Pour cereal into a very large bowl or doubled clean brown paper bag, set aside.
In a large microwave-safe bowl, add sweetened condensed milk, butter, and chips. Microwave in 30 second increments, stirring between, until chips are fully melted. Mix until smooth.
Mix in the pudding powder until evenly combined, then add vanilla and salt.
Pour pudding mixture over the cereal and toss until evenly coated, then add powdered sugar and toss again.
Allow treat to cool then store in an airtight container. Best when eaten in the first day or two!
