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☕️ GM Munchers! Total US credit card debt has crossed $1.3 trillion in 2026, the highest level ever recorded since the Federal Reserve started tracking it. The average American is carrying $6,580 in credit card debt at an interest rate above 21%. My wife saw that number and asked if ours was included. I said we pay it off every month. She nodded and took that as a sign to open a new tab and to go shopping. I shouldn’t have said anything.

On today’s menu:

• ⏰ One Number Decides The Market's Fate.

• 📉 Gold Officially Enters A Bear Market

• 🥈 Silver Is Down 46%

• 🙄 Nobody Heard Of This Stock. Then It Went Up 3,755%.

• 🤑 This Stock Has a 93% History of Soaring, Every Spring

Yesterday’s numbers:

BREAKING NEWS

⏰ One Number Decides The Market's Fate.

Yesterday was rough.

Things started badly and the market spent the rest of the day trying to recover. It was all a result of Trump indicating that the US would resume strikes on Iran after reports said that Iran targeted a U.S. helicopter. While tech and energy stocks took the worst of it, we saw a modest recovery into the close.

The Iran situation remains the wildcard hanging over every trading session right now. Trump said a deal could be reached in two or three days and that the Strait of Hormuz would reopen immediately after. But he’s also said versions of this more than a dozen times in recent weeks without a deal materializing. The market has started treating these comments with less enthusiasm each time they arrive.

Here is what actually matters for the rest of the week:

• Today brings the May CPI report. CPI measures how much prices have gone up for everyday things like food, gas, and rent. If prices are still rising fast, the Fed has every reason to raise interest rates which would be awful for stocks.

• The SpaceX IPO is expected to go live on Friday, making it the biggest IPO in history landing in the same week as the most important inflation report of the month. Two massive events. Three trading days. Buckle up.

• Everybody is watching AI stocks like a hawk. After the brutal selloff last week where Nvidia, Marvell, and Broadcom all cratered in a single session, the question everyone is asking is simple: was that a healthy pullback inside a bigger bull market or the first real crack in the AI bubble? Nobody has a clean answer yet and today’s CPI number will go a long way toward settling the debate. Cheap money is rocket fuel for AI stocks. Expensive money is the opposite.

The Munch Take: The market dropped hard, recovered partially, and closed mixed. Iran threatened something. Trump threatened something back. Oil moved. Tech fell. Sounds like a typical Tuesday in 2026. The real important event is CPI this morning. One number at 8:30am could do more to move markets than anything that happened yesterday. My wife asked me what I was watching this morning and I said an inflation report. She looked at me for a long moment and went back to her coffee. Correct response.

📉 Gold Officially Enters A Bear Market

This one surprised even us. After hitting an all-time high of $5,595 per ounce in January, gold has fallen more than 20% and is now officially in a bear market. Yes, the timing does feel backwards considering the national debt is still rising and inflation is still sticky. Oh, and let’s not forget there’s an active war in the Middle East, too. These are all the things that are supposed to make gold go up. So why is it falling?

One word. Rates.

Here’s the simple version. Gold and the US dollar move in opposite directions almost every time. When the dollar gets stronger, gold gets cheaper. When rates go up, your cash earns interest just sitting in a bank. Gold earns nothing. So money moves out of gold and into things that actually pay. Right now markets are pricing in a 50% chance of a rate hike before year end. That is a strong dollar environment and a bad short-term environment for gold.

• JPMorgan has a year-end price target of $6,300. Goldman Sachs is at $5,400. Both banks say this drop is a short-term positioning problem, not a change in the long-term story.

• Gold mining stocks have fallen for nine straight sessions, their worst losing streak on record. When the companies that dig gold out of the ground are selling off that hard, the market is telling you something.

• Even after this year's drop, gold remains one of the best performing assets of 2026. It ran so hard last year that a 20% pullback still leaves most long-term holders comfortably in profit.

