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

Bristol Myers Squibb's Cancer Breakthrough Could Have Implications Beyond Its Own Stock

Submitted by Nathan Reiff. Originally Published: 10/26/2026.

GLP-1 agonists may have attracted most of the attention when it comes to game-changing drugs in the last couple of years, but the oncology landscape is heating up as well. Investors may see a transformation for some long-standing firms in the space. Bristol-Myers Squibb (NYSE: BMY) recently announced that its investigational drug candidate iza-brentuximab (Iza-bren) demonstrated a reduction in the risk of progression or death in a breast cancer trial.

The Phase 3 trial data comes at a crucial time for the firm as it faces the ongoing threat of a major patent cliff for its popular blood cancer drug Revlimid. At its peak, the drug generated nearly $13 billion in annual sales, but that was in 2021, and generic competition has eroded those sales in the years since. Given that breast cancer is the largest oncology indication in the country, any drug that can meaningfully improve progression-free survival has the potential to become another multibillion-dollar product.

The Potential Implications of the Iza-bren Trial Data

The Iza-bren trial focused on patients with HER2-low and HER2-ultralow metastatic cancers, common types of breast cancer that account for up to two-thirds of all metastatic breast cancer cases. Despite their prevalence, these cancers are currently underserved by existing therapies.

The Phase 3 trial data showed a 59% reduction in the risk of disease progression or death compared with chemotherapy—a significant benefit. This is crucial for BMY, as it suggests that Iza-bren is not merely promising but has meaningful potential for large-scale commercialization.

Despite the positive clinical results, BMY shares fell about 2.4% on Oct. 23. Nonetheless, analysts remain divided on the stock, with more than half still calling BMY a Hold. The company had strong Q2 2026 results, including better-than-expected earnings and revenue, as well as an increase to its full-year guidance. However, the threat of delays to other critical trial results, along with additional pressures, has prompted analysts to expect slower revenue growth and a contraction in earnings per share (EPS) in the next quarterly report.

BMY stock trades at approximately 9.5 times forward earnings, a relatively modest valuation compared with the broader market. At the same time, the company continues to generate meaningful revenue despite pressure on Revlimid, thanks in part to other major offerings such as Opdivo and Eliquis. If Iza-bren receives FDA approval, the oncology market may support several billion dollars in additional annual sales for the drug, which would go a long way toward reaccelerating sales growth.

Impacts for the Broader Oncology Space

Though Bristol-Myers Squibb would likely be the biggest beneficiary of Iza-bren's approval, other companies in the oncology market may also be affected. Exelixis Inc. (NASDAQ: EXEL), a biopharma firm known for Cabometyx, a treatment for certain types of carcinomas and thyroid cancers, is one such company.

Cabometyx is the primary driver of Exelixis' revenue, with the broader cabozantinib franchise generating $573 million in U.S. net product revenue in Q2 2026, up about 10% year over year. Cabometyx accounted for approximately $571 million of that total. Although the company's revenue fell modestly short of analyst estimates, it posted a solid six-cent EPS beat.

What Exelixis needs, however, is renewed momentum. The company lowered its 2026 revenue and net product revenue guidance because of slower-than-expected adoption in some product areas. Meanwhile, it awaits an FDA decision on a leading colorectal cancer candidate.

Iza-bren's success bodes well for Exelixis for at least two reasons. First, as an antibody-drug conjugate, Iza-bren demonstrates that its particular mechanism can generate a notable clinical response. Exelixis has its own targeted breast cancer therapy that may operate through a similar mechanism.

Second, the approval and commercial launch of Iza-bren would likely draw interest from companies across the healthcare sector that have established oncology infrastructure, and Exelixis fits that profile. As a mid-sized oncology company with a demonstrated record of revenue success from its primary product and other products in the pipeline, it could become a potential acquisition target for larger firms.

To be sure, all of this is speculative and would hinge on Iza-bren's continued success and eventual commercialization. In the meantime, analysts are even more cautious about EXEL shares than about BMY, with just seven calling EXEL a Buy, 12 calling it a Hold and one calling it a Sell. This highlights the high-risk, high-reward proposition of many biopharma firms, including more established companies that have already demonstrated their ability to develop commercially successful drugs. It's a risk that investors must keep in mind.

A Message From Porter & Company

Sometimes the world changes, and no one notices.

On the morning after Henry Kissinger's petrodollar deal with the Saudis in 1974, the bills in your wallet looked exactly as they had the night before.

The U.S. Treasury didn't issue any new money -- and nothing was announced, voted on or passed through Congress. America's new monetary order was created in secret.

Yet over the five decades that followed, that one deal helped take America from roughly 180,000 millionaires to nearly 24 million – creating extraordinary wealth for those who owned the right assets.

At the same time, the dollar lost more than 84% of its purchasing power, quietly draining the savings of millions of families.

I believe the same thing is happening again, and once more the dollar in your pocket won't look any different.

It’s got nothing to do with crypto, CBDCs or gold.

And you'll only see the change later – in what could be a radical repricing of assets, goods and services across America.

To help explain what's happening, and before it’s too late for you to prepare for this shift…

I sat down for an interview with financial reporter Kimi Weintraub:

Watch it here.

You'll discover how President Trump has assembled his new monetary order in the shadows, executive orders, closed-door deals with tech billionaires and a reported 13-nation agreement almost nobody has heard of…

I also share the five critical assets I believe sit at the heart of this historic shift…

Including the name and ticker of my No. 1 move to make today.

Time is a factor. When world leaders gather at Trump's resort in Miami on December 14, I believe the President could unveil this new monetary order to the world as a done deal.

Go here for the full interview.

