A Message From Porter & Company

I never thought I’d see this again…

I thought what happened 25 years ago was a once- in-a-lifetime event… but how wrong I was… because a quarter of a century later it’s happening again… and it’s about to upend everything.

For those who understand what’s unfolding, I believe this could be one of the greatest wealth-building phenomena of their lives.

But for those who bury their head in the sand… this change threatens to wipe out years of investment returns.

Here’s the full story:

25 years ago, I started telling friends, family, and anyone who would listen about an unprecedented societal shift that was barreling down on us.

I’d discovered that a new technology was about to unleash massive, almost unimaginable, changes in America.

I likened the impact to that of the railroad boom… the Industrial Revolution… and the rise of personal computing.

At the time, I was working as an investment analyst for an elite research group, but my colleagues and bosses refused to listen to me.

No matter what I said, they simply would not acknowledge the sands shifting beneath their feet.

The legendary Dr. Kurt Richebacher – one of the world’s leading Austrian economists – even called me and my ideas “radical.”

But I was certain this new technology would trigger a transformation that was simply unfathomable to most people and those on the frontier could reap financial returns unlike any the world had ever seen before.

So, I decided to put my entire career – not to mention every cent I had – on the line to spread the story myself.

I left my job as a research analyst, went home to my third-floor apartment in one of Baltimore’s worst neighborhoods, and with a borrowed laptop I wrote my first major financial prediction

In a report that was read by more than 100,000 people… I explained how the endless miles of new fiber optic cables being laid was creating a new railroad across America.

And that I believed this new “railroad” was going to upend the telecommunications industry and pave the way for a new internet economy.

I also warned it would decimate some of America's most dominant companies like AT&T.

At the time, this was an outlandish idea, with analysts calling AT&T “dominant”, “unstoppable”, and “the giant that no other company can topple.”

But those who were willing to open their minds to my so-called “radical” ideas were not only able to sell these companies before they collapsed…

They also had the chance to get in early on the firms that would go on to command this new internet economy:

Amazon, Adobe, Qualcomm, SunMicrosystems, Uniphase, Texas Instruments, and many others.

While these are household names now, when I first recommended them in the late ‘90s, they were complete unknowns.

Since then, long-term readers will know that I’ve issued a number of other predictions – and while I’m not always right – many of them have come to pass.

Now, I’m coming forward with a new prediction that I believe could be the most important financial and economic story of the next several years.

Both for the good and the bad.

Because as I recently told my subscribers:

“This is the largest infrastructure build-out in America since the railroad boom. You know this will change your life and the lives of all Americans, in many ways.

You know fortunes will be made, fortunes measured in trillions of dollars.

But what you don’t know is: most investors are about to lose everything.”

I’m not talking about quantum computing, augmented reality, or the blockchain. I’m talking about the second wave of artificial intelligence.

You see, right now, there is a new railroad being built.

Hundreds of billions of dollars a year are going into AI data centers – computers the size of cathedrals, drawing electricity measured in gigawatts, rising out of farmland in Ohio, Wyoming, and Texas.

But just as we saw during the railroad boom and the fiber-optic boom, the "builders" are going to get completely crushed by their own infrastructure costs.

Worse yet because this colossal infrastructure build is triggering an efficiency shock that is driving the cost of compute down to near zero… the margins of major software and AI tech darlings could collapse.

So the question is not who is building the data centers. The question is: Which industry can absorb almost unlimited, near-free computing power and still defend its prices?

We have found the answer.

It’s a completely abandoned sector of the market that represents the largest computational puzzle on earth.

More importantly, it is the only industry where the government hands you a legal, federally enforced monopoly to protect your product for decades.

I believe this sector is about to absorb the capex of the AI boom, and it could be among the best-performing sectors of the stock market… the next Mag7.

I’ve recorded a new step-by-step broadcast outlining exactly what is happening, and exactly where this capital is rotating.

During the broadcast, I even give you the name and ticker symbol of my #1 large-cap stock to buy right now for this second wave.

So click here to watch my Ignition Point event immediately.

Good investing,

Porter Stansberry

Array and Shoals Are Merging: Who Really Wins the All-Stock Solar Deal?

By Chris Markoch. Article Published: 11/6/2026.

Array Technologies (NASDAQ: ARRY) and Shoals Technologies Group (NASDAQ: SHLS) agreed on Nov. 4 to combine in an all-stock merger. On paper, Array is buying Shoals. In practice, Shoals shareholders will control the combined company.

Array stock jumped nearly 15% following the merger announcement. However, not all of the gain was due to the deal. Solar stocks rallied broadly that day after Democrats won control of Congress in the midterm elections. Array also reported Q3 2026 earnings that morning, with mixed results.

