Dear Reader,

I recently took a camera crew out with me to Mount Rushmore...

Not to do some sightseeing...

But to see firsthand one of the most exciting investment opportunities I've uncovered in my 30-year career.

See, thanks to a breakthrough new technology... a small miner just hit on gold in the hills surrounding Mount Rushmore.

Not a few nuggets, either... but what could be one of the biggest – and most important – gold finds since the 1870s.

The little-known miner behind it stands to rake in hundreds of millions of dollars in the coming years... yet it is still trading for around $6.

BlackRock, Vanguard, and other Wall Street firms have been quietly loading up on this stock.

Meanwhile, most ordinary folks haven't caught wind of this story.

That's why I brought a camera crew with me to Mount Rushmore – so I can help you take advantage of this opportunity, too.

I name the stock for free in this video I recorded on my trip.

By the way, that's just half the story...

As I say, this miner didn't find gold by accident or luck.

It was in large part thanks to this breakthrough new technology.

The incredible thing is this tech is being used to unlock "hidden" resource wealth ALL across America... and it's sending stocks up 227%, 378%, and even 773% in almost no time.

I believe we're witnessing the start of what will be the biggest resource boom America has ever seen... and it's all thanks to this breakthrough new tech...

I show you how to position your money here.

Regards,

Whitney Tilson
Senior Editor, Stansberry Research

P.S. I had some time to go hiking in the Black Hills around Mount Rushmore while we were there...

The history of this area is incredible – there was a gold rush in those very hills a century and a half ago, in the 1870s.

As one historian wrote, "Each spade of earth revealed a veritable fortune in gold."

Now, thanks to this new technology, it looks like it's starting up again... and you have a chance to be part of it...

That starts with the stock I name for free here.

Ride-Share Reckoning: Tesla Drives Into Uber's Lane

Authored by Jeffrey Neal Johnson. Originally Published: 9/7/2026.

Evaluating the electric vehicle and autonomous transportation sectors requires looking beyond traditional metrics such as vehicles produced and delivered. Wall Street is increasingly focused on recurring software revenue and fleet utilization.

The shift away from consumer retail sales and toward commercial robotaxi fleets is changing the sector's underlying fundamentals. Understanding this dynamic helps explain the aggressive growth multiples assigned to autonomous innovators compared with the discounted valuations of legacy ridesharing companies. The recent deployment of steering-wheel-free vehicles in Austin signals a structural shift in how automotive technology is valued, bringing execution risks and regulatory timelines to the forefront.

Driving Margins: The Cybercab Software Pivot

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This recent rollout of steering-wheel-free vehicles in Texas marks a necessary evolution for Tesla, Inc. (NASDAQ: TSLA).

For years, Tesla operated primarily as a traditional hardware manufacturer, relying on direct-to-consumer vehicle sales to drive top-line revenue.

That model is facing margin compression across the industry. Recent financial data show Tesla operating with a net margin of around 3.6% and a return on equity of nearly 3.8%.

These metrics highlight the operational strain inherent in building and selling physical hardware in a highly competitive, capital-intensive environment.

The recent downgrade of Tesla's financial health to TradeSmith's Yellow zone emphasizes the short-term capital pressures involved in scaling new infrastructure. The Austin launch is not simply a new product reveal; it is the physical deployment of a business model designed to unlock high-margin fleet revenue. A commercial robotaxi network would replace one-time hardware sales with continuous software monetization and utilization fees.

If successful, this ecosystem would fundamentally change Tesla's cash flow profile, shifting it closer to a software-as-a-service model.

The vehicle would essentially become the delivery mechanism for proprietary software, allowing Tesla to capture ongoing revenue for every mile driven rather than recognize a single transaction at the point of sale. The capital expenditures required for autonomous-driving technology are substantial, but the potential recurring revenue base offers a clear path out of the low-margin manufacturing cycle.

Valuation Traffic Jam: Pricing the Software Premium

Understanding this shift requires a close look at current market multiples and what they imply for future earnings. Tesla currently trades at a trailing price-to-earnings ratio near 326, with a forward price-to-earnings ratio approaching 400. To justify that premium, the market expects Tesla to significantly disrupt the traditional logistics sector. Forward earnings growth projections of around 56% suggest institutional models are looking beyond recent earnings misses, including the second-quarter 2026 report, in which Tesla reported approximately 33 cents per share compared with the 50-cent estimate. The market is aggressively pricing in future cash flows from the autonomous network.

