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Editor's Note: See the following from Joel Litman, Chief Investment Officer and Analyst at Altimetry, whose followers include names at Fidelity, BlackRock, Vanguard, and half of the top 300 money management firms in America. Joel has deep ties to Washington, DC and he's consulted for the Pentagon, the FBI, the Department of Defense, and has lectured at the US Marine Corps War College. Today he secured access to one of the most heavily guarded areas in the world to uncover the truth about what could soon become the biggest stock market story of the decade.
Dear Reader,
For years, we've been told SpaceX is a rocket company... that will one day take humans to Mars (and the moon).
But according to new satellite images from 300 miles above the Earth's surface, there is something very strange going on at SpaceX right now that has nothing to do with space.
A new division of SpaceX is deploying a new way to power our world... that could replace our need for foreign oil forever - without using nuclear fission, solar, wind, geothermal, coal, or any sort of battery.
When you consider SpaceX burns 29,600 gallons of fuel per launch... it makes sense the business would want a better way to generate energy.
But what it's doing right now could change not only SpaceX's operations... but also dramatically affect the entire country - and your investments.
What it's deploying is a newly permitted technology I know simply as "Dark Energy."
Most people have no idea something like this is even possible.
And it will sound like science fiction - at first.
But as I prove in my new boots-on-the-ground interview from West Texas, this is the beginning of what could be a $10 trillion boom for investors who know what to do - and who take the right steps now.
SpaceX can't make this "Dark Energy" by itself. It relies on a small group of little-known suppliers to make it happen.
And I believe that's why a laundry list of billionaires and tech CEOs are getting themselves into position.
Early supporters of "Dark Energy" include Nvidia CEO Jensen Huang, Oracle founder Larry Ellison, and OpenAI CEO Sam Altman.
Not to mention names like Brad Gerstner, a legendary tech investor who managed to be early on Uber, Microsoft, Amazon, Meta, and Nvidia.
He just joined a $300 million round backing this technology.
Or Garry Tan.
Garry invested in Coinbase back in 2012... turning a $300,000 stake into $2.4 billion in less than 10 years.
He's backed Airbnb, Stripe, DoorDash, and Dropbox... and his firm has invested in companies that are now worth more than $1 trillion combined.
Today, he's backing "Dark Energy."
This discovery could change our daily lives... and radically lower the cost of power.
And I believe that for you, this could be one the most profitable moments of your financial life if you position your money behind the right stocks before this news spreads.
I'm sharing all the details right now, on camera.
Click here to see how you could double your money or more by backing this new "Dark Energy."
Regards,
Joel Litman
Chief Investment Officer, Altimetry
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FEATURED
AI Has a Water Problem
The AI infrastructure trade has been well-covered from the power angle. Nuclear, natural gas, grid buildout -- everyone knows that story now. What almost nobody has mapped is the water angle. And it may be the more interesting trade.
Artificial intelligence is turning data centers into a major stress test for America's water systems. The pressure is no longer just about power.
Here is the physics problem. Every AI chip running a workload generates heat. As Nvidia's flagship Blackwell rack architecture scales toward 100 kilowatts per rack, and as AMD and custom hyperscaler silicon push densities even higher, the heat problem becomes the binding physical constraint on whether a data center can run at all. Air cooling cannot solve this at scale. The physics of moving enough cool air through a 100-kilowatt rack is a losing battle. Liquid cooling -- pulling heat directly off the chip with a fluid loop -- is the only proven solution that works for the rack densities AI requires.
And liquid cooling requires water infrastructure. Clean, conditioned, chemically managed water running continuously through systems that cannot fail.
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The New Arms Race Is Being Built Right Now
Global tensions are accelerating a new kind of arms race powered by advanced technology.
AI, drones, and autonomous systems are becoming central to modern defense strategies. This report reveals five companies positioned to benefit from this shift and what it could mean for investors.
Learn More...
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The M&A Signal Nobody Processed Correctly
On March 20, 2026, Ecolab announced something that should have gotten more attention than it did. Ecolab agreed to acquire CoolIT Systems, a high-growth, high-margin leader in liquid cooling technology for next-gen AI data centers, in an all-cash deal valued at approximately $4.75 billion. CoolIT is expected to generate approximately $550 million in sales over the next 12 months. The deal is expected to close in Q3 2026.
CoolIT is a pure-play data center liquid cooling company with end-to-end capabilities. It designs and manufactures high-performance liquid cooling systems, including coolant distribution units, cold plates, and direct-to-chip cooling technologies. With more than 25 years of experience, its technology is already embedded with the world's largest hyperscale and colocation operators.
