Editor’s Note: Make time for this today – Porter’s explosive new documentary exposes the President’s plans to replace the U.S. dollar. If you have retirement savings, a stock portfolio, or a family depending on you financially, you need to watch it right now.

In the early 19th century, whale oil was among the most valuable commodities on Earth.

It lit the lamps of America. It lubricated the machines of the Industrial Revolution. Entire coastal economies like New Bedford, Nantucket, and New London thrived because of it.

The scarcity was real. Whales were finite after all – and the expertise to hunt them, process them, and bring the oil to market took decades to develop.

That scarcity underpinned an entire monetary ecosystem.

Then in 1859, Edwin Drake struck oil in Titusville, Pennsylvania.

Kerosene arrived. It was cheaper, more abundant, and much more powerful.

The whalers didn't disappear overnight. The compression was gradual – and then suddenly catastrophic. Within two decades, the whaling industry had effectively collapsed.

The scarcity hadn't disappeared. It had migrated. And the fortunes built on whale oil migrated with it – to the men who understood where scarcity had moved.

This is what a great repricing looks like.

A friend of mine, financial writer Garrett Baldwin, has a phrase for what happens to the people who don't move in time. He calls it the "flooding layer."

The idea is simple – every time the scarcity underpinning an entire industry evaporates, it creates two groups of people:

Those who own the new chokepoint. And those standing in the flooding layer – watching everything they built get washed away.

The brutal truth is that the people in the flooding layer almost never see it coming. Not until the compression is irreversible.

For a more recent example, let’s look at Kodak.

In 1988, Eastman Kodak employed nearly 150,000 people.

It was one of the most valuable companies in America. Its business was built on a form of scarcity that seemed unassailable – the chemistry, the film, the paper, the processing infrastructure required to capture and develop a photograph.

That scarcity evaporated when the smartphone put a camera in every pocket.

Kodak didn't fail because folks stopped taking pictures – it failed because the scarcity that underpinned its entire business model migrated.

In 2012, Kodak filed for bankruptcy.

That same year, Facebook acquired Instagram – a company with 13 employees – for $1 billion. Instagram had captured the value that Kodak lost.

The scarcity had migrated from chemistry to connectivity and the people who understood that got very rich. Those left standing in Kodak's flood plain did not.

Today I’d like to show you that we’re living through another great repricing – one that is already making millions of dollars for those who understand where the scarcity is migrating once again.

To understand what’s unfolding we have to rewind to a secret deal that’s profoundly shaped everything about our lives, for more than half a century.

Kissinger’s Dollar Reset

In July 1974, Treasury Secretary William Simon boarded a secret flight to Saudi Arabia.

Under the orders of Nixon’s top national-security advisor Henry Kissinger, what he proposed to King Faisal in the coastal city of Jeddah would become the greatest financial arrangement in the history of the world.

Saudi Arabia would price its oil in dollars.

Within a year, every other OPEC nation followed suit. The U.S. dollar was now backstopped by the one commodity the entire modern world could not function without.

That scarcity minted fortunes on an almost unimaginable scale – creating an environment that allowed America to spend trillions, with the rest of the world picking up the tab.

And for the companies at the chokepoints of the petrodollar, it was like rocketfuel.

ExxonMobil up 9,700%. JPMorgan up 6,000%. Lockheed Martin up 14,400%. Microsoft up 479,000%. America transformed from a nation of 180,000 millionaires in 1974 to nearly 24 million today.

But the petrodollar arrangement – Kissinger's deal in the desert – officially expired without fanfare in June 2024.

China has slashed its U.S. Treasury holdings by more than 45% from the peak. The BRICS nations dumped $47 billion in a single month. Central banks are swapping dollars for gold at the fastest pace since the Cold War.

Ray Dalio – founder of the world’s largest hedge fund – calls it the "breakdown of the monetary order."

The flooding layer has shifted again.

And millions of Americans are standing in it right now – in cash, in the wrong stocks, in retirement funds built for a monetary order that is being quietly dismantled beneath their feet.

Trump’s New Order

While most Americans have been distracted by the tariffs, UFO memes, and the war in Iran, Trump has been quietly assembling the most ambitious monetary reset in half a century.

Bypassing Congress, away from the mainstream press, Trump is executing his audacious repricing through a series of executive orders and bilateral deals most people have never heard of…

Channelling more than $3 trillion in public and private capital toward a single strategic objective:

Securing the physical foundation that makes artificial intelligence possible.

I’m talking about the priceless minerals, chips, energy, and infrastructure without which no AI model runs, no data center operates, no breakthrough is possible.

This is where scarcity is migrating.

And over the past few years, the companies sitting at the chokepoints of this new order are already soaring:

Vertiv – up more than 500%.

GE Vernova – up nearly 700%.

Arista Networks – up more than 750%.

Taseko Mines – up 370%.

The titans of industry who understood that kerosene would reprice energy got rich.

As did the investors who understood that the petrodollar would send a wave of capital into a specific band of stocks sitting at the chokepoints.

The ones who didn't understand this found themselves stranded on the flood plains of history – wondering how they missed it.

I want to help you avoid that fate.

I've spent months identifying the companies I believe sit at the narrowest chokepoints of what I'm calling Trump’s Silicon Dollar.

In my new briefing I lay out the full story and how it could impact your money.

I'll show you why Trump has declared a national emergency to secure the most critical AI resources – and why every move he's made, from his obsession with Greenland to the war in Iran to his trip to Beijing, connects back to it.

I’ll also reveal the name and ticker of one asset you can buy today to get immediate exposure to what's unfolding.

