Begin by air-popping or microwaving about ½ cup of popcorn kernels to yield 16 cups of popped popcorn. Remove any un-popped kernels and transfer to a large mixing bowl.

In a large saucepan, combine ½ cup of salted butter, 1 cup of brown sugar, 7 oz of sweetened condensed milk, and ½ cup of light corn syrup. Stir continuously over medium heat until the butter melts and the mixture blends well.

When the mixture bubbles, bring it to a gentle simmer for about 2.5 minutes until it thickens and turns a deep golden color. Use an instant-read thermometer to ensure accuracy.

Carefully pour the hot caramel over the popcorn in the mixing bowl and gently mix until all popcorn is coated.

Allow to cool slightly before serving. Store any leftovers in an airtight container to maintain chewiness for up to 5 days.