The Strait of Hormuz was closed for three months.

200+ tankers were stranded. 20% of the world’s oil was trapped. Brent crude hit $126.

And through all of it - every escalation, every failed ceasefire, every $100+ oil day…

American pipeline owners kept paying distributions like clockwork.

Pipeline operators don’t care what happens in the Middle East. They collect fees on every molecule of oil and gas that flows through American soil.

During the war, the average MLP in P.I.P. gained 8.4%. The S&P fell 4.1%. That’s a 12.5% outperformance gap - in the middle of an armed conflict.

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Now, with the peace deal signed and Hormuz reopening, the structural demand hasn’t slowed down. 3,000 AI data centers under construction. $500 billion in infrastructure spending this year. Natural gas demand going vertical.

One group of 14 partnerships paid out $48.5 billion last year. This year, they’re on pace for $53 billion.

Together they have paid a blended yield of up to 8-10% a year.

Every $10,000 invested has generated up to $800-$1,000 in income.

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The war was the stress test. P.I.P. passed. And now, with MLP prices cooling from their wartime highs, today may actually be a better entry point than three months ago.

The next payout is in a matter of days. This is how the rich stay rich - war or peace.

Past performance does not guarantee future results. Individual yields vary.

AI’s Power Problem Is Turning Nuclear Stocks Into a Bigger Market Story

Authored by Jeffrey Neal Johnson. First Published: 6/19/2026.

The global power grid is facing a dual crisis: structural degradation and unprecedented localized load growth. Broad-based nuclear deployment is becoming a mathematical necessity. Power demand from artificial intelligence (AI) data centers, widespread electric vehicle adoption, and the impending commercialization of quantum computing is overwhelming legacy infrastructure.

Renewable energy sources, while vital, lack the consistent baseload capability required to run a hyperscaler facility 24 hours a day without massive battery storage costs. The physical energy demands of these advanced computational models are forcing a structural shift toward widespread nuclear power adoption, spanning traditional centralized utility models as well as decentralized, behind-the-meter microreactors.

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Investors looking to capitalize on this once-in-a-lifetime, multi-decade physical infrastructure supercycle might deploy a barbell strategy. This approach pairs the multi-billion-dollar cash flow stability of legacy fleet operators with the explosive growth potential of fully funded, development-stage reactor developers. Investors are witnessing a fundamental rerating of how capital markets value reliable power.

Heavyweight Anchors: Utilities Funding the Nuclear Buildout

At the low-beta end of the portfolio barbell, established utility operators and infrastructure providers offer immediate, fundamentally sound exposure to the technology sector power grab. Constellation Energy (NASDAQ: CEG) stands out as the premier fleet operator, securing long-term power purchase agreements with tech giants such as Microsoft (NASDAQ: MSFT) and Meta Platforms (NASDAQ: META).

Constellation Energy recently posted robust first-quarter 2026 earnings before interest, taxes, depreciation, and amortization (EBITDA) of $3.58 billion. Sustained operating margins help insulate Constellation Energy's balance sheet from broader macroeconomic headwinds.

This significant cash flow directly funds the substantial capital expenditures required to restart the Crane Clean Energy Center at Three Mile Island. Technically, Constellation Energy is consolidating near its 200-day moving average following a massive rally, offering a relatively low-volatility entry point for a core holding.

NextEra Energy (NYSE: NEE) provides another defensive anchor. A stabilizing interest rate environment heavily favors the capital-intensive math behind utility-scale grid upgrades. Lower borrowing costs accelerate infrastructure deployment, and NextEra Energy's share price continues to move within a relatively tight range around its 50-day moving average. This creates reliable, lower-risk mean-reversion setups for premium sellers and long-term accumulators alike.

Providing the physical supply chain, regardless of which reactor design wins market share, BWX Technologies (NYSE: BWXT) is the ultimate infrastructure play. BWX Technologies recently expanded its naval nuclear propulsion contracts with the Department of Defense by $1.4 billion while securing early-stage commercial orders for small modular reactor (SMR) components.

Although BWX Technologies commands a premium 55x price-to-earnings ratio, massive institutional accumulation supports the valuation. JPMorgan Chase & Co. recently increased its BWX Technologies position by 497%, absorbing 1.69 million shares. Pullbacks to the 50-day exponential moving average remain primary high-probability entry zones before the upward trend for BWX Technologies resumes.

The Raw Materials Moat

The nuclear infrastructure buildout is fundamentally supported by an impending global uranium supply deficit. Rather than attempting to trade short-term spot price fluctuations, the most resilient mining operations are locking in long-term contracting floors. Cameco Corp (NYSE: CCJ) is the blue-chip anchor of the materials sector. By successfully integrating the Westinghouse acquisition and securing utility contracts well above the $80-per-pound spot floor, Cameco neutralizes immediate commodity pricing risks.

