Jack

The low-income people are doing worse.

They're the lower egg.

The middle is getting squeezed, so Chipotle is picking sides.

They're choosing people making 100 grand or more.

In fact, in Chipotle's earnings, they revealed that 60% of their customers are high-income households making over 100,000 bucks a year.

They mentioned $100,000 five times on their earnings call.

We counted it.

They said it five times.

And because of this new data that they got last week about that $100,000 income, they're making this move.

Chipotle is confident to lean more into those high-income earners in a quote-unquote more meaningful way.

But Jack, what about for the people making below $100,000 a year?

Are they even allowed into Chipotle anymore?

Chipotle said that tax refunds are supposed to be bigger this year, so that can pay for the 2% price increase.

So Chipotle is willing to let the guy with the student loans trade down to Taco Bell for the time being.

Basically, that's what Chipotle said, yes.

Kind of an adios situation.

But we should also math the math on this thing, right, Jack?

You want to whip out the whiteboards?

Chipotle must figure they could cut prices to make that lower 40% happy.

Those making...