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☕️ GM Munchers! My wife has started referring to my trading account as "the other woman." I tried explaining that it is a diversified portfolio with a long-term growth thesis. She said it sounds like something that takes all our money and never apologizes. She is also not wrong about that.

On today’s menu:

• 📉 The Market Had A Rough Day Yesterday

• 🐎 Ferrari Just Fired Its Marketing Chief

• ✅ IBM, BestBuy & Carnival

• ☁️ Is This The Opportunity Nobody Is Talking About?

• 📈 Investors Are Buying a Ton of These Stocks

Yesterday’s numbers:

BREAKING NEWS

📉 The Market Had A Rough Day Yesterday. Here’s Exactly Why.

Yesterday was rough. Not catastrophic. But rough.

South Korea's market crashed nearly 10% overnight after lawmakers floated a proposal to tax unrealized stock gains. That created a ton of panic selling and that fear crossed the Pacfic before most traders finished their coffee.

Why US Chip Stocks Felt It: This was not a broad market collapse but a fast and surgical selloff. Specifically, Micron is responsible for a lot of the blame. The stock crashed over 13% as investors are worried about their upcoming earnings report that lands today.

What To Watch Today

Micron reports after the close and the market is now treating Micron the way it used to treat Nvidia earnings in 2023 and 2024. This is the most important earnings release of the week and arguably the most important chip earnings of the quarter. There’s three things the market will be watching closely:

• 💰 Guidance on chip demand for the next two quarters, since the entire AI chip trade lives or dies on that number.

• 📊 Gross margin trajectory, currently guided toward 68%, which tells you whether the pricing power is holding.

• 🔍 Any commentary on whether AI infrastructure spending from hyperscalers is accelerating or starting to plateau.

If Micron delivers and guides higher, yesterday's selloff looks like a buying opportunity. If it disappoints on guidance even slightly, on a chart that was already at all-time highs, the drop could get ugly fast.

The Munch Take: Yesterday was not a market telling you AI is over. It was a market that ran extremely hard getting spooked by one country's silly tax proposal and then holding its breath waiting for one company's earnings report. That is a volatile moment but not a structural break in the bull run. All eyes now turn to the earnings report later today.

🐎 Ferrari Just Fired Its Marketing Chief. Their Stock Is Struggling.

We can’t afford to buy a Ferrari so instead we like to watch the stock and $RACE is full of drama right now. The stock is down nearly 5% in 2026, is down almost 25% over the last year and yesterday Ferrari quietly pushed out its Chief Marketing Officer after 16 years. Ferrari calls it a personal decision but timing tells a different story.

What Actually Happened

Enrico Galliera is out only weeks after the rocky debut of the Luce, Ferrari's first ever electric car, which wiped roughly 8% off the stock in a single day. His replacement is the former head of BMW Italy. Inside sources say the departure was agreed at the very beginning of this year, long before the Luce was revealed. Maybe. But launching your first EV to widespread mockery and then replacing your marketing chief weeks later is a tough sequence to call a coincidence.

📈 The Bull Case:

• Ferrari's pricing power is unlike almost any other company alive. Waiting lists and controlled supply mean they set the price and buyers accept it.

• The stock is seen as potentially 15% undervalued at current levels by some analysts.

• Bringing in a BMW luxury veteran signals Ferrari is serious about fixing the EV narrative before it damages the brand permanently.

📉 The Bear Case:

• Losing 8% of your stock on the day you reveal your most important new product in decades is not a marketing problem. It’s a product problem.

• Ferrari is keeping the Luce order books completely private until Q2 results at end of July. Companies that hide their numbers usually have a reason.

• Making customers qualify to buy your cars works in good times. In a tightening luxury market it starts to feel tone deaf fast.

The Munch Take: Ferrari is charging $640,000 for a car the internet spent two weeks making fun of. And if you want access to their more exclusive models, you have to buy their entry-level cars first. It is a members-only club where you prove loyalty by spending hundreds of thousands before they let you spend more. Lamborghini does not do that. You walk in, pick your car, and leave with your dignity intact. We cannot afford either one, but at least Lamborghini treats you like a customer instead of an applicant. My wife saw the Luce and asked why it looks like a minivan wearing a Ferrari badge. I told her it costs $640,000. She said that’s ridiculous. I totally agree.

