Power, cooling, and the rest.  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Nine names behind the build Read online     🤝 TOGETHER WITH STOCK EARNINGS The 9 Stocks Powering AI Behind the Scenes AI's future will not be built by software alone — it will be built by the companies supplying power, cooling, networking and infrastructure. Paid advertisement. Not investment advice. Free report. Companies named are examples for educational purposes and are not recommendations. All investing involves risk, including the possible loss of principal. Download the Free Report   Life-extend the fleet. Don't logo a reactor. Google underwrote Loviisa through 2050.     ⚡ THE SETUP Google Cloud Press Corner, September 9. Google plans at least €13 billion of Finland digital infrastructure over 2027 and 2028, in Hamina, Kajaani, Muhos, and Vaala. World Nuclear News, same day. A 22-year life-extension PPA with Fortum for Loviisa starts in 2028 at reduced capacity and covers 50 percent of plant capacity from 2030 through 2049. Fortum's own release. About €1 billion of life-extension work, with about €700 million still lacking a final investment decision without predictable offtake. Also 629 MW of new-to-grid wind, a 94 MW Kajaani battery due late 2027, and an MoU exploring new nuclear at Loviisa. One Utility Has Paid Every Quarter for 96 Straight Years Also inside: a tech leader with a 15% payout ratio, leaving decades of room for dividend growth, a consumer staples name with twenty years of outperformance, and a healthcare leader with 61 consecutive years of payout increases. Seven in total. Free report. Not investment advice. All investing involves risk of loss and past performance does not guarantee future results. (From MarketBeat)   Google did not logo a new reactor. It underwrote the fleet that is already there. €13 billion. Two years. Loviisa through 2050. I am sitting with the offtake, not with another Europe spend headline. Google Cloud Press Corner put the Finland package on the record September 9. Hamina. Kajaani. Muhos. Vaala. Alphabet. GOOGL. The spend is the tell. It is not the mechanism. The mechanism is a 22-year power purchase agreement with Fortum for Loviisa, two VVER-440 units that already supply about 10 percent of Finland's electricity, starting in 2028 at reduced capacity and covering half the plant from 2030 through 2049 so Fortum can take the remaining life-extension decisions that still lack an FID. World Nuclear News ran that contract shape. Fortum said "the plant would not be able to continue producing fossil-free electricity after 2030." That is the line I keep. Would you actually underwrite a Europe spend headline, or would you underwrite the offtake that unlocks the life-extension still waiting on FID? The operating licence already runs through 2050. About €700 million of Fortum's roughly €1 billion life-extension programme still lacks an investment decision. The Google PPA is what lets those decisions get made. Google's own blog called this its first agreement for a nuclear plant life extension. The MoU on new nuclear at Loviisa is a study. Loviisa sits about 55 kilometers from the Hamina data center. Fingrid helped site the load toward the north, closer to generation. The 629 MW of wind and the 94 MW Kajaani battery due late 2027 are not the scarce layer. Firm nuclear through 2050 is.     📊 BY THE NUMBERS €13B Finland digital infra, 2027-2028 (Google) 50% of Loviisa, 2030-2049 (WNN) €700M life-extension still waiting on FID (Fortum)   A Europe spend headline does not keep a plant online.     This evening the scarce piece is the life-extension offtake.   The fleet is the tap.     🔎 THE SECOND DERIVATIVE Somebody else has to keep the reactors running while the data centers show up. Fortum owns Loviisa. Google just contracted half the output through 2049. The spend is the event. The offtake is the product. Who underwrites the scarce firm-power layer is the tap I want.       📢 ADVERTISEMENT Get the name before the window closes >> After back-to-back meetings with Trump Jr. and two Congressmen, I traced the real driver of the Iran war to a single stock. Paid advertisement from Behind The Markets. Investing involves risk including loss of principal. See the Stock (Ad) Behind The Markets       ⚖️ THE COUNTER The foil is treating this as Google spends big in Europe, or sitting with a new-reactor study as if it is the product. Google Cloud Press Corner named the €13 billion. World Nuclear News named the 22-year PPA. Fortum named the €700 million still waiting on FID. A memorandum is not a life-extension.   The offtake is the layer I want a tap on.     📢 ADVERTISEMENT Executive Order 14241 Has Unleashed a Change to America's Money Republican or Democrat, supportive or opposed, you could soon be using it. If you hold savings in a bank or a stock portfolio, Porter argues this is the thing to understand first. Paid advertisement from Porter & Co. Past performance is not indicative of future results. All investing involves risk of loss including total loss of principal. Not investment advice. See What Changed (Ad) Porter & Co       👀 WHAT TO WATCH Watch whether Fortum actually takes the remaining FID on the €700 million. Watch whether the PPA steps from reduced capacity in 2028 to 50 percent in 2030. Watch whether the MoU on new nuclear at Loviisa stays a study.   