nobody made a big enough deal about it.
π $ADDYY eked out a 0.79% gain after a runner wearing their shoes completed the first sub-2-hour marathon in recorded history.
πΎ $SNDK ripped 8.11% and $MU added 5.6% after Melius Research told the market that AI demand should keep the memory chip cycle strong through the end of the decade. When the analysts say a cycle lasts ten years, you write it down.
π $DPZ dropped 8.87% after revenue missed expectations. The growth is coming from new store openings, not from existing stores selling more pizza. Opening more locations to hide weak demand is not a growth strategy. It is a distraction in a cardboard box.
π΄ $AMD slipped 3.83% after a rare downgrade from Northland Capital Markets, citing heating competition and long-term estimates that look too rosy. When someone calls your estimates "too optimistic" that is Wall Street's polite way of saying the math does not work.
STOCK OF THE DAY
π ChatGPT Did To Chegg What Chegg Did To Studying. Absolutely Destroyed It.
For a decade, $CHGG was the lifeline every college student needed at 2am before a deadline. $20 a month for access to 79 million homework solutions built over ten years. Professors hated it. Students loved it. The business was printing money.
Then ChatGPT launched in November 2022 and did everything Chegg did. For free. In seconds. With explanations.
Chegg's stock was worth $14.7 billion at its peak. It is now down 99%. The company that was every student's lifeline now needs one of its own.
This is not a sad story about one unlucky company. This is a preview. Chegg is the canary. Any software business built around storing and retrieving information that a human previously compiled is now in the crosshairs. Legal research tools. Basic customer service platforms. Entry-level data analysis products. If the core product is "we organized information so you don't have to," AI does that now. Faster. Cheaper. Without a monthly subscription.
The Munch Take: Chegg spent ten years building a database of 79 million answers. OpenAI read the entire internet and made it irrelevant in about eighteen months. That is not disruption. That is an extinction event in slow motion. More Cheggs are coming. The only question is which ones we have not identified yet.
π Pre-Market Fuel
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