Cameco is currently building a formidable base of multi-year structural support near $105. Institutional confidence remains extremely high, with Vanguard, the Global X Uranium ETF, and hedge funds driving institutional ownership of Cameco to 70.21%.

For portfolios seeking unhedged leverage to domestic sovereign supply chain development, Uranium Energy Corp (NYSEAMERICAN: UEC) and Energy Fuels (NYSE American: UUUU) serve as excellent high-beta proxies. Uranium Energy is restarting production at its Wyoming in-situ recovery hubs, offering leveraged upside when spot prices inevitably tighten. The implied volatility profile of Uranium Energy offers excellent premium-selling opportunities.

Energy Fuels provides a diversified critical minerals moat by expanding its White Mesa mill to process both uranium and rare earth elements. Trading in a tight six-month horizontal channel, Energy Fuels offers clearly defined technical boundaries for mean-reversion trading strategies.

The Future of a Decentralized Grid

The speculative end of the barbell focuses on decentralized, substation-level assets designed to bypass grid transmission bottlenecks entirely. Small modular reactors and microreactors are essential localized capacity mechanisms for data centers that cannot wait a decade for regional transmission line upgrades. Small modular reactors have been used reliably by the military in critical systems such as submarines and aircraft carriers for decades. Moving this technology from maritime to terrestrial applications is not a question of if but when, as it is a well-established progression rather than a speculative endeavor.

NuScale Power (NYSE: SMR) is advancing its 6-gigawatt ENTRA1 and Tennessee Valley Authority deployment framework. While development-stage operators inherently carry execution risk, NuScale Power mitigates immediate concerns about toxic dilution with approximately $1 billion in available liquidity relative to current cash burn rates. NuScale Power prints extreme implied volatility, making it a prime candidate for fading overextensions: sell premium during retail hype cycles while accumulating core positions during deep pullbacks.

Oklo Inc. (NYSE: OKLO) offers another fully funded deployment vehicle navigating novel fast-reactor licensing with the Nuclear Regulatory Commission. Oklo recently received preliminary approval from the Department of Energy for a documented safety analysis for its Aurora Powerhouse at the Idaho National Laboratory.

Market mechanics are rapidly shifting in favor of Oklo, as short interest recently contracted by 21.9% to 19.4% of the public float, signaling a forced-covering dynamic among bearish funds.

Supported by a massive $2.5 billion liquidity runway and median analyst price targets hovering near $83, representing healthy upside from current $62 levels, the capital markets are pricing in a high probability of successful commercial deployment for Oklo.

The Critical Mass Investor Portfolio

Grid constraints dictate that centralized utility modernization and decentralized microreactor deployment must occur simultaneously. The physical degradation of current power generation assets ensures that the capital expenditure cycle will persist, independent of short-term news cycles in the technology sector.

Investors looking to position themselves ahead of the curve might consider constructing a portfolio that weights established fleet operators and infrastructure suppliers heavily for low-beta yield, while allocating measured, high-conviction capital into small modular reactor developers to capture the alpha of localized grid modernization.

MDA Space Targets US Defense Market With $620M Acquisition

Authored by Jeffrey Neal Johnson. First Published: 6/25/2026.

Space infrastructure has quickly evolved from a playground for speculative venture capital into a capital-intensive, cash-flow-driven defense business. For investors tracking the sector, the challenge is identifying companies that combine high-growth addressable markets with real, sustainable profitability. MDA Space (NYSE: MDA) fits that profile well. Following a wave of aggressive expansion, including a C$688 million (approx. $490 million) satellite contract with the Canadian Space Agency and a $620 million strategic acquisition of Blue Canyon Technologies from RTX Corp (NYSE: RTX), MDA Space is positioning itself as a cross-border defense champion.

Mispriced Orbits: Capitalizing on a Sector Blind Spot

Despite a commanding sovereign moat and consistent profitability since its 2021 initial public offering, MDA Space trades at a staggering 79% to 94% valuation discount on 2027 EV/EBITDA multiples compared with largely unprofitable pure-play space peers such as Intuitive Machines (NASDAQ: LUNR) and Redwire (NYSE: RDW).

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The broader market appears to be mispricing the shift MDA Space is making. Its recent pullback could offer investors an opportunity to buy shares in a cash-generating enterprise before the Street fully prices in its evolution into a prime United States defense contractor. Understanding the mechanics of this valuation arbitrage is critical for allocating capital in the aerospace sector.

Refueling the Order Book for Long-Term Orbit

Understanding the current valuation requires a close look at the first quarter of 2026. MDA Space delivered exceptional top-line results. The company reported C$464.1 million (approx. $330 million) in revenue, a 32.2% year-over-year increase, and adjusted earnings per share (EPS) of 38 Canadian cents (approx. 27 cents), which comfortably beat analyst consensus estimates of 23 Canadian cents (approx. 16 cents). Adjusted EBITDA reached C$90.6 million (approx. $64 million), maintaining a healthy 19.5% margin.