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MARKET OVERVIEW

🍿 Tasty Movers & Shakers

🔵 $IBM jumped 5% after JPMorgan upgraded the stock and the White House announced a push to accelerate quantum computing. Two tailwinds in one day. IBM took the gift and ran.

📱 $QCOM Qualcomm fell 8% despite reports it’s in talks to acquire AI developer platform Modular for $4 billion. The acquisition news did not stand a chance against the chip selloff happening around it.

🚢 $CCL Carnival dropped nearly 5% after giving weaker third-quarter guidance and blaming Middle East uncertainty for the shortfall. Cruise ships and geopolitical instability are not a great combination.

🖥️ $BBY Best Buy slipped after announcing its CFO Matt Bilunas is stepping down at the end of July. Markets don’t love leadership uncertainty and they rarely wait around to find out if it matters.

🍿 $AMC AMC cratered 24% after announcing plans to sell 95.3 million new shares to raise $200 million. Diluting existing shareholders by that much is never a good look. The stock responded accordingly.

STOCK OF THE DAY

☁️ Salesforce Is Down 43% This Year. Is This The Opportunity Nobody Is Talking About?

If you’ve been looking for an interesting stock to add to your watchlist, this story is for you.

$CRM Salesforce just hit its lowest level since January 2023. The stock is down 43% in 2026 and just completed its thirteenth consecutive session of losses, an unprecedented losing streak for the company. This is not a small dip. This is a full-blown collapse in one of the most recognizable software brands on earth.

Why It's Getting Destroyed

Wall Street has a name for what is happening to Salesforce and every company like it. They are calling it the SaaSpocalypse. The fear is simple. AI agents and coding tools could let companies build their own CRM systems, cutting Salesforce out of the workflow entirely. If you can just prompt an AI to build your sales pipeline from scratch, why pay Salesforce hundreds of millions a year?

That is the fear but here’s the real question nobody has a clean answer to yet. Are massive enterprise clients actually going to do that? A Fortune 500 company with a decade of customer data, compliance requirements, and thousands of employees trained on Salesforce is not going to vibe-code its own CRM on a Tuesday morning. The switching costs are enormous. The headaches are real. The question is how sticky these clients actually are, and right now the market is betting they are not sticky enough.

📈 The Bull Case:

• Over 75% of Wall Street analysts covering Salesforce still have a Buy rating, with a consensus price target of $244, implying more than 60% upside from current levels.

• Agentforce is live with 23,000 customers already, cutting support tickets by up to 40% at some clients, and processed 2.4 billion Agentic Work Units last quarter, up 57% from the prior quarter.

• InvestingPro's valuation model puts fair value roughly 57% above where the stock trades today, while the RSI is firmly in oversold territory

📉 The Bear Case:

• Wall Street has coined the term SaaSpocalypse for a reason. If AI agents genuinely replace traditional SaaS workflows, Salesforce's per-seat revenue model does not survive intact.

• Agentforce generated $1.2 billion in annual recurring revenue last quarter. Against full year guidance of $46 billion, that is still a very small piece of the total pie.

• The stock has now lost more than 40% while the broader market held up, meaning this is not a macro selloff. Investors are specifically voting against this business model.

The Munch Take: Honestly, we don’t know if the AI fears are overblown. Nobody does. What we do know is that a stock down 43% with 75% of analysts still saying buy and an RSI screaming oversold is a setup worth watching closely. We expect a bounce from here. The stock looks technically exhausted. But whether this is the beginning of a real recovery or just a dead-cat bounce before the SaaSpocalypse narrative takes another leg down is genuinely too close to call right now. For long-term investors who believe enterprise clients are stickier than the market thinks, this is starting to look like a very interesting entry point. For everyone else, it goes on the watchlist and stays there until the story gets clearer.

TRADING SUCCESS

🤑 Wednesday Motivation

🚀 Pre-Market Fuel

1. 🤑 Normally $29.97. Free today. (Ad)

2. 📈 Investors are buying a ton of these stocks.

3. 👀 Mark Zuckerberg is making a new app?

4. 🇨🇳 China’s housing crisis is getting worse.

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