And details on five stocks sitting at the chokepoints of Trump's plan – positioned to do what ExxonMobil and Lockheed Martin did for the investors who understood the petrodollar.

You’ll also discover why a critical event this year could accelerate the wealth divide this great repricing is already creating.

Get the full story here.

Good investing,

Porter Stansberry

Thematic Memory ETFs Give Investors a New Way to Play AI’s Hidden Bottleneck

By Dan Schmidt. First Published: 7/23/2026.

Memory stock prices have had the wind knocked out of them this month as several negative catalysts have converged to rock this suddenly volatile group. The boom lifted many cyclical companies to unprecedented heights, driven by insatiable demand from hyperscalers. But for the first time in a while, cracks have appeared in the story. Valuations among memory chipmakers are stretched, price hikes are facing pushback, and Chinese memory producer ChangXin Memory Technologies is threatening to upend the market with a massive $8.6 billion IPO in Shanghai. Is the memory trade about to be disrupted? Not so fast, my friend.

The Differentiating Aspects of the Memory Shortage

Hyperscalers are hungry for specific types of memory, but this demand has had a cascading effect on the industry. Companies like Micron Technology Inc. (NASDAQ: MU) and Samsung Electronics Co. Ltd. (OTC: SSNLF) have committed all their capacity through 2026, and many analysts project memory shortages to last until 2027 or 2028 at the earliest. This supply shortfall is the central theme of the bullish thesis and the reason these recent headwinds are likely to be a short-term blip.

Threats of hyperscaler spending slowdowns, Chinese competition and oversupply are concerns for the coming years. However, the reality is that memory suppliers are entrenched in lucrative, multiyear contracts with deep-pocketed hyperscalers. Typically, memory chip prices fluctuate as supply ebbs and flows, but these long-term deals also lock in prices for extended periods, providing longer runways for high-margin sales.

It’s important to understand the different types of memory chips these companies produce, since the type of memory matters when selecting a fund. Here are the main components of the data center memory stack:

• Dynamic Random-Access Memory (DRAM) - The active working memory found in most computers, tablets and mobile devices, which stores data on capacitors. DRAM is a volatile form of memory that must remain connected to a power supply to retain information, but its high speeds and low latency have led it to dominate the memory chip market.

• High-Bandwidth Memory (HBM) - A specialized type of DRAM that’s increasingly crucial to the AI data center supply chain. HBM uses a 3D stack to arrange memory chips vertically, reducing power consumption and creating the bandwidth that hyperscalers find attractive. HBM has emerged as a core component in the AI buildout, and only Micron, Samsung and SK Hynix Inc. (NASDAQ: SKHY) are currently capable of producing it.

• Not-and (NAND) Flash - NAND flash memory chips are nonvolatile, meaning they retain data even after the power source is cut off. Users of NAND memory care more about efficient storage than high speeds, and it is primarily used in hard disk drives (HDDs) and solid-state drives (SSDs) sold by companies like Seagate Technology Holdings PLC (NASDAQ: STX). HBM might be the headline source of data center demand, but storing training data also requires nonvolatile memory with high storage capacity.

3 ETFs Offering Unique Ways to Play the Memory Stock Surge

Your opinion on the next direction of the memory trade will determine which funds fit your portfolio. Each of these ETFs follows a different thesis, but the underlying holdings do have significant overlap. Remember, these memory ETFs are still relatively small, so you can expect volatility and wide spreads no matter which fund you select.

Roundhill Memory ETF: High-Liquidity Fund With Focused HBM Exposure

The group's veteran fund is still just a few months old, but the Roundhill Memory ETF (BATS: DRAM) has already amassed more than $20 billion in assets under management (AUM) and developed a healthy options market. More than 42 million shares trade daily on average, and its 0.65% expense ratio isn’t terrible for a fund this uniquely tailored.

The ETF holds 23 assets in total, with the highest concentrations in the South Korean HBM producers SK Hynix and Samsung. It also allocates smaller shares to flash memory producers like Seagate and Western Digital Corp. (NASDAQ: WDC) and maintains liquidity through Treasury holdings. An investment in DRAM is a concentrated bet on HBM, with a sprinkling of NAND, but with less volatility and risk than our next fund.

Kurv Memory Select ETF: High Risk Through Highly Concentrated HBM Exposure

The Kurv Memory Select ETF (BATS: KMEM) began trading on June 30 and currently has less than $50 million in AUM. But if you have high conviction that the HBM supply shortage will last for multiple years, KMEM may have the highest upside.

The concentration is heavy: SK Hynix, Samsung and Micron account for nearly 80% of the holdings, with more than 41% in SK Hynix alone. Despite its low AUM, the fund matches DRAM’s 0.65% expense ratio, which is again fair for a thematic ETF. KMEM investors should prepare for high volatility and be comfortable with a new, risky vehicle.

Tema Memory ETF: Broader Exposure Across the Memory Ecosystem

The Tema Memory ETF (NYSEARCA: DISK) adopted its stock ticker because it offers a more diverse play on the memory chip industry. The fund has 22 stock holdings, none of which represents more than 18% of the portfolio. You’ll get NAND flash makers like Seagate, Western Digital and SanDisk Corp. (NASDAQ: SNDK), along with HBM makers like Micron, Samsung and SK Hynix.

The fund also offers exposure to companies that don’t trade on U.S. exchanges, like Kioxia Holdings and Nanya Technology. The expense ratio is high at 0.75%, but it has amassed more AUM ($76 million) than KMEM over the same period and offers much broader industry exposure than the other two funds. If you don’t want to be overexposed to hyperscalers, consider DISK over DRAM and KMEM.