Shoals shares also climbed more than 8% following the announcement. The company also reported Q3 2026 earnings that beat both revenue and earnings estimates.

How the Array-Shoals Merger Will Work

Array will serve as the legal acquirer. A newly formed Array subsidiary will merge into Shoals, making Shoals a wholly owned subsidiary of Array. The deal values Shoals at roughly $1.32 billion.

Each Shoals share will be converted into 1.6931 Array shares. Because the exchange ratio is fixed, the value Shoals shareholders receive will move with Array's stock price until closing. The deal is designed to be tax-free, and no appraisal rights are available.

After closing, Shoals shareholders will own about 65% of the combined company, while Array shareholders will own the remaining 35%. On a fully diluted basis, the split is 64.5% and 35.5%.

The leadership structure reflects the ownership split. Shoals CEO Brandon Moss will run the combined company. Array CEO Kevin Hostetler will become a special advisor. Brad Forth, who already chairs both boards, will chair the new board. He did not participate in either board's vote.

The 10-member board will include four independent directors from each company, plus Forth and Moss. The company plans to adopt a new name and ticker, so the ARRY symbol is likely to disappear.

What the Deal Means for Array and Shoals Shareholders

Shoals shareholders will gain control. They will hold the majority stake, their CEO will lead the company, and they will gain access to Array's international footprint.

Array shareholders will receive no premium or cash. Instead, they will own a smaller slice of a larger, more diversified business. Their bet rests on cost savings, a cleaner balance sheet and opportunities to sell more products to existing customers.

The strategic logic is simple: Array makes solar trackers and mounting systems, while Shoals makes the electrical hardware that carries power across a solar site.

Customers have typically bought these products through separate supply chains. That said, only about 20% of projects served by either company from January 2025 through September 2026 used products from both.

The 2027 Targets Come With Caveats

The companies estimate pro forma 2027 revenue of $2.2 billion to $2.4 billion. They also estimate adjusted EBITDA of $410 million to $480 million.

Investors should focus on the word “estimate.” These are preliminary, indicative figures, not actual results. They also include expected year-one synergies. The companies say the ranges illustrate only the combined company's potential scale, and no auditor has reviewed them.

Those built-in synergies matter. Year-one cost savings are expected to add about $20 million in run-rate EBITDA. Cross-selling is expected to add roughly $15 million more, based on revenue that has not yet been won.

Longer term, management is targeting more than $100 million in annual synergies within three years. Shoals also brings about $1.6 billion in tax amortization and $237 million in net operating losses. Those could help keep cash taxes low for several years.

The Combined Company Looks Beyond Solar

The deal is also about growth beyond solar. Management says the combined company's scale will open doors in battery storage and data center infrastructure. Shoals already sells electrical systems into both markets.

For now, this expansion is more ambition than plan. The companies have not provided separate revenue or margin targets for either market. Investors should treat it as potential upside, not part of the base case.

How the Merger Addresses Array's Preferred Stock

The deal also tackles a long-standing drag on Array: its Series A perpetual preferred stock. Dividends on the stock have been a steady drain on cash.

Array will redeem $317.5 million of the preferred stock, measured by liquidation preference, at a discount. About $161.3 million will be redeemed within 90 days of closing at 93% of face value. The remaining $156.3 million will be redeemed in three installments through 2030 at 96%.

The companies say the deal will cut preferred distributions by nearly $100 million over five years. About $348.7 million of preferred stock would remain after the first redemption. Its dividend rate will step up by 300 basis points five years after closing, giving management a strong reason to retire the rest early.

Pro forma leverage is expected to be 2.6x adjusted EBITDA at year-end 2026. Management is targeting a level below 2x by the end of 2027.

What Needs to Happen Before the Deal Closes

The companies expect the deal to close in the first quarter of 2027. Several steps must come first:

• Shareholders of both companies must approve the deal.

• The Hart-Scott-Rodino antitrust waiting period must expire or be terminated.

• Array's Form S-4 registration statement must become effective.

• Nasdaq must approve the new shares for listing.

What Could Delay or Derail the Merger

The shareholder votes carry the most risk. Array shareholders are giving up control without a premium, so their vote is the one to watch.

A competing bid could also complicate the merger. Either board can change its recommendation under certain conditions, but terminating the agreement could trigger a breakup fee. Depending on the circumstances, Shoals could owe Array $40.3 million, while Array could owe Shoals $22.2 million.

Antitrust risk appears modest because the product lines mostly complement each other. Still, either side can walk away if the deal has not closed by May 4, 2027. That date extends to Nov. 4, 2027, if only antitrust or listing approval remains outstanding.

The preferred stock agreement adds one more wrinkle. Blackstone can terminate that agreement if certain merger terms change without the required investor consent. If the merger still proceeds, the original, costlier terms would remain in place.