The SpaceX IPO Could Move More Than Just Stocks

When major IPOs hit Wall Street, money doesn't just flow into new shares.

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BREAKING NEWS

📉 Bitcoin Just Fell Off A Cliff. $200 Billion Vanished Overnight From Crypto Market.

The crypto market is getting absolutely demolished right now. Bitcoin ($BTC) Has been crashing thousands of dollars in what seems like just a couple of hours. I't’s now below $61,500 for the first time since February. More than $600 million in leveraged positions were wiped out in just a 60-minute stretch.

We're seeing in real time just how dangerous leverage can be. It works both ways. Traders borrow money to amplify gains when prices rise. But when prices fall, exchanges start closing positions automatically to limit losses. That forced selling pushes prices even lower, triggering more liquidations and even more selling.

One domino falls. Then the entire table follows.

Now traders are laser-focused on the $60,000 level. That area sits near Bitcoin's famous 200-week moving average, a line that has served as the market's last line of defense through every major crypto downturn so far. But that does not mean it's unbreakable.

This isn't just a Bitcoin story. It's an everything in crypto story.vEvery major coin is bleeding right now:

• $ETH Ethereum dropped to around $1,732, falling harder than Bitcoin as traders moved quickly to cut risk exposure across the board.

• Solana cratered more than 5%, XRP fell nearly 2.5%, BNB shed almost 6%, and smaller altcoins got hit even harder with some dropping double digits.

• From Bitcoin to the smallest altcoins, nearly $200 billion was wiped from the total crypto market cap in just 24 hours.

The Munch Take: $200 billion gone in 24 hours. That is not a number most people can picture. We can’t. It’s roughly the entire GDP of Portugal, evaporated from a spreadsheet before lunch. The funny thing is that nobody rang a bell at the top and nobody rings a bell at the bottom either. There's now a 62% chance that it drops below $60,000 in June. Either way, we continue to believe in it long-term, and we bought the dip this morning. Do with that information what you will.

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THE MARKET WATCH

📉 Broadcom Just Lost $350 Billion In A Day. Here’s The Real Story.

Broadcom ($AVGO ) just reported weaker-than-expected revenue coming in at $22.19 billion against Wall Street's estimate of $22.27 billion. The result? The market is absolutely hating the stock today. It's down almost 15% today, losing $350 billion in market value. That is a lot of zeroes for an only $80 million miss.

The real disappointment was not the AI numbers, which were genuinely strong. AI semiconductor revenue hit $10.8 billion, up 143% year over year. The problem was what came next. Investors were hoping CEO Hock Tan would raise Broadcom's full-year AI revenue forecast above $100 billion. He did not. The software business also came in weaker than Wall Street expected.

In other words, Broadcom delivered excellent results but investors were expecting extraordinary ones.

📈 The Bull Case:

• Broadcom guided Q3 AI semiconductor revenue to grow over 200% year over year to $16 billion, a number that suggests the AI spending cycle is accelerating hard into the second half of 2026.

• Broadcom designs custom AI chips for six hyperscaler clients including Google, Meta, Anthropic, and OpenAI. Those are sticky, multi-year co-engineered relationships with switching costs so high that losing a customer is almost structurally impossible.

• Broadcom beat on both revenue and earnings, posting adjusted EPS of $2.44 versus the expected $2.40. Even more impressive, revenue growth accelerated from 29% to 48% in just one quarter.

📉 The Bear Case:

• CEO Hock Tan did not raise the company's full-year AI revenue target of $100 billion despite blowout quarterly numbers, which signals he sees limited room to surprise to the upside from here. When the CEO will not raise guidance after a record quarter, the market notices.

• Broadcom walked back its previous commitment to offering complete integrated AI systems, saying it would now offer chips only. That is a smaller addressable market than what investors had originally been pricing in.

• A stock that drops 16% on results that technically beat estimates is a stock that was priced for something beyond perfection. At these valuations, even strong quarters can become selling events if the narrative does not move forward fast enough.

The Munch Take: Broadcom grew revenue 48% in a single year, nearly doubled earnings, and printed record AI chip sales. The stock lost $350 billion in a day because it missed estimates by $80 million and the CEO did not say a magic number loudly enough on a conference call. This is what happens when a stock gets priced for perfection. There is no margin for being merely excellent. My wife asked me how a company can do great and still go down. I told her it is all about expectations. She said that sounded exhausting. It sure is.

🍪 Munchy Memes

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