A Message From Porter & Company

Something strange is happening to your money.

It wasn't voted on. It wasn't debated in the Senate. And most Americans have no idea it's even taking place but…

President Trump is replacing the U.S. dollar.

Not with crypto. Not with a digital currency. Something far bigger than that – and it's already been signed and sealed in the back rooms of D.C., ready to be issued by the U.S. Treasury.

Bypassing every legal and political channel under the guise of "national security," Trump has enacted this total money reset using a landmark executive order (1421).

Whether you’re a Democrat or Republican, whether you support this new money or not, it doesn't matter.

Soon, every U.S. citizen will be forced to use Trump's New Dollar to fill their gas tank, buy groceries, and pay medical bills.

Which is why I've produced a critical new documentary laying out exactly what Trump's New Dollar means for your savings, your investments, and your family's financial future.

Detailing three important steps you can take today to prepare – including the name of a core band of assets connected to Trump’s initiative that could surge as a result.

As you’ll see in my briefing, the last time America reset its money like this – under Richard Nixon’s presidency in the 1970s – it created one of the greatest wealth divides in the history of our nation.

On one side, it minted an average of 1,300 new millionaires a day for over half a century. And on the other… the folks left behind, drowning in debt, with no idea how to use America’s new money to create wealth.

As Trump rolls out his new dollar, the question is:

Which side will you be on?

Good investing,
Porter Stansberry

PS. If you’re wondering what Trump’s new money will look like, when it will be issued, what it means for your investments and why it could be front page news on December 14 – all of those questions are answered in my briefing.

4 Small-Cap Stocks With Paths to Recovery After the Fed's September Rate Hike

Reported by Nathan Reiff. Published: 10/26/2026.

After a fairly steady upward trajectory through much of the spring and summer, the small-cap-focused Russell 2000 Index has experienced a sell-off over the past several months. One of the biggest catalysts was the Fed's interest rate hike in September 2026, which immediately increased pressure on smaller companies by raising borrowing costs. In addition, uneven economic growth, persistent inflation and the volatility inherent in many small-cap names have made the sector challenging as the year draws to a close.

Small-caps tend to have less diversified revenue streams than their larger peers and may therefore be more economically sensitive. Companies that rely heavily on debt—particularly those with floating-rate debt or sizable near-term refinancing needs—may be in an especially difficult position. On the other hand, if borrowing costs decline, credit conditions improve or investors rotate away from larger companies in search of more attractive valuations, the companies below may have the competitive advantages and paths to profitability needed to lead the recovery.

First Interstate Has Grown Margins and Kept Costs Down So Far

Regional banks are heavily reliant on deposit costs, loan demand and credit quality. When funding costs decline and borrowers are able to take on more loans, companies like First Interstate BancSystem (NASDAQ: FIBK), the holding company of a regional bank with locations throughout the Western and Midwestern states, can shine.

The company's Q3 2026 earnings report provides an opportunity to evaluate how well it is weathering external pressures. So far, First Interstate has been successful at maintaining—and even expanding—its net interest margin. In Q3 2026, the net interest margin increased by eight basis points year over year (YOY) to 3.53%. However, net income declined, and earnings per share (EPS) came in below analyst estimates. These mixed results have contributed to analysts' cautious outlook for FIBK shares.

Industrial Exposure With a Promising Acquisition

A maker of hydraulic tools and other industrial products, Enerpac Tool Group Corp. (NYSE: EPAC) serves customers in infrastructure, maintenance, manufacturing and other industries. This diversification may help the company withstand a downturn in small-caps. EPAC shares have fallen about 10% year to date (YTD) but have traded roughly flat over the past several months.

A potential catalyst in the coming months will be Enerpac's planned acquisition of SFE Group for $472 million. The deal should expand the company's total addressable market by about $1 billion and open new opportunities in defense, data centers, semiconductors and other areas. While Enerpac's cash-generation capacity has remained robust, the acquisition and subsequent expansion into new business areas could strain its finances. Analysts recommend caution even as they collectively predict roughly 41% upside for EPAC shares. Investors should watch EPAC closely when it reports its next earnings results, expected on Oct. 28.

