When SpaceX filed its S-1, one number stood out above everything else (Ticker inside)

When SpaceX filed its S-1, one number stood out above everything else.

Power consumption.

Running 1 million GPUs requires more electricity than some small countries use in a year.

That number is in the filing. SEC rules.

And now, every analyst on Wall Street is scrambling to find who supplies the equipment.

One small company already has the answer — and a $1.5 billion backlog to prove it.

Dylan Jovine has the name and ticker.

See the stock the S-1 exposed >>

☕️ GM Munchers! North Korea is the largest counterfeiter of US dollars in the world, producing an estimated $45 million in fake bills. The US Secret Service was actually created in 1865 specifically to fight counterfeiting, not to protect the President. They only added that job after an assassination thirty six years later. Your tax dollars at work.

On today’s menu:

• 📈 Yesterday Was Good. But The Real Action Starts Wednesday.

• 🔓 Sam Bankman-Fried Just Applied For A Presidential Pardon

• 🧵 Crocs, Intel & Wix Make Headlines

•  🍎 Apple Unveiled Siri AI Yesterday

• 🤑 Is Elon Musk About To Become A Trillionaire?

Yesterday’s numbers:

BREAKING NEWS

📈 Yesterday Was Good. But The Real Action Starts Wednesday.

After one of the worst weeks of 2026, the market bounced back yesterday. The S&P 500 gained nearly 1%, the Nasdaq climbed 0.86%, and chip stocks that got destroyed on Friday came roaring back. Micron jumped nearly 10% after falling 13% the session before. This is a reminder that one bad week does not erase a bull market. Buying the dip has paid off every single time this year and yesterday was another reminder of exactly that.

But while the US was recovering, something dramatic was happening on the other side of the world. South Korea's KOSPI stock index crashed 8.4% within three minutes of the opening bell on Monday morning, triggering a circuit breaker that froze all trading for 20 minutes. A circuit breaker is like an emergency stop button. When the market falls too fast, the exchange hits pause to let everyone calm down.

The crash was driven by three things hitting at once: the ripple effect from Friday's US chip stock selloff, rising fears that the Fed will hike rates, and fresh missile exchanges between Iran and Israel that rattled global markets overnight. Samsung Electronics fell 10% and SK Hynix dropped nearly 8%, and those two companies alone make up more than half of the entire KOSPI index. When your two biggest companies both drop 10% before breakfast, the rest of the market doesn’t stand a chance.

The reason it didn’t drag the US down with it is simple. The US market had already priced in most of the bad news on Friday. By Monday morning, buyers were waiting for cheaper prices and that is exactly what they got.

Now here is what actually matters this week:

• Wednesday brings the May CPI report, the most important inflation number of the month. Economists expect prices to be up 4.2% year over year, driven largely by the Iran conflict pushing energy costs up 18% above last year's levels. A hot number here could push rate hike bets even higher.

• Thursday brings the Producer Price Index, which measures what businesses are paying for goods before passing those costs on to you. A hot PPI usually means a hot CPI is coming next month.

• The SpaceX IPO is expected to price on Friday. The biggest IPO in history drops at the end of the same week as the most important inflation report of the month. Buckle up.

The Munch Take: South Korea's stock market froze in the first three minutes of trading yesterday morning. The US market recovered by the afternoon. That’s how fast the mood can shift right now. Buying the dip has been the right call every single time this year and nothing about yesterday changes that pattern. Wednesday's inflation number is the one that matters most this week. If it comes in hot, the rate hike conversation gets louder. If it surprises to the downside, the market will celebrate loudly.

🔓 Sam Bankman-Fried Just Applied For A Presidential Pardon. Here’s The Wildest Part.

The man who collapsed the world's second-largest crypto exchange, got sentenced to 25 years in prison, and became the most infamous name in crypto history just officially asked Donald Trump to let him out.

Sam Bankman-Fried, known as SBF, formally submitted a pardon application to the Justice Department's Office of the Pardon Attorney, requesting clemency from President Trump while serving a 25-year sentence for fraud and conspiracy charges related to the collapse of FTX in 2022. His argument is surprisingly compelling in parts.

Here is the quick recap for anyone who forgot the story. FTX collapsed in November 2022 after an $8 billion hole was discovered in the company's accounts. Customers tried to withdraw their money all at once and the funds were not there. Bankman-Fried was convicted in 2023 and sentenced to 25 years.

Now here is where the story gets genuinely interesting:

• FTX creditors have been repaid in full through the bankruptcy process. The missing $8 billion has effectively been recovered and distributed back to customers. His argument that the victims have been made whole is technically accurate.

• SBF invested $500 million of FTX money into Anthropic in 2021 for an 8% stake. The bankruptcy estate sold that stake for $1.3 billion. Had they kept it, at Anthropic's current valuation the stake would be worth over $30 billion, more than double everything FTX ever owed. The man committed fraud and accidentally made some of the greatest venture bets in Silicon Valley history at the same time.