We can use Uber Technologies, Inc. (NYSE: UBER) as a benchmark for how the market values legacy ridesharing models. Uber operates with a net margin approaching 17% and a return on equity above 43%. Despite these solid fundamentals, Uber trades at a stagnant trailing price-to-earnings ratio of about 17. The market heavily discounts the long-term durability of traditional ridesharing, recognizing the existential threat posed by scalable, driverless competitors. While Uber has spent years perfecting the logistics of human-driven fleets, the structural costs of contractor payouts limit long-term margin expansion relative to a fully autonomous network.

Incumbents are well aware of this dynamic and are actively positioning themselves defensively. Uber recently launched a supervised autonomous ride-hailing service in London, using Wayve's artificial intelligence technology in a fleet of Ford Mustang Mach-E vehicles. Alongside this rollout, Uber initiated a 10% reduction in its global workforce, eliminating approximately 3,400 jobs. These actions represent a rapid, sector-wide restructuring aimed at optimizing margins and insulating current operations from emerging automated competitors. The fact that Uber is pursuing third-party autonomous partnerships while simultaneously trimming its workforce underscores the severity of the threat.

Clearing the Intersection: FSD Testing Gains Traction

While Tesla's premium forward multiples reflect strong institutional belief in this transition, realizing sustainable fleet revenue remains dependent on operational execution and regulatory frameworks. The transition to a driverless economy is far from complete. Removing traditional controls from a vehicle introduces significant legislative hurdles that have yet to be cleared globally. Scaling an autonomous network requires continued capital expenditures on artificial intelligence infrastructure, which will pressure free cash flow until the network is fully operational and generating reliable daily fares.

There are early signs of regulatory momentum emerging abroad. French regulators recently confirmed on-road testing of full self-driving systems. Documentation submitted for European approval indicates approximately 195,000 kilometers of testing on French roads without notable incidents. This data suggests that regulatory tailwinds may be forming and could inform a broader European Union approval vote in the near future. Breaking through European bureaucracy would validate the safety profile of the underlying software and provide a blueprint for expansion into other highly regulated markets.

However, domestic and international legislative hurdles remain the primary bottleneck to scalable fleet monetization. Building the operational logistics of a fleet management system from the ground up requires flawless execution. Tesla must prove it can handle the granular details of fleet maintenance, charging logistics and customer service at scale. The established logistics networks of legacy rideshare companies provide a functional, revenue-generating bridge to autonomy that pure-play entrants still need to build from scratch.

The Final Mile: Capitalizing on the Driverless Shift

The deployment of autonomous hardware represents a critical juncture for the transportation sector. Transitioning from a hardware-centric manufacturing model to a scalable logistics network offers a path to margin expansion, provided the technology and regulatory approvals align.

The market is currently pricing in a successful transition for autonomous pioneers while applying a heavy discount to traditional ridesharing models, forcing industry-wide restructuring and strategic partnerships. The valuation gap between innovators and incumbents reflects a clear expectation of cash flow disruption over the next decade.

Investors evaluating this space may want to monitor the progress of international regulatory approvals and the rollout of these initial autonomous fleets. Cautious investors may prefer to observe how early fleet-utilization metrics affect quarterly cash flows before taking a position, as the premium multiples require nearly flawless execution in the quarters ahead. Watching how traditional platforms adapt their cost structures in response to these emerging networks will also provide critical context for the long-term prospects of legacy rideshare equities.

Powering the AI Boom: Uranium’s $95 Spark

Authored by Jeffrey Neal Johnson. Originally Published: 9/7/2026.

Wall Street expects a structural supply bottleneck as tech hyperscalers secure multidecade nuclear agreements to power advanced artificial intelligence data centers. With long-term uranium price targets upgraded to approximately $95 per pound and a confidential Westinghouse IPO on the horizon, institutional capital is systematically positioning ahead of utility companies as legacy supply contracts approach expiration.

Technology sector giants building the next generation of artificial intelligence infrastructure require baseload power that operates continuously and without interruption. That reality is forcing major technology firms to recognize nuclear energy as a viable solution for meeting surging electricity demand while adhering to carbon-neutrality mandates.

Baseload Reality Check: AI Plugs Into Nuclear

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The physical economy is colliding directly with the digital one. Technology organizations such as Microsoft (NASDAQ: MSFT), Amazon (NASDAQ: AMZN) and Meta (NASDAQ: META) are aggressively executing long-term power purchase agreements to secure existing utility capacity while laying the groundwork for small modular reactors. These companies recognize that intermittent renewables cannot support the constant power demands of artificial intelligence computing. At the same time, legacy utility contracts for uranium, many of which include flex-up provisions priced around the mid-$50-per-pound range, are rapidly expiring.