The Munch Take: Gold is down because the market thinks rates are going higher. That is a short-term problem sitting on top of a very long-term story. The national debt is not going down. Governments will not stop printing money. Inflation never stays tamed forever. If you are buying gold to hold for years, this pullback is not a disaster. It’s a discount.

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MARKET OVERVIEW

🍿 Tasty Movers & Shakers

🥈 $SI Silver is now down 46% from its all-time high back in January and yesterday closed below its 200-day moving average for the first time in 14 months.

💊 $NUVL Nuvalent jumped nearly 40% after pharmaceutical giant GSK agreed to buy the cancer drug company for $10.6 billion. If you own this stock, you can now take the rest of the week off.

🎲 $DKNG DraftKings popped over 11% after its prediction markets business reported strong growth, with the amount customers are trading rising 24% on an annual basis. People are betting on everything now and DraftKings is quietly becoming a financial platform wearing a sports jersey.

🍎 $AAPL Apple slid another 2.6% as investors decided the AI update unveiled earlier this week was not worth getting excited about. The stock has now lost nearly $500 billion in market cap in less than a week. That’s what happens when Sirir still can’t set a timer without asking you to repeat yourself.

💾 $MRVL Marvell dropped 7.6%, giving back some of the massive gains it made after Jensen Huang's famous endorsement and its upcoming addition to the S&P 500. Stocks often pull back after a big catalyst. The market giveth and the market taketh away.

⛷️ $MTN Vail Resorts fell nearly 5% after reporting weaker ski pass sales and cutting its full-year guidance. Fewer people are buying passes in advance. When a ski resort cuts guidance in the summer, the winter outlook is not looking powdery.

STOCK OF THE DAY

🙄 Nobody Heard Of This Stock. Then It Went Up 3,755%.

You’ve probably never heard of Inno Holdings. We sure hadn’t and that’s the point.

$INHD Inno Holdings is a tiny used phone trading company that made $931,911 in revenue last quarter. Not million. Just $931,000. The company lost over $1 million in the same period. It’s a clear money-losing business that sells second-hand smartphones. That’s it. That’s the whole company.

But yesterday it announced a $3 million deal with an unnamed Hong Kong AI company to build an automated sales tool for its used phone business. The stock went from $1.05 to $39.49 in a single session. That is a 3,660% gain in one day. Nasdaq even halted trading to ask the company what was going on.

Here is the part that should make everyone uncomfortable:

• The $3 million AI contract is bigger than the company's entire six-month revenue. The AI system has not launched and there’s no guarantee it ever will. The company isn’t even selling AI. It’s buying it.

• Inno Holdings has done three reverse stock splits since October 2024, combining into a total 1-for-4,800 consolidation. That means for every 4,800 shares that used to exist, there is now just one. That is what a company does when its stock keeps falling to almost nothing.

• Every major institutional investor including Jane Street, Two Sigma, and UBS had already sold every single share they owned before this happened. The smart money left. Retail money arrived. The stock went up 3,755%.

And remember, this happened yesterday when the broader market was having a temper tantrum. Real AI companies with real revenue and real products lost billions in market cap. A used phone company that mentioned AI in a press release went up 38 times. That is not a healthy market. That is a bubble making noise.

The Munch Take: This is nonsense levels of market euphoria. To the traders who made money on this? We’re jealous, obviously. And while we’re not one to shout “Bubble!” from the rooftop, it’s hard to not see the writing on the wall here. My wife asked me if we should buy the stock and I said absolutely not. She asked why. I said because the company sells used phones and lost a million dollars last quarter. She said "so why did it go up 3,755%?" I said that is exactly the right question that not enough people are asking.

TRADING SUCCESS

🤑 Wednesday Motivation

🚀 Pre-Market Fuel

1. 🤑 This stock has a 93% history of soaring, every spring (Ad)

2. 😬 Social security will be depleted by 2032?

3. 🏘️ Home sales surged to the highest level since December.

4. 😂 Nvidia is now worth more than India.

🍪 Munchy Memes

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