Good investing,

Porter Stansberry

Micron’s Taiwan Strike: A High-Stakes Fight Over AI Profits

By Jeffrey Neal Johnson. Article Published: 10/22/2026.

When workers at a semiconductor fabrication plant walk off the job, investors often react with immediate concern about supply chain disruptions. Shares of Micron Technology (NASDAQ: MU) recently dipped after union representatives at its Taoyuan facility in Taiwan began a planned 24-hour warning strike on Oct. 22. The workers are seeking changes to employee bonuses and profit-sharing arrangements.

Investors naturally want to know whether the walkout will disrupt the supply of high-bandwidth memory, which is essential for AI servers. However, the limited strike appears to be a calculated negotiation tactic that could ultimately affect Micron's operating margins. While the broader market is focused on potential production hiccups, the real story is a tug-of-war over long-term profitability, operating leverage and how a newly authorized $35 billion share buyback could support the valuation through the uncertainty.

Calling the Bluff: Separating Strike Noise From Reality

Media coverage of the labor dispute has amplified fears of a severe supply crunch. Some labor groups have suggested that the affected sites produce more than 60% of Micron's global output. A closer look at the data reveals a different reality: The Taoyuan union that initiated the recent walkout represents only about 15% of the local workforce.

Management successfully reached a mediation agreement with a second union at the much larger Taichung site. That agreement averted a sitewide strike and introduced a quarterly employee bonus tied directly to corporate profits. With the largest segment of its Taiwan workforce stabilized, around-the-clock fabrication of high-bandwidth memory and standard dynamic random-access memory remains intact.

The localized walkout was a strategic warning rather than a systemic crisis. High-bandwidth memory requires complex, multistacked packaging and long manufacturing cycle times. A single day of slowed production at one facility rarely translates into missed quarterly deliveries, particularly when adequate inventory buffers exist in the supply chain. The market's initial reaction appears overly focused on potential supply disruptions rather than the financial precedent under negotiation.

Raising the Stakes: A 15% Cut of the Profit Pool

The Taoyuan union's central grievance is not related to compensation, health care or standard working conditions. Instead, the union is demanding a fixed 15% allocation of operating profit to fund quarterly bonuses. This specific demand directly targets the bottom line during a period of peak artificial intelligence (AI)-driven profitability. As AI accelerators require increasing amounts of fast, energy-efficient memory, manufacturers are gaining pricing power that was absent during previous hardware cycles.

To put this demand in context, investors can look to primary competitor SK hynix (NASDAQ: SKHY). Last year, SK hynix agreed to a labor framework that directs 10% of annual operating profit into an uncapped bonus pool. If Micron Technology adopts a 15% structural profit-sharing formula, it would establish a higher allocation than that of its closest peer.

An additional 5% reduction in operating profit would diminish the operating leverage currently priced into Micron's valuation. During peak-cycle years, memory manufacturers rely on that leverage to offset the substantial capital expenditures required to build next-generation fabrication plants.

Every percentage point of margin matters when allocating capital to research and development. The Taichung settlement demonstrates a willingness to distribute AI-related windfall profits, but keeping that distribution near the industry standard of 10% remains critical to maintaining long-term cash-flow models.

Mispriced Bets: Why Fundamentals Defy the Noise

While labor negotiations and concerns about emerging Chinese memory-chip competition dominate short-term trading sentiment, a broader look at the fundamentals reveals a stark valuation disconnect. Micron Technology currently trades at a trailing price-to-earnings ratio near 12 and a forward price-to-earnings multiple of around 5. Based on its anticipated growth rate, the price-to-earnings-to-growth ratio is an exceptionally low 0.16. These metrics suggest that the stock is priced for a cyclical downturn even as the business performs near cycle highs.

In its most recent quarter, Micron Technology delivered more than $54 billion in revenue, up roughly 379% year over year. Management also issued fiscal first-quarter 2027 revenue guidance of approximately $61.5 billion, confirming that demand from cloud service providers and data centers remains robust.

To counter near-term volatility and signal confidence in its financial position, the board recently authorized an approximately $35 billion share buyback program. When a cash-flow-positive enterprise repurchases shares at compressed multiples, it can increase earnings per share for remaining stockholders by reducing the share count. Coupled with a nominal dividend yield, this expanded capital-return authorization could provide additional support for shareholders, although the repurchases are not guaranteed.

Beyond the balance sheet, management is actively de-risking its long-term supply chain. A recent strategic investment in New York-based Indium Corporation aims to localize critical-minerals processing. The investment is intended to reduce reliance on concentrated global refining capacity and potentially limit exposure to overseas export restrictions. By securing domestic supply lines for high-purity materials, Micron Technology could reinforce its margin durability well beyond the immediate Taiwan labor dispute.

The Long Game: What to Watch as the Dust Settles

The current noise highlights a divergence between localized operational friction and broader macroeconomic fundamentals. Institutional analysts remain highly bullish despite the headlines. The consensus 12-month price target stands at $1,407.88, representing roughly 54% upside from recent trading levels. Peak bull-case models from research desks project targets of up to $3,000. These targets underscore analysts' optimism about Micron Technology's long-term earnings potential despite the labor dispute.

The path forward hinges on where the profit-sharing percentage ultimately lands. A swift settlement mirroring the 10% standard at SK hynix would preserve the margin-expansion narrative, remove the current overhang and allow investors to refocus on Micron's longer-term valuation potential. Conversely, a prolonged walkout over the 15% threshold could set a precedent that weighs on long-term financial models.

The fundamental engine remains robust, driven by steady demand for AI server infrastructure. Investors may want to monitor Micron Technology as the Taoyuan labor situation develops, paying close attention to the final profit-sharing figure as an indicator of the company's long-term margin health.