Qualcomm: 13,858%. Same setup. July 9th.

Dear Friend,

Qualcomm patented the language cell phones use to talk to towers. 13,858% gains.

Xilinx designed reprogrammable chip blueprints. 6,900%.

Linear Technology owned the architecture for automotive electronics. 11,694%.

The pattern is clear: when one company owns the physical blueprint for a new technological era — and collects a royalty on every device shipped — the wealth generated is staggering.

Right now, one quiet company holds the master patents on every chip being forced into phones, PCs, and Pentagon drones.

29 billion chips this year. Every one pays them a toll. And the Pentagon’s July 9th deadline is about to make the orders irrevocable.

Dylan Jovine has the name and ticker.

See the stock that fits the pattern >>

“The Buck Stops Here,”
Kelly Maguire
Behind the Markets

BREAKING NEWS

🏠 A "Starter Home" Now Costs $1 Million In 242 Cities

A starter home used to mean a tiny, cheap, and easier way to get your foot in the door. Now, 242 U.S. cities have starter homes worth $1 million or more, up from 226 cities last year. In other words, 16 more cities joined the million-dollar starter home club in just one year.

Before the COVID-19 pandemic, only 80 cities had million-dollar starter homes. That number has roughly tripled. California leads with 105 of those cities, but New York and New Jersey are growing the fastest, with New York jumping from just 12 cities before the pandemic to 41 today.

And it’s not just for buying. Renting got expensive too. Across the country, the average two bedroom rental now costs $1,749 a month, which means you need a $70,000 salary just to afford rent without breaking the bank. In California, that number jumps to $103,200. That is three times the state's minimum wage.

Why This Is Really An Inflation Story:

• 📈 Wages have not kept pace with housing. Between 2019 and 2024 alone, median single-family home prices jumped 48% while median income rose just 22%, more than double the pace. Nationally, the home-price-to-income ratio now sits at 5.08, nearly double the 2.6 ratio considered affordable.

• 💸 Cash quietly loses buying power every year. The average US inflation rate over the past 10 years has been 3.2%, ranging from a low of 1.2% in 2020 to a high of 8% in 2022. Money sitting in a checking account does not grow at that rate, so it falls behind year after year.

• 🏡 Assets historically outrun that inflation rate. Real estate, stocks, and other productive assets have a long track record of growing faster than 3.2% annually over time, which is exactly why owning something tends to beat holding cash.

The Munch Take: Inflation does not always show up as a scary number on the news. Sometimes it just shows up as your rent going up every year while your paycheck stays the same, or your cash quietly losing about 3% of its buying power without a single headline announcing it. The people who own appreciating assets watch their net worth climb roughly in line with prices. The people who only hold cash watch it shrink in silence. Pick a side before the decision gets made for you, because today's starter home already costs more than yesterday's dream home.

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THE MARKET WATCH

🐉 BlackRock's Portfolio Is Basically The Entire Stock Market

BlackRock manages more money than almost anyone on Earth. So when people look at what they own, it usually tells you something important. And what they own might surprise you less than you think - it's mostly the same handful of giant tech companies that continue to dominate the market.

Here is where the big money sits:

• 🟢 $NVDA ( ▲ 2.95% ) Nvidia leads the pack at $335.4 billion

• ⚫ $AAPL ( ▲ 0.7% ) Apple comes in at $290.6 billion

• 🟦 $GOOGL ( ▲ 1.17% ) Alphabet sits at $233.2 billion

• 🟦 $MSFT ( ▲ 0.13% ) Microsoft holds $219.7 billion

• 🟧 $AMZN ( ▲ 2.9% ) Amazon rounds out the top five at $153.4 billion

After that, $AVGO Broadcom, $META Meta, and $TSLA Tesla all show up too, along with smaller stakes in Eli Lilly and JPMorgan Chase.

Why This Matters: Notice the pattern. Seven of these names are tech companies tied directly to AI, chips, or cloud computing. BlackRock did not throw darts at a board to pick these. The world's biggest money manager built a portfolio that basically reads like the guest list for the AI revolution's hottest party.

The Munch Take: When the world's biggest money manager owns this much concentrated tech, it tells you the entire stock market is leaning on a few giant shoulders. That works great until one of those shoulders gets tired. My wife saw this chart and asked why we don't just buy whatever BlackRock buys. I told her it's not that simple. She is now drafting her own pie chart.

🍪 Munchy Memes

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