SpaceX just went public. Move now.

Dear Friend,

It’s done.

SpaceX priced at $1.75 trillion. Ticker SPCX. The largest IPO in history.

Right now, every analyst, every fund, every financial journalist on the planet is combing through the S-1.

Any day now, they’ll find the one small company Musk’s entire empire depends on.

The stock that’s been sitting there — publicly traded, dirt cheap — while nobody was paying attention.

But now that the S-1 is public, “nobody” becomes “everybody” very fast.

Dylan Jovine is giving away the name and ticker today.

Not next week. Today.

See the ticker before Wall Street catches on >>

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

☕️ GM Munchers! Here's a number that'll wake you up faster than your coffee. Every single dollar increase in SpaceX stock adds $6.3 billion to Elon Musk's net worth. Most companies aren't even worth that much total.

On today’s menu:

• 📉 So, Are We All Missing Jerome Powell Already?

• 👀 Meta Just Fell 5.44%. Time To Buy?

• 🚀 Robinhood, La-Z-Boy & SpaceX

• 🥇 Here's Why The "Inflation Hedge" Isn't Acting Like One

• 🤑 Don’t Miss These 10 Stocks

Yesterday’s numbers:

BREAKING NEWS

📉 So, Are We All Missing Jerome Powell Already?

Yesterday marked Kevin Warsh's first meeting as head of the Federal Reserve. Everybody knew rates would hold steady so instead, all eyes were on what Mr.Kevin was actually going to say.

So what did he say? He told reporters the Fed has dropped forward guidance entirely, and bluntly admitted he can't give markets any guidance on what we're going to do next. Translation? Your guess is as good as anyone's.

But he didn't stop there. Warsh said inflation is still way above target and prices are too high for most people. He went further and said the Fed will fix five years of misses on inflation, which is Warsh quietly saying the previous Fed under Powell got it wrong. He also said he watches stock market prices more than anything else when making decisions, and admitted interest rates are hurting housing but not slowing down financial markets at all. When asked if rising bond yields concern him, he refused to answer. When asked if he has spoken to Trump since taking the job, he refused that too.

Here is what changed in one meeting:

• 📉 All 19 members at the table agreed not to raise rates today, but futures pricing flipped toward roughly a two in three chance of a hike by December.

• 💸 The Dow fell 800 points and the S&P 500 erased $1.2 trillion in market cap in under two hours.

• 🏦 The 2% inflation target itself is not changing, even as Warsh admits the Fed has missed it for half a decade straight.

The Munch Take: Powell told you the plan. Warsh is telling you there is no plan you get to see, and he is doing it while admitting the last five years were a mess. The market will survive, it just has to trade with a lot less visibility than it is used to, and a coin flip on a rate hike is exactly the kind of fog that makes traders nervous first and ask questions later.

👀 Meta Just Fell 5.44%. The Worst Performer In Big Tech While Everyone Else Rips.

$META dropped 5.44% yesterday and is now down nearly 13% year to date. Compare that to the S&P 500 which is up over 8% this year. While the rest of tech has been on fire, Meta is the one Magnificent Seven name getting left behind.

Why This Keeps Happening

The pattern has repeated for three straight quarters. Management raises AI spending guidance, investors panic, and the stock drops. Meta projected 2026 capital spending of $125 billion to $145 billion, a 7.4% jump from January's forecast, driven partly by higher component pricing and data center costs.

📈 The Bull Case:

• Revenue grew 33% year over year last quarter, the fastest pace since 2021, with operating margins holding steady at 41%.

• Meta trades at a forward price to earnings ratio of 19, the cheapest multiple among its mega cap AI peers.

• Ad revenue jumped 33% to $55 billion, with ad impressions up 19% and price per ad up 12%.

📉 The Bear Case:

• Meta is reportedly weighing raising tens of billions in new equity, raising fears of shareholder dilution.

• Meta is the only major hyperscaler without a cloud business to help justify this scale of spending.

