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☕️ GM Munchers! Take comfort in the market this morning. It proved this week that no matter how bad things look, a recovery can come out of nowhere, blindside everyone, and make all your panic look deeply silly in hindsight.

On today’s menu:

• 📈 Everything Ripped & The Market Hit A Record

• 🚀 SpaceX Beat On Its First-Ever Earnings

• 🌯 Chipotle Crashed 9% On A Salmonella Scare

• 📦️ Jeff Bezos Is Selling Shares

• 👀 Is Trump About to Get Investigated?

Yesterday’s numbers:

BREAKING NEWS

📈 Everything Ripped & The Market Hit A Record

Well, that escalated faster than when I tell my wife “My mom was right about you.”

The S&P 500 closed at an all-time high, its first record in two months, and the Dow crossed a milestone it’s never touched before. After a summer of chip-stock chaos, a war scare, and a market that felt one headline away from disaster, everything went green at once.

Three forces lined up on the same day:

1. 🤖 AI earnings delivered again: Palantir and Caterpillar followed Amazon and Microsoft in proving the massive AI spending is actually turning into profit.

2. 🛢️ Oil crashed: The US and Iran moved toward a deal to reopen the Strait of Hormuz, which cooled inflation fears fast. Oil crashed to around $80.

3. 📉 Yields fell: Lower bond yields make stocks look more attractive by comparison.

Good news stacked on good news, and the rally broadened well beyond just the usual tech giants.

The Munch Take: Here's your lesson, and it's a big one. There is still a war going on. There was a massive market crash in Korea last week, a chip panic, and a yen intervention. And the market just hit a record anyway. In not one email over these last chaotic months did we ever tell you to sell, and today is exactly why. Nobody rang a bell at the bottom on July 29. Nobody warned you the record was coming today. That's the whole point. It's not about timing the market, it's about time in the market. The people who sold in the panic missed this. My wife asked if we did anything special to catch today's rally. I said yes, we sat completely still and did nothing. She said that might be the only sport I'm actually good at, and honestly, in investing, it's the one that counts.

🚀 SpaceX Beat On Its First-Ever Earnings. Here’s What You Need To Know.

The wait is over. SpaceX ($SPCX) reported earnings for the first time as a public company, and on the surface it crushed it. Revenue hit $7.81 billion versus the $6.93 billion expected, up 92% from a year ago, and the loss came in at just $0.09 per share against the $0.26 loss forecast.

And yet? The stock still dropped. Here's why.

✅ The Good:

• Revenue exploded 92%, beating on every segment.

• Starlink hit 12 million subscribers, double a year ago, pulling in $4.29 billion this quarter alone.

• The net loss narrowed to $541 million from $1 billion, and adjusted profit smashed estimates.

⚠️ The Bad:

• Only 12 cents of every dollar came from launching rockets. Starlink is 55% of revenue, AI is 33%, and the rocket business is now the smallest piece.

• Starlink's revenue per user fell to $66 from $85 a year ago, a sign it's discounting to grow.

• Free Report: Here’s the stock symbol I’ve promised (via Stansberry Research)

🚨 The Ugly:

• Capital spending hit $18.37 billion in a single quarter, more than double its revenue. That's the number that spooked investors, the same "spending fortunes on AI" fear haunting every big tech name this season.

📅 The Lockup To Remember: This Thursday, August 6, a massive share lockup expires, freeing up to 20% of shares, roughly triple the tradable float, to be sold. Even a great report has to fight that wave of new supply in 48 hours.

The Munch Take: So was this a good report? Genuinely, yes, better than almost anyone expected. But "good earnings" and "stock goes up" are different questions, and SpaceX just proved it again. This quarter turned it from a story stock into a real business with real numbers, and those numbers are impressive but terrifyingly expensive. I still wouldn't touch it before Thursday's lockup clears and the valuation still looks expensive to me. Anything below $85? It’d be hard for us to not press the buy button.

