$2 trillion: The October IPO Wall Street Is Whispering About

SpaceX just set the record for the largest IPO in history.

It may hold that record for about eight more weeks.

According to the Financial Times, investors now expect the AI company Anthropic to go public in October at a valuation of $2 trillion or more.

That would make it the biggest public debut ever.

Goldman Sachs, Morgan Stanley, and JPMorgan are already running the book.

And here's the part that matters for you...

...almost nobody outside Silicon Valley can buy a single pre-IPO share.

See the 3 public stocks positioned for the filing.

☕️ GM Munchers! Day two of the cottage trip, day two of pretending my phone is off. My wife has stopped believing me. Tensions are higher than trade negotiations between the U.S and Canada.

On today’s menu:

• 📉 Iran, Canada & Nvidia's About To Make It Interesting

• 🏀 Dick's Just Had Its Worst Day In History

• 👀 Nancy Pelosi Just Bought This Stock

• 🤑 This stock Is Up 300% This Year

Yesterday’s numbers:

BREAKING NEWS

📉 Iran Backed Off The Ledge, Canada Did Not & Nvidia's About To Make It Interesting

I used to think the Kardashians were peak entertainment, but our politicians are giving them a real run for their money.

Two geopolitical fights this week, two completely different endings. Trump spent the weekend threatening "economic D-Day" on any country trading with Iran, then yesterday chose economic pressure over new military action. Fewer bombs gave the market a reason to cheer, and oil dropped more than 5% on the relief to $81 a barrel.

Canada got no such mercy. New 50% tariffs on Canadian cars, trucks, auto parts, and steel take effect January 1, 2027, stacking on top of the 50% tariffs already hitting Canadian goods since Saturday.

Maple syrup lovers aside, the market shrugged off Canada and rallied on Iran instead. Buckle up though, because Nvidia reports earnings tonight after the bell, and this one could shake everything.

• 🖥️ The number to watch: Wall Street expects around $91 billion in revenue tonight, and Nvidia has beaten its own guidance for 13 straight quarters, though the size of the beat keeps shrinking.

• 🇨🇳 China is the wildcard: Nvidia's guidance assumes zero data center revenue from China, so any actual China sales would be pure upside nobody's pricing in yet.

• ⚡ The whole chip trade is riding on it: Nvidia is the single most important stock in the AI story, so a strong guide could reignite the rally while a weak one drags the entire sector down.

• 🤔 Bonus Report: Should you buy this stock? (From StockOracle)

The Munch Take: Funny how the scarier-sounding threat cooled off while the quieter fight with Canada just keeps escalating unnoticed. None of that will matter much after the closing bell tonight, though, because Nvidia's number is about to decide whether this chip rebound has real legs or whether yesterday’s pop was just investors getting optimistic right before a reality check.

Elon's new company is private. These 3 tickers aren't. (Ad)

The next Apple may already exist.

Insider sources say Elon has spent two years building a secret device inside Tesla's facilities.

He claims it will be "10x bigger than the largest product in history."

There's just one problem.

The company behind it is private.

Unless you know Elon personally, you can't buy a single share.

That was true until our research team found something...

...three public ticker symbols sitting directly in the launch supply chain.

Click here and I'll show you all 3 tickers, free of charge.

STOCK OF THE DAY

🏀 Dick's Just Had Its Worst Day In History

$DKS Dick's Sporting Goods now knows the heartbreak of every guy who walks into one of its stores and swears he would've gone pro if it weren't for his bad knee. The stock just had its worst single-day drop in the company’s history, crashing 30% after badly missing Wall Street's expectations and slashing its full-year outlook.

• Adjusted earnings came in at $3.53 a share, well below the $3.78 analysts expected.

• Revenue hit $5.59 billion, just short of estimates despite jumping 53% from a year ago.

So, what’s causing the issue? Kids spending too much time on their iPads and not buying footballs? Actually, no. The core Dick's stores are doing fine, posting solid 4.9% sales growth. The problem is Foot Locker, the shoe chain Dick's bought for roughly $2.5 billion last year. Foot Locker's comparable sales fell 3.6% as the athletic footwear market turned unexpectedly promotional, forcing Dick's to cut prices to stay competitive. That weakness dragged full-year profit guidance down to $11 to $12 a share, well below the $14.20 Wall Street had pencilled in.

So, is this a buying opportunity?

📈 The Bull Case:

• The original Dick's business remains genuinely strong, growing sales even while absorbing a messy acquisition.

• Management still sounds confident about Foot Locker's long-term potential, calling the current struggles conditions tied to a tough footwear market, not a broken brand.

• A stock down this much this fast sometimes overshoots the actual damage, especially when the core business isn't the problem.

📉 The Bear Case:

• Foot Locker was a $2.5 billion bet that is now actively losing money and dragging down results the company didn't have before the acquisition.

• Management got caught off guard by how promotional the footwear market turned, raising real questions about how well they understood what they were buying.

• A stock can stay cheap for a long time when Wall Street is busy rebuilding trust in guidance that just missed by this much.

The Munch Take: Buying a struggling competitor and then getting dragged down by that same competitor's problems is not exactly the turnaround story shareholders were promised. Whether the core Dick's business is strong enough to eventually absorb and fix Foot Locker, or whether this acquisition becomes a multi-year headache, is not something yesterday’s selloff actually answers. We expect to see a relief rally from here but support around $100 is where this starts to get interesting.

MARKET OVERVIEW

🍿 Tasty Movers & Shakers

💰️ FREE Bonus Report: Before you buy an ETF, read this (from Tuttle Capital)

💉 $MRNA Moderna popped 14.36% after Wolfe Research turned bullish on the stock. The firm's reasoning was simple: investors cannot stop talking about that cancer vaccine, and the excitement is feeding on itself.

💻 $AMD AMD ran up 4.91% after Raymond James slapped a Strong Buy rating on it. One well-timed upgrade was enough to pull buyers back into the chip name.

🔐 $RBRK Rubrik pulled back 5.48% as traders cashed out ahead of the cybersecurity firm's earnings. When people sell before the report even lands, that usually says something about the nerves going in.

🎯 $TGT Target fell 3.78% after critics slammed a Halloween costume they said was racist. We think that claim is a bit of a stretch but the stock was damaged anyways.

⚡ $BE Bloom Energy jumped 6.58% after a filing revealed Nancy Pelosi had taken positions tied to the stock. Her trades have basically become their own market signal at this point, whether that is fair or not.

TRADING SUCCESS

🤑 Wednesday Motivation

🚀 Pre-Market Fuel

1. 👀 Your sign to finally look into ETFs (Ad)

2. 🤑 This stock is up 300% this year.

3. 🤯 This upcoming IPO is going to be insane.

4. 🐔 KFC just released something crazy.

🍪 Munchy Memes

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