Wall Street often looks for the catch behind a strong earnings beat. In this case, the rapid pace of backlog conversion into recognized revenue outpaced new order bookings. The order book fell from C$4.84 billion (approx. $3.45 billion) in the first quarter of 2025 to C$3.69 billion (approx. $2.63 billion) at the end of the first quarter of 2026.

For a defense contractor, a shrinking backlog can signal a potential future revenue cliff. That metric kept some institutional buyers on the sidelines despite the top-line growth. The recently announced C$688 million (approx. $490 million) contract with the Canadian Space Agency directly neutralizes that bearish thesis.

MDA Space will design, build, and launch a next-generation synthetic aperture radar satellite to replenish the RADARSAT Constellation Mission. Utilizing the proprietary MDA CHORUS commercial technology platform, this single agreement replenishes nearly 19% of the depleted first-quarter backlog. More importantly, the deal secures high-margin, multi-year revenue visibility extending through the end of the decade. That provides stability for the core Canadian operations while executives execute a broader international strategy.

Infiltrating the Pentagon: The Blue Canyon Catalyst

The true masterstroke of the current growth phase is the $620 million all-cash acquisition of Blue Canyon Technologies. On the surface, buying a spacecraft component manufacturer simply adds hardware capacity. The real strategic value lies in breaking through the invisible wall of sovereign defense contracting. The United States Department of Defense and the Space Development Agency have strict regulations on foreign ownership, control, or influence. Historically, these rules locked international entities out of prime contractor bids for lucrative, classified military programs.

By acquiring Blue Canyon Technologies, MDA Space adds two manufacturing facilities in the Denver, Colorado, aerospace hub, along with a workforce of more than 400 employees holding active security clearances. This localized footprint effectively bypasses traditional regulatory barriers. Blue Canyon Technologies projects $160 million in revenue for 2026, with roughly 75% of those sales tied directly to defense contracts.

Instantly, the acquisition adds a massive $3.5 billion addressable pipeline to target projections. MDA Space is no longer just a Canadian subcontractor. The company can now directly compete for prime, classified defense dollars south of the border. This coalition-level integration is already showing secondary benefits. Just days before the Blue Canyon Technologies announcement, wholly owned subsidiary 49North secured a C$3.7 million (approx. $2.6 million) contract with General Atomics to deliver a Coalition Shared Database for the Remotely Piloted Aircraft System program. The ability to seamlessly share, search, and access heterogeneous sensor data across allied nations reinforces MDA Space as an indispensable, integrated NATO-standard defense partner.

Navigating the Gravity of Debt-Funded Acquisitions

Aggressive acquisitions inevitably raise questions about balance-sheet leverage, especially when funded entirely with senior secured debt. Using debt in a high-interest-rate environment can lead to severe margin compression if integration bottlenecks arise. MDA Space ended the first quarter of 2026 with a pristine net cash position of C$299.3 million (approx. $213 million) and a net debt-to-adjusted EBITDA ratio of negative 0.9x. The Blue Canyon Technologies acquisition will push leverage closer to a target ceiling of 2.5x. Fortunately, credit agencies view the transaction favorably. Morningstar DBRS affirmed that the acquisition maintains credit-profile neutrality and preserves a BB rating with a stable trend. The underlying cash generation of the combined businesses is expected to comfortably service the new debt while becoming accretive to adjusted EPS by 2027.

Investors tracking the tape likely noticed MDA Space stock dropped in the days following the acquisition and contract announcements. A surface-level read might suggest the market dislikes the capital allocation. However, a closer look at the options chain and off-exchange data reveals a different picture. Total raw short interest remains exceptionally low at just 0.92% of the total float.

At the same time, 30-day options implied volatility rose to 63.31%, reaching the highest possible percentile for the current cycle. This combination suggests the recent price action is being driven primarily by derivatives activity. Institutions are heavily using off-exchange shorting to hedge options portfolios and manage merger arbitrage. That creates a classic price dip driven by news-cycle trading rather than a structural, fundamental sell-off.

Securing a Payload Position Before the Re-Rating

The convergence of a replenished sovereign backlog and a newly unlocked defense pipeline paints a highly bullish picture. Bay Street analysts moved quickly to re-rate the equity, with firms like BMO Capital raising targets on the stock to C$68 (approx. $48.50). The market is slowly realizing that MDA Space has the localized assets, security clearances, and proprietary technology to dominate cross-border space infrastructure.

For retail and institutional investors, the current valuation discount offers a compelling arbitrage opportunity. Buying a high-margin, cash-flowing aerospace prime at a fraction of the multiple awarded to unproven space startups is a rare setup. As the Blue Canyon Technologies integration progresses and the massive $3.5 billion pipeline begins to convert into recognized revenue, the broader market will likely be forced to close that valuation gap. Adding exposure during this derivative-driven consolidation period aligns well with a long-term, fundamentally sound defense strategy. Investors may want to consider initiating a position in MDA Space while institutional hedging temporarily suppresses the stock's value.