A new financial dividing line is being drawn across America.

By the time most people understand what’s happening, their savings and investments could already be stranded on the wrong side.

I believe the U.S. dollar is being reset.

This has nothing to do with crypto. Or a central bank digital currency. Something far bigger is in motion – 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.

Thursday, September 10, 2026

Nearly $700 billion committed, but only 5 gigawatts under construction.

Five companies committed nearly $700 billion to AI infrastructure this year. Microsoft, Alphabet, Amazon, Meta, and Oracle are all spending at record levels. The money is real. The demand is real. But the buildout is stalling.

Developers announced about 16 gigawatts of data center capacity for 2026. Only about 5 gigawatts is actually under construction. Goldman Sachs estimates that just 50 to 60 percent of near-term capacity will come online on time. The gap between the capital and the construction is enormous. The reason is not chips. It is not money. It is not demand.

It is electrical equipment.

The bottleneck gating the AI buildout has shifted. It is no longer chips or capital. It is transformers, switchgear, and the raw steel they are made from. These are physical objects built on multi-year production clocks. No amount of money compresses those clocks. The spending announcements move at the speed of a press release. The equipment moves at the speed of a steel mill.

Elon just created a device he believes will be "the biggest product ever."

He thinks it could 70x investors' money.

And he's about to make a major announcement…

By the end of this month.

Maybe even tomorrow on X.

He's going to make this game-changing device available to the public for the first time.

He has to sell 1 million to become a trillionaire.

Would you bet against him?

Click here to find out how you can claim a stake in this 70x AI agent

A large power transformer used to take 12 to 18 months from order to delivery. That was before the pandemic. Today the average lead time is 128 weeks. That is nearly two and a half years. The largest high-voltage units take up to five years.

Prices tell the same story. Transformer costs have risen 77 percent since 2019. That is not a demand blip. That is structural scarcity baked into the production cycle.

The bottleneck goes deeper. Every high-voltage transformer needs a component called a bushing, a ceramic-and-metal insulator that connects the transformer to the power line. A single bushing can take 130 weeks to arrive. That is longer than the transformer itself takes to build. A finished unit can sit in a factory, complete but undeliverable, waiting on a part that ships from a different continent.

Bottlenecks inside bottlenecks.

Here is the number that frames the whole story. Electrical equipment is under 10 percent of total data center cost. But it is 100 percent of the bottleneck.

Observation: Average power transformer lead times have reached 128 weeks, with the largest units running to 60 months.
Interpretation: The production cycle for this equipment is measured in years, not quarters. Capital committed today will not become operational capacity until 2028 or 2029.

Every transformer core is built from a specialized material called grain-oriented electrical steel, or GOES. It is an ultra-thin metal engineered to channel magnetic fields with minimal energy loss. Without it, you do not have a transformer.

America has one domestic producer. Cleveland-Cliffs operates the Butler Works mill, 30 miles north of Pittsburgh. That single facility is the only place in the country that makes GOES at scale. The Defense Logistics Agency just signed a five-year contract worth up to $400 million to secure supply from that one mill.

Meanwhile, 80 percent of US power transformers are imported. The country spending $700 billion on AI infrastructure depends on foreign factories for the equipment that connects it to the grid.

One steel mill. One product. One chokepoint.

Observation: The United States has a single domestic source of transformer-grade electrical steel and imports 80 percent of its power transformers.
Interpretation: The physical root of the bottleneck is not labor or factory space. It is a raw material with one domestic supplier and a global production base that cannot scale fast enough.

The manufacturers see the pressure. GE Vernova reported an equipment backlog of $40.6 billion in its most recent quarter. That is up 69 percent from a year ago. Data center orders alone topped $5 billion in the first half of 2026. That is more than double all of 2025.

Medium-voltage switchgear, the equipment that routes power inside a facility, is sold out through 2028 in many channels. Manufacturers are prioritizing large repeat buyers over smaller commercial projects. If you are not a hyperscaler, you will wait longer.

Eaton is building a new transformer factory in South Carolina. It will not produce until 2027 at the earliest. New factories help. But they take years to reach full output. The shortage will outlast most of the expansion plans meant to fix it.

Even after the equipment arrives, the grid itself adds another layer of delay. The US interconnection queue, the line of projects waiting to plug into the power grid, holds more than 2,060 gigawatts of backlog. The median wait is over five years. It was under two years in 2008.

Observation: GE Vernova's equipment backlog grew 69 percent year over year to $40.6 billion, with data center orders more than doubling in six months.
Interpretation: Demand is accelerating into a supply chain that is already years behind. Every new order extends the queue for everyone else.

The forces here run in one direction. Capital is moving faster than the physical supply chain can absorb it. Nearly $700 billion is committed. The transformer factories are booked for years. The steel comes from one mill. The grid queue stretches past 2030.

This does not mean the buildout fails. It means the buildout takes longer than the spending announcements suggest. The capital does not vanish. It rotates into 2027 and 2028 as projects slip their original timelines.

The signals worth tracking are not the earnings calls or the capex pledges. They are the equipment backlogs and the construction starts. GE Vernova's order book. Switchgear lead times. Gigawatts under construction versus announced. That is where the real timeline lives.

When capital moves faster than atoms, the atoms set the schedule.

The capital is committed. The demand is confirmed. But transformers are made of steel, and steel is made in mills, and mills run on their own clock. The AI buildout timeline lives in factory order books, not press releases.

Until next time,
The Navigator