What the deal actually signals: Ecolab paid 29 times next-twelve-month adjusted EBITDA -- in cash -- for a private industrial company. KKR, which sold CoolIT in this transaction, generated approximately 15 times its original equity invested over a roughly two-year hold. Premium multiples and venture-style returns on industrial assets are how the market signals that the next leg of capital deployment has not yet arrived.
Ecolab just told you, in the clearest possible language, that the water treatment and fluid management side of AI infrastructure is worth paying a massive premium for. The broader market has not connected those dots yet.
Vertiv Is Showing You the Order Book
Vertiv reported Q1 2026 results on April 22. Net sales came in at $2.65 billion, up 30% year-over-year, driven by 23% organic sales growth. The Americas region expanded 44% organically on strong data center demand. Adjusted diluted EPS grew 83% year-over-year. Management raised full-year 2026 guidance to $13.5 to $14.0 billion in net sales and $6.30 to $6.40 in adjusted diluted EPS -- implying roughly 51% earnings growth at the midpoint.
The order picture is what really matters here. Coming into the year, Vertiv reported Q4 2025 organic orders up 252% year-over-year -- the strongest order quarter in company history. The backlog stands at roughly $15 billion, up 109% year-over-year, with a book-to-bill ratio of approximately 2.9 times, meaning Vertiv is booking nearly three dollars of new orders for every dollar of equipment shipped.
A 2.9 book-to-bill ratio does not happen in an uncertain market. That is a company with locked-in demand that it physically cannot ship fast enough.
Slight tangent, but it matters. The global data center liquid cooling market was valued at approximately $6.6 billion in 2025 and is expected to reach around $8.2 billion in 2026, with projections pointing toward $29.5 billion by 2033 -- a CAGR of roughly 20%. Multiple research firms put the numbers in different places depending on how they scope the market, but the direction is not in dispute. This category is in early-innings hypergrowth.
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This desert breakthrough could launch a new dynasty Spindletop changed everything. One well in Texas launched the petroleum age... Built fortunes... And created the energy giants we still know today. Now Dylan Jovine believes the same pattern is repeating in Utah. Only this time, the resource isn't oil. It's geothermal heat. Project FORGE proved modern drilling technology can tap a buried energy source Big Oil abandoned decades ago. And now Google, the Pentagon, oil majors, billionaires, and sovereign wealth funds are moving in. Dylan calls it a potential "Green Energy Exxon." See the company behind the next Spindletop... |
The Water Utility Angle Most Investors Have Not Found Yet
Years of underinvestment are giving way to large-scale infrastructure upgrades, digital modernization, and private-sector partnerships. The result is a market that combines the dependable income of regulated utilities with the higher-margin potential of advanced water technology.
This is reaching beyond the pure-play cooling names into the broader water infrastructure sector. Advanced Drainage Systems reported a telling detail in its most recent results: on May 21, 2026, the company reported fourth-quarter fiscal 2026 net sales of $676.8 million, up 9.9% year-over-year, with stormwater sales rising 11.7% to $534.7 million. Management said the company remains focused on gaining share in growing construction segments, specifically naming data centers as one of the markets supporting its long-term strategy.
ADS is not a liquid-cooling supplier. But data center campuses require major site-water infrastructure before they can operate at all -- stormwater drainage, runoff control, underground conveyance, wastewater systems. The demand signal is real and it is already showing up in the numbers.
The Framework
There are three distinct layers to this trade. The pure-play cooling infrastructure layer -- Vertiv, Modine, nVent -- carries the most direct AI data center exposure with the highest growth rates and the richest valuations. The water treatment and chemistry layer -- Ecolab post-CoolIT acquisition, Xylem -- offers more moderate valuation with a newer and still-underpriced AI angle layered onto an existing business. The regulated utility layer -- American Water Works, Xylem's municipal customers -- provides slower growth but durable cash flows and meaningful dividend yield as portfolio ballast.
The four largest US hyperscalers -- Amazon, Microsoft, Google, and Meta -- are collectively guiding to roughly $725 billion in combined capital expenditure for 2026, up about 77% from approximately $410 billion in 2025. Nearly all of that increase is AI infrastructure: GPU clusters, custom silicon, data center construction, power, and cooling. Analysts already project combined hyperscaler capex crossing $1 trillion in 2027.
The chips get the headlines. The water infrastructure quietly becomes the constraint. That gap in attention is exactly where the opportunity tends to live longest before the crowd arrives.
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