Ignore this if you’re an investor. But if you’re a trader? Prop firms will change your life. It’s time to make some real money.

Check out our favourite here.

☕️ GM Munchers! Is it just me or do I feel like today should be Friday? If we all collectively decide not to show up tomorrow, they can't fire everyone. That's basic labour economics, right?

On today’s menu:

• 📉 The Market's Three-Day Emotional Breakdown

• 🤖 The AI Bubble Lives + Today’s Consumer Reality Check

• 🇰🇷 South Korea’s Market = Worst Day Ever

• 💉 Daily Breakdown: Apple, Moderna & Adidas

• 😏 This Billionaire Just Bought This Stock

Yesterday’s numbers:

BREAKING NEWS

🎢 The Market's Three-Day Emotional Breakdown

At this point we need to cancel April Fools because no prank is topping our current reality.

• Monday = Market rallies (war? what war?)

• Tuesday = Market crashes (oh RIGHT, the war)

• Yesterday = Market rallies (actually nevermind about the war)

I thought my ex-girlfriend was emotionally unstable but this market is making her look like the pillar of consistency.

So what's actually going on? Why did markets rip yesterday?

1. The "Secret Peace Talks": A bombshell New York Times report revealed that Iran secretly contacted the CIA. They're reportedly offering to discuss terms to end the conflict. Translation: Iran might be realizing this isn't going well.

2. The U.S. Navy Saves Oil: The biggest fear this week was $100+ oil destroying the economy because the Strait of Hormuz was closed. Yesterday, the Trump administration announced the U.S. Navy will actively escort oil tankers through the strait and provide insurance guarantees for maritime trade. The oil panic died instantly.

With war fears fading, Wall Street bought up tech stocks like Nvidia, Meta, and Amazon. That lifted everything else.

The Munch Take: War creating chaos is still very much on the table and could flip back tomorrow. But everybody ignored the ADP payrolls report yesterday showing employers added 63,000 jobs in February, easily beating the 50,000 expectation. The U.S. economy refuses to break no matter how hard we try.

🤖 The AI Bubble Lives (For Now) + Today’s Consumer Reality Check

Remember the AI bubble everyone was panicking about before missiles started flying? Yeah, that's still a thing.

Good news: Broadcom reported earnings yesterday and just saved the AI narrative from total collapse. The semiconductor giant crushed Q1 earnings after the bell, sending the stock up 5% in after-hours.

• AI revenue exploded 106% year-over-year to $8.4 billion

• The CEO forecasted $10.7 billion in AI chip sales next quarter alone

Translation? The AI hardware boom is still printing cash despite all the panic about software getting destroyed and Middle East chaos. Expect a halo effect lifting Nvidia and AMD this morning.

But here's the real test: Costco reports earnings today after close.

• Wall Street expects $69.32 billion in revenue (up 8.8% YoY)

• The stock's already up 17% this year, meaning anything less than perfection gets punished

Costco's the ultimate temperature check for the American consumer. With tariffs sticking around and gas prices spiking, traders will obsess over membership renewals and foot traffic. If Costco warns the middle class is tapped out, tomorrow could be a retail bloodbath.

The Munch Take: AI hardware's still hot. Consumer spending? We find out in a few hours. I just hope they're not raising the price of their $1.50 hot dog and soda combo. That's where I draw the line. Is nothing sacred anymore?

Three Nobel Prize Winners expose this once-in-a-generation wealth shift:

AMERICA’S NEXT 1776 MOMENT

IS COMING ON OUR 250th ANNIVERSARY 

“It could trigger the greatest transfer of wealth in American history”

Click here to get on the right side

MARKET OVERVIEW

🇰🇷 South Korea's Market Just Had Its Worst Day Ever (And It Gets Weirder)

South Korea's stock market just experienced an absolutely catastrophic meltdown. Wednesday's session saw a 12% crash, the worst single day in the country's trading history. The selling was so violent it triggered a market-wide circuit breaker, forcing the Korea Exchange to halt trading for 20 minutes just to stop the bleeding.

Korean stocks are now on track for their biggest weekly loss since 2008. Not great.

Why Korea and Not the US?

Obviously, this is all because of the Iran conflict. But why did Korea get demolished while the US just had a rough day? Three reasons:

1. The Oil Problem: Korea imports basically all of its oil and natural gas. They produce zero domestically. Worse, 70% of those imports come from the Middle East. When that region's on fire and shipping lanes are closed, Korea's energy supply chain is cooked.

2. The Concentration Risk: Korea's market is insanely top-heavy. More than one-third of their entire index is just Samsung and SK Hynix. Both are up 216% and 356% over the last 12 months. When your entire market lives or dies on two stocks, bad days get really bad.

3. The Volatility Factor: Korea's market runs hotter. Even with this week's crash, the index is still up 20% in 2026 and 100% over the last 12 months. Massive rallies lead to massive profit-taking.

The Bitcoin Plot Twist:

While Korea's market was imploding, Bitcoin rallied past $71,000. Is it finally acting like the "digital gold" safe-haven everyone promised? Or is this another head-fake before crypto does what it does best: disappoint everyone?

The Munch Take: Zoom out and this looks like violent profit-taking after an insane rally, not financial apocalypse. Korea's market concentration and energy dependence made it uniquely vulnerable. Could this happen to the US? Possibly, but we'd need a lot more to break first.

MARKET OVERVIEW

🍿 Tasty Movers & Shakers

💻 $AAPL Apple announced a new MacBook called the Neo for just $600, making it their most affordable laptop ever. Next they'll discover that not everyone wants to spend $3,000 on a computer that does the exact same thing as the $600 version.

💉 $MRNA Moderna ripped 15.99% after resolving a lengthy legal dispute over its Covid-19 vaccine technology. Nothing says "we're innocent" quite like settling a lawsuit and watching your stock moon.

👟 $ADIDAS Adidas slipped on a banana peel and face-planted 4.59% after issuing profit guidance that disappointed Wall Street. The culprits? US tariffs and currency headwinds, which is corporate speak for "everything costs more and we're not passing it to customers because they'll just buy Nike instead." Tough spot.

👔 $ANF Abercrombie & Fitch dropped 3.6% on the same trade concerns, with management warning that higher tariffs could crush margins and slow sales. Turns out it's hard to sell $80 hoodies when the economy's iffy and your target demographic is questioning every purchase decision. Who could've predicted this?

🥃 Brown-Forman The alcohol maker tanked 6.65% after noting "continued weakness in developed markets amid persistent macroeconomic pressures," which translates to "people are too broke to buy our expensive whiskey." When even the booze companies are struggling, you know consumers are tapped out.

TRADING SUCCESS

🤑 Thursday Motivation

🚀 Pre-Market Fuel

1. ✅ Stop trading your own money. You need this instead.

2. 👀 How much are things down from all-time highs?

3. 😏 This billionaire just bought this stock.

4. 🤔 The odds the S&P 500 is about to hit all-time highs?

5. 💳️ Is this the best new credit card?

6. 😬 Morgan Stanley just fired 2,500 people.

🍪 Munchy Memes

Share Pip Munch

Chances are you have some trading friends. Why don’t you be a pal, share Pip Munch and earn some goodies for it?

You currently have 0 referrals, only 1 away from receiving The Trading Plan That Helped Me Pass 4 $100,000 FTMO Challenges.

Or copy and paste this link to others: https://pipmunch.com/subscribe?ref=PLACEHOLDER