 A Message From Porter & Company 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
Additional Reading from MarketBeat.com
Can Marvell Keep Up in the Custom AI Chip Race?Reported by Sam Quirke. Published: 9/24/2026. 
Key Points
- Marvell Technology's stock has rebounded sharply after a steep summer slide, reflecting investor optimism about its role in AI infrastructure.
- The company's data-center business is growing rapidly, supplying custom silicon and networking components to major cloud clients like Amazon, Microsoft, and Google.
- Analysts remain split on Marvell, citing risks like customer concentration, thinner margins, and competition from Broadcom despite its strong growth prospects.
- Special Report: Why This Could Be Worse Than the 2008 Financial Crisis
In the race to build the brains of artificial intelligence, chip designers have become some of the market's hottest names, and Marvell Technology Inc. (NASDAQ: MRVL) is firmly among them. Lately, the company has found itself under an unusually bright spotlight, with its shares swinging sharply as investors weigh how large a slice of this booming market it can ultimately claim. At around $260, the stock has recovered well from the 50% slide it suffered from June into July and is up about 60% since the start of August.
Yet that volatility tells its own story: Marvell's long-term prospects look bright, but its valuation leaves little room for anything to go wrong. As the year enters its final stretch, demand for custom AI silicon and the networking around it is only accelerating. The question is whether Marvell can keep pace with its larger rivals and justify the faith investors have placed in it. More Than Just a Chip DesignerThe heart of the bull case is that Marvell is far more than a one-trick pony. While much of the attention falls on the custom accelerators it designs for tech giants, its real strength lies in everything it sells around them. Building an AI data center requires vastly more than headline processors. It demands a dense web of high-speed connections, optical components, switching and memory to connect thousands of chips, and this is precisely where Marvell excels. Even when a customer buys its primary accelerator elsewhere, Marvell can supply much of the surrounding plumbing. That breadth of offerings matters enormously, acting as an effective form of diversification. It means the company can profit from the broader AI buildout rather than depending on any single chip design. As these systems grow larger and more power-hungry, the value of that connectivity content only increases. In other words, it is a smart way to sell into the boom without betting everything on one horse. A Business Growing at PaceThe scale of that opportunity is showing up in the numbers. Marvell's crucial data-center division has been expanding at a rapid clip, growing more than 40% over the past year. Management has also repeatedly raised its expectations for the years ahead as bookings continue to pour in. Underpinning it all are relationships with the biggest names in cloud computing. Marvell already supplies custom silicon for the likes of Amazon.com Inc. (NASDAQ: AMZN) and Microsoft Corporation (NASDAQ: MSFT), and just last month expanded a commercial agreement with Alphabet Inc. (NASDAQ: GOOGL) and its Google business. The company is also advancing its technology on every front, from faster optical products to cutting-edge techniques for packing more bandwidth into tighter spaces. For the bulls, this combination of surging demand, blue-chip customers and a deep technology roadmap makes Marvell one of the more compelling ways to play the AI infrastructure theme. Why the Bears Aren't SoldYet for all that promise, the potential risks are real, and the first is customer concentration. A handful of enormous clients account for the vast majority of Marvell's revenue, and such giants wield serious bargaining power. There is always a risk that they could delay orders, shift volumes elsewhere or, in a worst-case scenario, decide to design more of their chips in-house. Another nagging worry is profitability. The fast-growing custom-silicon business tends to carry thinner margins than Marvell's other products, so a surge in that revenue could actually squeeze overall margins. In turn, rapid growth may not translate into proportionally higher profits. Competition is intensifying, too. Broadcom Inc. (NASDAQ: AVGO) remains a formidable rival in custom chips and networking, while other companies are muscling into the same lucrative hyperscaler programs. For Marvell, holding on to its share of those programs, let alone growing it, will be an ongoing battle. A Stock as Finely Balanced as They ComeThe bull-and-bear split runs right through Wall Street. Earlier this week, Morgan Stanley took a cautious stance with an Equal Weight rating, while Piper Sandler struck a more upbeat note earlier this month by rating Marvell Overweight. That divergence neatly captures the tension. Nobody seriously doubts that Marvell is riding a powerful wave; the debate is how much of it is already baked into the share price. The stock carries a lofty valuation and, even after the summer's sell-off, remains up about 200% in 2026. With expectations running this high, Marvell may need strong execution just to stand still. So can Marvell keep up in the custom-chip race? On the evidence, yes—it is keeping pace and should continue to do so. While rivals like Broadcom are pressing hard, Marvell has a widening product range, blue-chip customers and relentless demand going for it. For those who believe the AI buildout has years to run, the stock's recent sell-off is increasingly looking like a healthy reset—one that may have cleared the way for the next leg higher. . |
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