Knox Bennett, Lead Strategist, Strategic Compute P.S. If the scarce layer is firm power, do you sit with the €13 billion headline or with the offtake that keeps Loviisa online? Reply and tell me.     📢 P.P.S. ADVERTISEMENT Days From Now, the World's Most Powerful Chipmaker Could Reveal What It Has Been Building Gilder calls the convergence the biggest millionaire-maker he has covered, and says the announcement confirms or kills the thesis outright. Paid advertisement from Banyan Hill. Past performance is not indicative of future results. All investing involves risk of loss including total loss of principal. Not investment advice. (Ad) Banyan Hill       📰 ALSO WORTH YOUR TIME Google Cloud Press Corner, September 9. The €13 billion Finland package, Hamina, Kajaani, Muhos, Vaala, and the Loviisa offtake. Wake Up to a Gain in Your Account The approach runs while the market is closed. What it does overnight and how positions are set. Results are not typical and most traders lose money. Past performance is not indicative of future results. All trading involves risk of loss including total loss of principal. Not investment advice. (Ad) Millionaire Publishing World Nuclear News. The 22-year Fortum PPA, 50 percent of Loviisa from 2030 through 2049, and the life-extension still waiting on FID. The morning version of this desk. Same publisher, earlier in the day, and pointed at the session ahead of you. (From Good Morning Alerts) Fortum, September 9. Inside information on the nuclear PPA, the €700 million still lacking an investment decision, and the MoU. On Location: Starbase, Texas SpaceX S-1 Reveals Elon's Hidden Master Plan Wall Street spent months on the SpaceX S-1 and saw rockets and Starlink. What they missed was buried in the numbers — a hidden empire that could be worth more than the rocket business itself. One analyst went to Starbase to find it... (Ad) Stansberry Research       AI ARMS RACE A Guardian Financial Publishing title WHY YOU'RE RECEIVING THIS EMAIL You're receiving this email because at some point, you opted in to receive updates, news, or information on a specific topic we've previously discussed or shared. 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Bills going up is good news?

September 10, 2026 Unsubscribe   A note from our friends at Brownstone Research(ad) Editor's Note: Hedge fund legend Larry Benedict went 20 consecutive years without a single losing year. Now, he's stepping forward to reveal what could be the biggest profit opportunity of his career – all tied to one overlooked ticker. Read more below... Dear Reader, What if every time bills went up... you celebrated? Sounds crazy. But that's exactly how it works for some Wall Street traders. And once you know their secret... You could be rooting for prices to climb too. I recently sat down with Larry Benedict... A man who ran a hedge fund ranked in the world's top 1% by Barron's... And who managed money for the Saudi Royal Family, the Bank of New York, and the Canadian government. He told me there's one ticker that moves like crazy... Whenever prices at the pump or the grocery store start climbing. Wall Street quietly siphons money from everyday investors the moment it happens... While most regular folks just try to keep up. But Larry's readers have had the opportunity to play the same side as Wall Street... They had the chance at fast payouts like: ✅ $2,482 in two days ✅ $7,623 in eight days ✅ $8,704 in six days All from that one ticker in a normal brokerage account. Larry names it – completely free – in our new interview. Click here to watch it now. Regards, Kimi Weintraub Host, The Vienna Cartel       Bonus Article Food Prices Hit a 4-Year High. Not Every Name on Your Grocery List Can Handle It. Hey there, bargain hunter. The FAO Food Price Index landed at 133.3 points in August, up 1.9% from July and 2.5% above a year ago, the highest reading since November 2022. Every single commodity group moved higher. Sugar led with an 11.9% monthly surge. Cereals rose 2.2%. Wheat is now 15% above its year-ago level. Meat and dairy joined the party too. The causes are not subtle. Extreme weather in Europe has damaged prospects for maize and sugar beet harvests, while ongoing disruptions in Black Sea export logistics have kept grain flows uncertain. Meanwhile, the U.S. cattle herd has contracted to its smallest size in roughly 75 years, driven by prolonged drought and a prolonged halt on live cattle imports from Mexico tied to New World screwworm controls. What the Market Is Really Saying Higher commodity prices do not automatically mean higher profits for food companies. The real question is who can push costs downstream to consumers and who gets crushed in the middle. Tyson Foods is the clearest example of the wrong side of that equation right now. Tyson updated its fiscal 2026 outlook in early September, and now expects full-year adjusted operating income of $1.85 billion to $2.05 billion, down from the $2.1 billion to $2.3 billion it forecast on August 3. The beef business alone is now guiding to an adjusted operating loss of $625 million to $775 million for the fiscal year. Beef processors buy cattle months in advance; when cattle prices move hard, timing and valuation effects can slam results before volumes and cutout spreads fully adjust. Tyson's chicken and prepared foods units are carrying the company right now, but those margins cannot offset a beef black hole of that magnitude indefinitely. General Mills is a different kind of problem. The company reported