A Higher-Risk, Higher-Reward Homebuilding Option

2026 has been a tough year for homebuilder stocks, and Century Communities Inc. (NYSE: CCS) focuses on a segment of the market that has been particularly pressured: single-family detached and attached homes aimed at first-time buyers.

With mortgage rates reaching record highs and demand weakening, the company continues to face numerous challenges.

This may be an opportunity for long-term investors to buy CCS stock while its value is depressed, as falling mortgage rates and a shift in the housing market could prompt a rebound. However, this is a risky play. Higher rates, rising building costs and weak employment could force builders to offer incentives to sell homes, reducing profit potential. Investors may find some confirmation on Oct. 28, when the company reports its next earnings results.

Harmony's WAKIX Receives Promising Regulatory Updates

Biopharmaceutical companies are often highly volatile, even when they are not part of a broader sell-off. With that turbulence, however, comes the potential for massive gains when promising drugs take off. Harmony Biosciences Holdings Inc. (NASDAQ: HRMY) is therefore less directly exposed to interest rate risk than some of the companies above.

The company's principal product, WAKIX, has received promising regulatory updates in Japan, suggesting that the drug for excessive daytime sleepiness may be moving closer to global approval.

Sales of the drug in places where it is approved have remained robust, growing 30% year over year (YOY) in the latest quarter. This may be enough for two-thirds of analysts to remain bullish on HRMY shares and to assign the stock a price target nearly 26% above its current price.

A Message From Behind the Markets

Fellow Investor,

The biggest energy deadline in American history...

Just aimed its full firepower at ONE company.

See, on July 4th, the One Big Beautiful Bill Act killed the federal tax credits that powered alternative energy for years.

But here's what almost nobody knows:

When the White House killed credits for solar, wind, EVs, and every other renewable energy source in America…

They left one untouched.

Not only that - they reclassified it alongside oil and nuclear...

And gave it eight years of credits.

Because in June 2025, a drilling crew working near the Grand Canyon...

Unearthed a well of clean energy producing almost 8 times the output of the largest oil well in Saudi Arabia...

Capable of powering civilization for two million years.

Right here on American soil.

Everything changed that day.

Google signed a 15-year contract...

Bill Gates wrote a $100 million check.

And on July 4th, the government handed this energy source its biggest advantage ever.

One company owns the entire chain.

Time is running out to be an "early investor."

I recommend placing your trade at tomorrow's market open.

Go here now for the Grand Canyon breakthrough ticker >>

"The Buck Stops Here,"

Dylan Jovine, CEO and Founder
Behind the Markets

Mr. Wonderful’s Test for AI Data Center Stocks: Power, Permits, and Tenants

Authored by Bridget Bennett. Article Published: 10/19/2026.

Artificial intelligence (AI) infrastructure stocks just learned how quickly spending fears can outrun demand. CoreWeave (NASDAQ: CRWV) fell about 25% in a matter of days during the recent sell-off, while Applied Digital (NASDAQ: APLD) and IREN (NASDAQ: IREN) slid roughly 50% from their summer highs.

The worry is familiar. Data center builders are pouring enormous capital expenditures (CapEx) into new campuses, much of it borrowed, and investors want to know whether that capacity will ever pay for itself.

But the market may be counting the wrong thing. The bigger threat to the buildout isn't too much supply; it's how many announced projects quietly never get finished.

If permits, water and power are the real constraints, the sites that clear those hurdles could become far scarcer and more valuable than the sell-off implies.

Two Growth Verticals Are Driving the AI Infrastructure Trade

Kevin O'Leary, the businessman known as Mr. Wonderful from Shark Tank, invests in Bitzero Holdings (NASDAQ: AIBZ) and is developing private data center projects in Utah and Alberta. The theme is his largest, accounting for well over 20% of his portfolio.

He divides the opportunity into two verticals. Power is the first, since the economy needs far more grid capacity regardless of AI. Compute and storage capacity is the second, and demand extends well beyond AI.