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STOCK OF THE DAY

🌯 Chipotle Crashed 9% On A Salmonella Scare

Chipotle ($CMG) dropped about 9% Tuesday after Minnesota health officials tied a salmonella outbreak to jalapeños served at the chain. Officials counted 110 cases, and of the 84 sickened people they interviewed, 89% had eaten at Chipotle between mid-June and mid-July. The company pulled the peppers nationwide and swapped in supply from different growers.

This isn't Chipotle's first rodeo, and that's exactly the problem. Between 2015 and 2018, the chain got hit by at least five separate outbreaks, and the stock is still scarred by that memory. So when "Chipotle" and "salmonella" share a headline, investors sell first and read later.

But read the details and it's more nuanced. Minnesota officials said the tainted peppers went to several restaurants, not just Chipotle and said they're "not concerned about the chain" given how fast it responded. This looks like a supplier problem, not a Chipotle kitchen problem.

🐂 The Bull Case:

• 🧹 They handled it right: Fast, nationwide removal and full cooperation is the opposite of the slow, defensive response that wrecked them a decade ago.

• 💰 The business is still elite: Chipotle prints high margins, strong cash flow, and industry-leading store economics.

• 🏷️ It's on sale: Down 21% over the past year, the valuation is finally more reasonable than the nosebleed levels of years past.

🐻 The Bear Case:

• 🤢 Brand scars run deep: A food chain's entire value is trust, and repeat outbreaks chip away at it whether or not this one is their fault.

• 📉 Sales were already soft: A separate summer wave of foodborne-illness headlines had already dented traffic before this.

• 🐌 Five years of dead money: The stock is actually negative over five years, badly lagging the market. Great burritos, lousy returns.

The Munch Take: Here's the honest read on whether this is a buy. Chipotle the business is genuinely excellent, but the stock has been a terrible investment for years, because it spent most of that time priced for perfection while growth slowed and scares like this kept knocking it down. So what changes that? Two things. First, the valuation has to come down enough that you're not paying for flawless execution, and after a 21% drop this year, it's finally getting there. Second, the company needs a stretch of boring, outbreak-free quarters with traffic actually growing again, not just holding. This salmonella scare, if it stays contained to a supplier, could ironically be the kind of overreaction that hands patient investors a better entry. But "could be" is doing heavy lifting. I'd watch how sales hold up over the next quarter before deciding the turn is real. For now, I’ll use my money for more burritos while I wait.

MARKET OVERVIEW

🍿 Tasty Movers & Shakers

🤑 Free Report from Altimetry: Get the Name and Ticker of the No. 1 Stock at the Center of Elon’s Hidden Master Plan FREE

🔮 $PLTR Palantir kept ripping, soaring 29.45% after commercial revenue jumped 149% in another blowout quarter.

🚜 $CAT Caterpillar climbed 5.45% on a second quarter beat and a higher sales outlook. The world's biggest bulldozer maker just quietly eased fears that the AI data center building boom is slowing down.

💊 $PFE Pfizer added 1.52% after raising the low end of its revenue outlook and expanding its cost-cutting program. Not exciting, but Wall Street will always clap for a company trimming fat and lifting guidance.

💾 $SK Hynix SK Hynix rose 8.17% and $SNDK Sandisk gained 10.84% after unveiling a blueprint for a new high-bandwidth flash memory technology. After weeks of chip-stock chaos, the memory names finally caught a break.

📦 $AMZN Amazon slipped 2.32% after Jeff Bezos disclosed plans to sell about $4.1 billion in stock. The man needs to pay for his mega yacht somehow.

🧬 $MRNA Moderna gained 3.36% after giving the first doses of its Ebola vaccine in an early-stage trial. The mRNA machine that made its name on Covid is hunting for its next act.

TRADING SUCCESS

🤑 Wednesday Motivation

🚀 Pre-Market Fuel

1. 👀 Is Trump about to get investigated?

2. 🪵 The price of lumber is crashing.

3. 😬 Michael Burry just sent out a warning.

4. 🤯 Stock market valuations are out of control.

🍪 Munchy Memes

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