fiscal 2026 net sales of $18.4 billion, with operating profit down 73% to $885.8 million and a diluted loss per share of $0.16, after recording $1.75 billion in non-cash impairments tied mainly to its North America Pet business. Management guided fiscal 2027 adjusted EPS to $3.00 to $3.20, and the stock has shed roughly 18% year-to-date. General Mills has been leaning into value, but this draft’s specific claim that it cut prices on nearly two-thirds of its North America grocery products is not something I could verify from company filings or releases. Rising commodity costs hitting a company already leaning into price investments is still a margin squeeze from both ends. Who Actually Has the Leverage ADM is positioned differently from packaged food names. Archer-Daniels-Midland raised its full-year 2026 adjusted EPS guidance to $5.15 to $5.60, reflecting strong first-half performance and a constructive biofuels environment. ADM does not need consumer sentiment to cooperate. It processes and moves grain regardless of which direction prices move, capturing the spread. Nutrition segment operating profit increased 51% year-over-year, driven by Flavors momentum. Higher cereal prices tighten the global grain trade, which is precisely when a diversified origination and processing platform earns its keep. Bunge tells a similar story. Bunge raised its 2026 adjusted earnings outlook for a second straight quarter to $9.25 to $9.75 per share. For Bunge, trade-flow dislocation from the Russia-Ukraine war is a business opportunity, not a cost headache. The grain merchandising unit was the one weak spot in Q2, worth watching. The Cheap Investor Scorecard FAO index level: 133.3 in August, monitor monthly for acceleration above 135 Wheat price: up 15% year-on-year, key input cost for GIS, K, and packaged food broadly Sugar benchmark: jumped 11.9% in August, watch BG and ADM processing margins Tyson beef guidance: $625M to $775M operating loss in FY2026, requires a multi-year cattle-cycle recovery ADM full-year EPS guidance: $5.15 to $5.60, a directional signal for commodity processors GIS fiscal 2027 EPS guide: $3.00 to $3.20, low enough to be priced in, but volume recovery is the unlock Kroger gross margin: 22.7% last quarter, tomorrow's report will show whether August commodity costs arrived in the numbers U.S. cattle herd size: roughly a 75-year low, supply relief is typically slow in cattle cycles, so TSN beef pressure can persist FAO cereal production forecast: cut by 3.4 million metric tons from July, now 2% below 2025 in the largest annual decline since 2018 USDA food-at-home forecast: food-at-home prices predicted to increase about 2.9% in 2026, already baked into most retailer and packaged food guidance Bull/Base/Bear Bull: ADM and BG continue to benefit from trade-flow dislocations and strong crush margins. Kroger's Q2 report tomorrow shows private-label mix gains protecting gross margin. GIS's cost cuts restore adjusted EPS to $4+ range by FY2028 while the stock sits in the low $30s. Base: Commodity prices stay elevated through year-end, squeezing packaged food names that already cut retail prices. ADM and BG grind higher on processing spreads. Tyson's chicken segment offsets roughly half the beef losses, and the stock trades sideways at a discount to book. Bear: El Nino accelerates, pushing the FAO index toward 140. Packaged food companies face a simultaneous volume and input-cost problem with no pricing cover. Kroger responds with deeper promotions, pressuring both its own margins and supplier pricing. Action Plan The commodity processors, ADM and BG, are the logical place to look when the FAO index is rising and trade routes are disrupted. They can benefit from volatility; packaged food companies often absorb it. ADM's raised guidance and 51% nutrition profit growth suggest the market has not fully priced the biofuels and processing earnings upgrade. Avoid TSN in size until there is visibility on the cattle cycle, which is unlikely to improve quickly from a 75-year-low herd base. GIS at the low $30s is approaching a level where the forward P/E compresses enough to warrant a small starter position, but only if the volume trend stabilizes in Q1 FY2027. Watch Kroger's number tomorrow morning. The stock heads into earnings with an average analyst price target of $69.77 against a current share price of $56.65, that gap is unusually wide and implies either the analysts are wrong or the stock is cheap. August food cost data will tell you which story holds. Bottom Line If the FAO index keeps climbing and Black Sea grain flows stay disrupted, the processors and traders (ADM, BG) are the place to be, not the branded food names still leaning into price investments to recover lost volume. The grocers sit in the middle: Kroger could benefit from trading-down traffic, but only if it holds gross margin. The names cheapest on price (GIS, TSN) are cheap for quantifiable reasons that do not resolve quickly. Know the difference before you buy the dip. This content is for informational purposes only and should not be considered financial advice. Investing involves risk. The Cheap Investor is a publication of Investing Media Solutions, LLC. To view our full policies: Disclaimer | Privacy Policy | Terms & Conditions Update your email preferences or unsubscribe here © 2026 The Cheap Investor 203 N La Salle Suite 2100 Chicago , Illinois 60601, United States Powered by beehiiv