• FTX also held 58 million Solana tokens sold at a deep discount during bankruptcy. At current prices those tokens would be worth over $10 billion. A SpaceX stake and a 7.6% position in Robinhood round out a portfolio that could have been worth $50 billion or more if it had never been liquidated.

Trump said in January he had no intention of pardoning Bankman-Fried and the White House reiterated that position again last weekend. Polymarket currently prices the odds of SBF leaving custody before the end of 2026 at just 9%. His best remaining hope may actually be his appeal at the Second Circuit Court, where a ruling is expected sometime this year.

The Munch Take: Sam Bankman-Fried stole customer funds, went to prison, and his investments turned out to be some of the best venture bets of the decade. The Anthropic stake alone would have been worth $30 billion. Enough to pay back every creditor twice over and still have change left for a yacht. The cruel irony is that if he had just waited for his investments to mature instead of using customer funds to gamble at his sister company, the math might have worked out fine on its own.

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MARKET OVERVIEW

🍿 Tasty Movers & Shakers

👟 $CROX Crocs gained 1% after Baird upgraded the stock, pointing to improving demand in North America. People are still buying them. In public. And on purpose. We are not here to judge. The market has spoken.

💾 $INTC Intel jumped over 11% after reports that $GOOGL Alphabet and $NVDA Nvidia are both thinking about using Intel as a backup chip maker. Intel has had a very rough couple of years. Being the backup plan for the two most powerful names in AI is not a bad way to start getting back on your feet.

🌐 $WIX Wix fell nearly 8% after cutting its revenue and bookings targets for 2026. Building a website used to require a service like Wix. Now it takes about ten minutes with AI. The business model is feeling that pressure and the stock showed it.

🏥 $ENSG The Ensign Group dropped over 8% after a short seller accused the nursing home company of cutting corners on patient care. A short seller is someone who bets a stock will fall and then publishes a report to help make that happen. The accusation is serious. The stock did not wait around to find out if it was true.

💊 $NRIX Nurix Therapeutics jumped nearly 7% after drug giant Roche agreed to license one of its blood cancer treatments in a deal worth up to $2.3 billion. A small drug company landing a $2.3 billion deal from one of the biggest names in medicine is the kind of Monday morning news that makes a very long week feel worth it before it even starts.

STOCK OF THE DAY

🍎 Apple Unveiled Siri AI Yesterday. The Market Was Not Impressed.

$AAPL Apple dropped nearly 5% yesterday after unveiling its biggest AI update ever at its annual developer conference. The company introduced "Siri AI," a brand new version of its voice assistant built with help from Google. $230 billion in market value was wiped out before Tim Cook finished his farewell speech.

Here’s the thing about Siri. It launched in 2011 and has been the butt of every tech joke ever since. Fifteen years. Billions of dollars. The world's most valuable company. And the best they could do is ask Google for help. Your iPhone has been saying "I'm sorry, I didn't get that" since the Obama administration and it apparently took a decade and a half to fix.

📈 The Bull Case:

• Apple reported revenue up 17% last quarter with iPhone sales up 22%. The phone business is booming and Siri AI now lives inside two billion devices. No competitor has that kind of reach.

• Analysts at Morgan Stanley see a path to $440 per share if the AI update actually works as promised and starts driving more people to pay for Apple services.

• Nobody switches away from Apple. The loyalty is real and it is worth billions. People buy the new iPhone every two years without even thinking about it.

📉 The Bear Case:

• Early reviews say Siri AI is about as good as what Google Android already offers. Apple was supposed to leap ahead. Instead it caught up. That is a very different story.

• Berkshire Hathaway recently sold over 75% of its Apple stake, cutting from 915 million shares down to roughly 228 million shares. When the most patient investor alive sells three quarters of his position, that is a signal worth paying attention to.

• Apple has now promised and delayed its AI upgrades two years in a row. Missing a deadline once is a mistake. Missing it twice is a pattern.

The Munch Take: Siri launched in 2011. It was bad then. It got mocked for years. Apple spent fifteen years as the most valuable company on earth and still couldn’t make their voice assistant understand a simple sentence. Yesterday they showed the fix and the stock lost $230 billion because the fix looked like something Android users already had. Apple makes great products. The brand is one of the strongest in history. But the days of Apple releasing something that made the whole world stop and stare feel like a long time ago now. The products are still good. They just aren’t surprising anymore. And a company priced for greatness needs to keep being great. We’re not touching this stock.

TRADING SUCCESS

🤑 Tuesday Motivation

🚀 Pre-Market Fuel

1. 😏 Have you tried Elon Musk’s 70X AI agent? (Ad)

2. 💰️ Is Elon Musk about to become a trillionaire?

3. 😬 Small business bankruptcies are climbing.

4. 🍹 Tom Brady just launched a coconut water brand.

5. 🇨🇦 The Canadian dollar is crashing.

🍪 Munchy Memes

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