• Alphabet's stock is up over 100% in the past year while Meta sits as the worst performer of the group, even though both are spending similarly huge sums.

The Munch Take: Nobody wants to bet against Zuck, but right now the market is punishing Meta for spending money on the same AI race everyone else gets praised for entering. Whether this is a generational buying opportunity or a warning sign about runaway capex depends entirely on whether that spending turns into revenue Wall Street can actually see, and that story is still being written.

I paid $5,000 to hear Elon say this (Ad)

I recently paid $5,000 to be in a room with Elon Musk in Los Angeles. And what he said in that room, confirmed everything my 15+ years in the tech industry had been telling me. I believe what Elon is launching right now — a project 27 years in the making — could be his biggest move yet. If you buy just one stock in 2026, I urge you to make it the one I'm giving away for free here.

MARKET OVERVIEW

🍿 Tasty Movers & Shakers

🤖 $HOOD Robinhood shares ripped 10% higher even after the company announced its cutting 10% of its workforce. They never said the word AI in the memo, but nobody is buying that excuse. While 290 people pack up their desks, shareholders are out here throwing a party.

🛋️ $LZB La-Z-Boy jumped 14.67% after retail sales climbed 11% in its fiscal fourth quarter. Turns out people really do want to sit down and do nothing, and they're paying up for the privilege.

🚀 $SPCX SpaceX dropped 4.95%, its first decline since the company's record-setting IPO. The stock had surged nearly 50% across its first three trading days, so even rockets eventually come back down to Earth.

🎬 $LION Lionsgate Studios fell 6.18% after Netflix denied reports it was interested in buying the studio. Sometimes the worst thing that can happen to your stock is getting your hopes up and then watching someone deny it on the record.

📞 $T AT&T slipped 3.04% after announcing a CFO transition that put fresh scrutiny on its fiber expansion plans. New finance chief, same old questions about how much this fiber buildout is really going to cost.

CHART OF THE DAY

🟡 Gold Just Dropped 1.5%. Here's Why The "Inflation Hedge" Isn't Acting Like One

Gold fell 1.5% yesterday and is now down roughly 25% from its all time high of $5,600 set back in January. It just closed below its 200-day moving average for the first time since October 2023. If gold is supposed to protect against inflation, and inflation just hit 4.2%, why is gold falling instead of ripping higher?

The Answer Is Rates, Not Inflation

Markets are pricing roughly a 70% chance of at least one Fed rate hike by December. Higher rates make bonds and cash more attractive, and gold pays no interest at all. When investors can earn yield elsewhere, gold becomes less appealing even while prices climb. Inflation is up, but so is the cost of not owning rate-paying assets, and right now that second force is winning.

The Long Game Still Favors Gold

• 📊 Since 2000, $10,000 in gold grew to $126,596, compounding at 10.4% annually, compared to $77,496 in the S&P 500 at 8.3% annually.

• 📈 Gold actually edged out the S&P 500 over the last 20 years too, returning about 543% versus the index's 482% total return with dividends.

• 🏦 Every major institutional forecast, including Goldman Sachs, JPMorgan, and UBS, currently sits 25% to 44% above today's gold price.

What To Watch: This pullback is about rate expectations, not a broken inflation story. Central banks bought 244 net tonnes of gold in the first quarter alone, above the five year average, and have not slowed despite the price drop. Watch the Fed's actual moves over the next few months. If hikes get priced out again, gold's floor likely returns fast.

The Munch Take: Gold isn't broken, it's just temporarily losing a tug of war with interest rates. The smart money buying the dip isn't guessing. They're betting on the same playbook that's worked for 25 straight years and we are too.

TRADING SUCCESS

🤑 Thursday Motivation

🚀 Pre-Market Fuel

1. 🤑 Miss These 10 Stocks... Miss the Rally (Ad)

2. 😥 Apple is about to raise their prices?

3. 🥳 The war is officially over with Iran.

4. 🇲🇽 This Mexican billionaire loves Bitcoin.

🍪 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