Utility companies are currently short billions of pounds of forward coverage for the latter half of the decade. Major miners have seen unit production costs climb by roughly 83% to 184% over a five-year period, requiring elevated incentive pricing to justify bringing new supply online.

Average utility contract sizes have fallen from 3 million pounds to roughly 1 million pounds, highlighting a tightening market. This dynamic recently prompted Wall Street analysts to raise long-term uranium forecasts to approximately $95 per pound. Spot uranium is holding near $89.50 per pound, while term contracting is already taking place at or near $97 per pound. The structural deficit is clear, and the market is adjusting to finance the next wave of global supply.

Critical Components: Cameco Corporation Reloads

When looking for established producers positioned to benefit from this pricing surge, Cameco Corporation (NYSE: CCJ) stands out as a primary beneficiary. The stock recently experienced some friction following a second-quarter earnings report in which the company reported earnings of 13 cents per share, missing consensus estimates of 26 cents.

Revenue also declined approximately 6.8% year over year.

Short interest temporarily spiked to around 1.88% of the float, reflecting near-term margin pressure.

Forward-looking investors often view transient operational weakness as an entry point into a broader structural supercycle.

A significant liquidity event is also on the horizon and could shift that narrative.

Westinghouse Electric, backed by Cameco Corporation, recently filed confidentially for a potential IPO.

This public offering could serve as a major catalyst, helping to deleverage Cameco Corporation's balance sheet and potentially driving an upward revaluation of the enterprise.

Smart money is already positioning ahead of the event. Recent institutional filings reveal heavy accumulation, with prominent asset managers initiating new positions. This capital is seeking leverage to expanding margins before legacy utility contracts fully roll off, signaling strong confidence in Cameco Corporation's ability to capitalize on higher term-contract pricing.

Basin Breakout: NexGen Energy Powers Up

For investors willing to take on development-stage risk in exchange for greater leverage to the underlying commodity price, NexGen Energy Ltd. (NYSE: NXE) offers a compelling high-beta profile. The company's value proposition centers on the Rook I project in the Athabasca Basin, a region renowned for hosting some of the highest-grade uranium deposits on the planet.

NexGen Energy Ltd. is targeting first ore by the third quarter of 2030 and projects annual cash flow of approximately $1.3 billion once commercial operations commence.

Institutional ownership is around 42%, indicating steady accumulation by sophisticated investors despite the company's pre-revenue status. Short interest in NexGen Energy Ltd. recently decreased by more than 5%, suggesting that institutional bears are reducing exposure ahead of upcoming commercial milestones.

NexGen Energy has a dedicated Investor Day scheduled for later in 2026, which is expected to highlight progress on Rook I construction. Operational momentum often serves as a near-term catalyst for developers, increasing visibility as they move closer to production. Options market data also shows directional volume in near-term call contracts around the $11 strike, reflecting elevated expectations for upward price action.

Picks and Shovels: BWX Technologies Equips SMRs

The nuclear renaissance extends beyond raw material extraction, requiring heavy industrial manufacturing and engineering to support infrastructure buildouts. As tech hyperscalers fund the deployment of small modular reactors, companies providing critical components stand to benefit significantly.

BWX Technologies (NYSE: BWXT) operates at this intersection. As a premier manufacturer of nuclear components and fuel, BWX Technologies essentially provides the picks and shovels for the supply chain.

While utility companies focus on securing large-scale reactors, the technology sector's appetite for agile, decentralized nuclear power creates a parallel demand vector. Companies with the regulatory approvals and specialized manufacturing capabilities required to produce small modular reactor components are scarce.

Integrating infrastructure providers alongside primary commodity producers offers a well-rounded approach to capturing the full value of the sector's expansion. The long-term nature of these power purchase agreements provides excellent revenue visibility for the manufacturing base supporting them.

Meltdown Averted: Timing the Utility Panic

The convergence of aggressive artificial intelligence power demand and a structural uranium supply deficit creates a highly asymmetric setup. Tech hyperscalers have recognized the necessity of baseload nuclear generation, effectively placing a floor under future demand. The cost of extracting and processing the necessary supply has risen, helping establish the $95-per-pound long-term pricing model. Utility companies face an imminent supply squeeze as legacy contracts expire and average contract sizes shrink.

Heavy institutional accumulation across both producers and developers indicates that smart money is positioning ahead of the inevitable utility procurement cycle. Investors evaluating the current landscape might consider adding top-tier uranium equities and nuclear infrastructure providers to their watchlists before utility companies are forced to bid aggressively for the remaining global supply.

Those with a higher risk tolerance could find value in tracking development-stage companies as they approach commercialization, while cautious investors may prefer to wait for a pullback in established, cash-flowing producers that are currently optimizing their balance sheets.