Much of what Amazon.com (NASDAQ: AMZN), Alphabet (NASDAQ: GOOGL) and Microsoft (NASDAQ: MSFT) operate through their data centers has nothing to do with AI, according to O'Leary. In his view, compute demand is roughly three times available capacity, with no slowdown in sight over the next three years.

Permits and Power Separate Real Projects From Press Releases

The price tags explain the market's nerves. Tenants that once asked for 250 to 500 megawatts now want at least 1.4 gigawatts—roughly $16 billion from the ground up through operations—split about evenly between equity and debt.

Before a tenant rolls in a single rack, the developer needs land, Environmental Protection Agency (EPA) air permits, water rights, dark fiber and power. Planning alone can cost $20 million to $30 million per gigawatt.

Power is the hardest piece. Former crypto miners pivoted to AI because they already had grid connections, but most states now require new projects to bring their own power, usually natural gas run through turbines.

Time is the hidden cost. Internal rate of return (IRR) depends on speed, and a site facing a three-year permitting wait cannot produce a return that anyone will finance. Tenants want capacity online by the fourth quarter of 2027, a demand O'Leary calls insatiable.

Here's where it gets interesting: Once the power contract, water permit and air approval are all signed, a project's value can jump sharply, according to O'Leary.

Scarcity, Not Oversupply, Could Define the Next 24 Months

The popular bear case says too much capacity is coming and that pricing power could fade once it is built. O'Leary rejects that view.

By his estimate, about 65% of data center projects announced across North America in the past two years will never be built, derailed by missing water, fiber or power, or by a political moratorium. He expects 60% to 65% of those projects could be shut down within 24 months.

Politics is the sharpest risk. O'Leary cites polling showing that more than 70% of people oppose a data center in their state, though responses shift when the site is three miles away and offers jobs paying $150,000. With midterm elections approaching, blocking data centers can win votes.

The oversupply debate assumes announced capacity equals built capacity. O'Leary's math assumes most of it never shows up.

He has not heard of a new project announced in roughly seven months, and he estimates that his Box Elder County, Utah, site could fund about 30% of the county's budget within 24 months. A digital asset bill known as the CLARITY Act could add further compute demand if it passes.

Public Liquidity and Private Projects Can Share One Portfolio

O'Leary splits his exposure on purpose. Bitzero, with land, power and permits in Norway and Finland, gives him liquidity. His Utah and Alberta projects are private.

Location drives cost. Saudi Arabia offers power at close to one cent per kilowatt-hour, though capital is difficult to raise there right now. Norway, Finland and Alberta come in under six cents, backed by hydro, nuclear and stranded natural gas.

Long term, he treats data centers like commercial real estate with utility-style cash flows. In climate-controlled storage, he targets 17% to 22% returns and prefers no more than 30% leverage. Investors seeking lower volatility could stick with large caps like Microsoft or Anthropic, if it ever goes public, according to O'Leary.

The upside is scarcity. If roughly two-thirds of announced projects fail, permitted and powered capacity becomes the prized asset, and operators already online gain leverage with a short list of about 11 major tenants.

The risk is political and financial. A moratorium can stop any project midway through permitting, and heavy debt leaves little room for delay. Spreading sites across countries lowers that risk without eliminating it.

The Path to Power Matters More Than Headline Spending

CoreWeave, Applied Digital, IREN and Bitzero share the same fault line. The market is pricing their spending, but what may matter more is whether their sites have power, permits and tenants in place.

In O'Leary's view, Bitzero's public listing allows it to issue debt and equity, while its operations show that it can run a facility profitably—an edge that private projects still chasing permits lack.

The scarcity argument doesn't require every builder to win or AI enthusiasm to hold every quarter. It requires compute demand to remain strong while permitting stays difficult. A sudden wave of newly permitted capacity or a hyperscaler pullback in chip spending would weaken the thesis.

Stay focused on who has signed power contracts and cleared permits, because that's what moves data center stocks once the spending headlines fade.