A Message from Porter & Co. Dear Reader, In December President Trump will take the stage and shock the world. Standing before the leaders of the most powerful nations on earth, at his own resort in Miami, I believe he’s set to unveil something that will impact every dollar you have saved and invested. The original agenda for the G20 Summit was development finance and climate change. That’s been scrapped. Instead, my research indicates Trump could unveil a radical monetary reset that no one has prepared you for. I've been tracking this story for months. And the deeper I investigate, the more convinced I become that what happens in that room could draw a brutal dividing line – between those who understand what's happening to their money, and those who do not. Which means between now and December, there is a window. A chance to get ahead of what could be the most consequential change to our money in half a century. 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 (14241). 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 – all of those questions are answered in my briefing.
Howard Marks Isn't Calling the AI Boom a Bubble, but He Isn't Ignoring It Either
Everyone has a verdict on whether the AI boom is a bubble. Howard Marks has a more useful one. It depends on which kind. Bloomberg's latest read on the Oaktree co-founder, summarized by Crypto Briefing on October 18, says Marks isn't convinced AI has become a bubble yet. That doesn't mean he's relaxed. He sees high valuations. He sees speculative funding, including more than $1 billion of seed money for unproven startups. And he sees heavy corporate debt paying for the infrastructure buildout. So why not just say bubble and move on? Because Marks thinks the label hides the more important question. In his December memo, he borrowed a framework from authors Byrne Hobart and Tobias Huber. They sort bubbles into two types. Mean-reverting bubbles are fads, like the South Sea Company or subprime mortgage bonds. Prices soar, the excitement fades, and everything snaps back to where it started. Inflection bubbles grow around real technological change, like railroads and the internet. After one of those pops, the world doesn't return to its old shape. That doesn't mean investors come out fine. A great technology can still be a poor investment at the wrong price, which is the point Marks made again in a February memo on AI's rapid progress. None of this is new for him. Marks first shared the view in a CNBC interview in October 2025, so he's holding steady while the loudest voices around him get louder. He also noted that AI stocks have driven a big share of the S&P 500's gains. That's a reminder of how much of the market now leans on one theme. He's also candid about what he doesn't know. Marks says he isn't active in the stock market and is no techie, and he can't say which kind of bubble AI will turn out to be. His answer is to avoid the extremes. Going all-in risks ruin if things go badly, while staying all-out risks missing one of the great leaps forward. He called for "a moderate position, applied with selectivity and prudence." Debt is part of why he's careful. The memo says borrowing could magnify the damage this time, and Marks has also warned about job losses and wealth destruction if a correction hits. What It Means for YouMarks also reminds readers in the memo that bubbles follow a familiar progression. Something new captures imaginations, excitement builds, and memories of past manias fade. The useful takeaway isn't a prediction. It's a question you can ask about any hot theme: if the excitement fades, does something real remain, and did the buyer pay a sensible price for it? Marks' middle path is easy to describe and hard to live. Staying invested without betting everything takes discipline when everyone around you sounds certain. Nobody, Marks included, knows how this one ends. Knowing which kind of bubble you might be in at least tells you which mistakes to watch for.
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Berkeley Lab, 2023: Data Centers Took 4.4% of U.S. Electricity (Recommended) (Ad)
Whole power plants are going under contract to tech giants to keep AI running, traced to a single chatbot question. Each one spins up a server warehouse somewhere in America, drawing power from the grid. Multiply that by millions of daily questions.
In 2023, data centers used 4.4% of U.S. electricity, per Lawrence Berkeley National Laboratory’s 2024 report. Berkeley Lab projects that could hit 12% by 2028 — close to a tripling in five years.
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