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π The Most Important Week Of The Year

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βοΈ GM Munchers! I spent the week doing yard work while my wife worked on her tan. She looks like she just got back from a resort. I look like I'm applying for disability.
On todayβs menu:
π Friday Was Green. The Weekend Was Not.
π The Most Important Week Of The Year Starts Today
πΏ Tasty Movers & Shakers
π’ NVIDIA Just Became a $5 Trillion Company
π Hedge Funds Are Selling Tech Stocks
Fridayβs numbers:
S&P 500 | 7,165 | +0.80% |
Nasdaq | 24,836 | +1.63% |
Dow Jones | 49,230 | -0.16% |
Bitcoin | $77,605 | -0.84% |
BREAKING NEWS
π Friday Was Green. The Weekend Was Not.
The S&P 500 posted its highest close on record Friday, adding $7.6 trillion in market cap since the March 30 bottom. The whole tape was green. Tech led. Everybody felt good. Then the weekend happened.
Saturday night, a gunman charged through a security checkpoint at the White House Correspondents' Dinner in Washington. Trump, Melania, Vance, and top cabinet officials were evacuated from the ballroom. One law enforcement officer was struck in a bullet-resistant vest and is expected to recover. The suspect was tackled and taken into custody outside the ballroom. Nobody else was injured. The suspect has been identified and charged.
On the war front, things are moving backwards fast. Here is where things stand right now:
π« Trump cancelled his envoys' planned trip to Islamabad for peace talks, telling Fox News he refused to send his team on an 18-hour flight "to sit around talking about nothing."
π’ The US Navy has now redirected 37 ships as part of its ongoing blockade of Iranian ports. Three ships that didn't comply were seized.
π·πΊ Iran's foreign minister scrapped further Pakistan talks and is now heading to Moscow to consult with Putin on the state of negotiations.
The ceasefire is technically still alive. The peace talks are not. Oil near $100 is not a coincidence.
The Munch Take: The market hit an all-time high Friday. By Saturday night, someone was shooting at the President at a hotel dinner and the Iran peace talks had collapsed for the third time in a month. This is the environment. Green days and chaos in the same 24-hour window. My wife asked if we should be worried. I said the market was at all-time highs. She asked about everything else. I had no good answer. Neither does anyone else right now.

π The Most Important Week Of The Year Starts Today.
Buckle up. This is not a normal week.
Roughly 20% of the entire S&P 500 reports earnings between Monday and Friday. The Fed makes its interest rate decision Wednesday. GDP and inflation data drop Thursday. If you have even $100 in an investment account, you will want to be paying attention.
Here are the three things that matter most:
π¦ The Fed. Wednesday, April 29. The FOMC wraps its two-day meeting on Wednesday with the rate decision at 2pm ET and Powell at the podium at 2:30pm. Nobody expects a cut. Rates sit at 3.50% to 3.75% and thereβs an over 85% chance that rates hold steady this week. The decision is not the story. Powell's words are. Every syllable will be dissected for clues on whether June is alive or dead for a cut.
π GDP and PCE. Thursday, April 30. The first read on Q1 2026 economic growth drops Thursday morning alongside the Fed's preferred inflation gauge. Q4 2025 GDP came in at just 0.5% and core PCE remains above target at roughly 2.7%. Weak growth plus sticky inflation is the worst combination the Fed can face. If both numbers disappoint, the market is going to have a bad morning.
π» Big Tech Earnings. Wednesday and Thursday. $MSFT, $META, $GOOGL, and $AMZN all report Wednesday. $AAPL follows Thursday. These five companies represent an enormous chunk of the entire index. One bad print from any of them moves the whole market. After the AI spending arms race of the past year, Wall Street wants to see the returns.
The Munch Take: Five of the world's biggest companies, a Fed decision, GDP data, and inflation numbers. All in 72 hours. My wife asked what I wanted for dinner on Wednesday night. I told her I'd let her know Thursday once I figured out if we still had money.
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MARKET OVERVIEW
πΏ Tasty Movers & Shakers
π $OGN Organon ripped 30.93% on reports that Sun Pharma is preparing a $13 billion acquisition offer. When someone waves $13 billion at your stock, you go up. That is how this works.
π§Ό $PG Procter & Gamble climbed 2.46% after beating earnings and revenue estimates. Product volumes grew for the first time in a year. Boring business. Beautiful balance sheet. Never bet against people buying soap.
π‘ $CMCSA Comcast cratered 13.04% after Deutsche Bank downgraded to Hold, arguing the company looks stable but has nowhere interesting to go from here. "Stable with no growth" is Wall Street's polite way of saying "we're done here."
β οΈ $CHTR Charter Communications got absolutely destroyed, falling 25.50% on the same cable sector anxiety dragging Comcast lower. The market decided it wanted nothing to do with legacy cable on Friday. Liberty Broadband, which is basically a Charter wrapper, fell the same amount. Contagion is a real thing.
π₯οΈ $MXL MaxLinear exploded 76.12% after raising its 2026 optical data center revenue outlook to $150 million to $170 million and citing surging AI infrastructure demand. Nobody was talking about this stock on Thursday. Everybody was talking about it by Friday close.
π $COUR Coursera sank 11.56% after disappointing Q1 results and weak guidance. The online education trade is not having a moment. It is having a year.
STOCK OF THE DAY
π’ NVIDIA Just Became a $5 Trillion Company. Let That Sink In.
$NVDA closed at a record $208.27 on Friday, up 4.3%, officially crossing $5 trillion in market value for the first time. It is now worth $1 trillion more than the second most valuable company on earth. The number is so big it stops making sense after a while.
For context: the entire US government spends about $6 trillion a year. Nvidia is worth almost as much. One chip company.
The stock is up more than 14 times since the end of 2022. Jensen Huang built the one company that makes the chips every AI company on earth needs to function. Everyone is paying him for the privilege.
π The Bull Case:
The four biggest tech companies on the planet are spending over $650 billion on AI this year. Most of that money flows through Nvidia.
Revenue grew 73% last quarter. The company is printing money at a speed that is genuinely hard to comprehend.
Nvidia is releasing a newer, faster, more expensive chip later this year. Customers are already lining up.
π The Bear Case:
If the big tech companies slow down their AI spending for any reason, Nvidia's revenue falls off a cliff.
Competitors are catching up. AMD is building cheaper chips. Chinese companies are building their own. The head start is real but not permanent.
Several Nvidia insiders have been quietly selling their own stock. That is never a great sign.
The Munch Take: The business is incredible. The price is the problem. To double from here, Nvidia needs to become a $10 trillion company. That has never happened in the history of the stock market. Not once. There are smaller chip companies riding the exact same AI wave with far cheaper price tags. That is where the better opportunity is. My wife saw $5 trillion on the TV and asked if we owned any. I said no. She nodded and went back to her coffee. First time in recent memory she did not ask a follow-up question. Even she sensed the valuation was cooked.
π Pre-Market Fuel
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