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In 1900, four out of every 10 working Americans worked on a farm.
By 1930, two in 10.
By 1970, four in 100.
By 2000, fewer than two in 100.
Here’s what people get wrong about that story: Nobody fired the farmhands.
The men who had those jobs mostly kept them until they retired.
The tractor didn’t take a job from anyone who had one. It took the jobs their sons would have had.
That’s how displacement actually works.
And, I’ve laid out all the details here.
You see, nobody gets fired. The next kid just never gets hired.
So I want you to think about someone specific this morning:
Your son. Your daughter. Your grandkid. The one who graduated in May, did everything right, and is still refreshing an inbox… and still unemployed.
Because Stanford just put a number on what’s happening to them.
Erik Brynjolfsson and his team have been tracking millions of ADP paychecks, month by month, since ChatGPT launched.
Their paper is called “Canaries in the Coal Mine.” They updated it on August 12, with data through June.
Employment for workers aged 22 to 25 in the jobs most exposed to AI is now 19% below where it would be if it had simply kept pace with their less-exposed peers. Experienced workers show no gap at all. The gap has widened steadily since last August.
And it isn’t happening through layoffs.
It’s happening through hiring that never occurs.
Again, nobody gets fired. The next kid simply never hired.
Brynjolfsson’s own words: “Whatever it is, it’s not going away.” And: “We are flying blind into one of the most consequential periods in world history.”
The Federal Reserve Bank of New York sees the same thing from a different window.
Unemployment for recent college graduates: 5.6%. Underemployment – a degree holder working a job that doesn’t require one – 42%.
That’s four in 10.
And the majors we told them to pick, computer science and computer engineering, now carry unemployment rates above the average for all recent graduates.
“Learn to code,” we said.
I want to be clear with you about why I’m writing this.
Most of you reading this are retired, or close to it. You are not going to be laid off by a machine. By most measures, you’re on the safe side of this.
But your family isn’t. And the same force that is quietly declining to hire your grandson is, at this very moment, minting the largest fortunes in human history for the people who own the machines instead of competing with them.
That’s what I call the Final Displacement, seen from the bottom rung of the ladder.
The farm kids of 1930 didn’t get a vote on the tractor. Neither does your grandson. But you get a vote on where the family’s money sits.
There are two things you can do for the people you love.
You can understand what’s actually coming, so you can explain it to them. And you can make sure the family’s money is on the side of the ledger that’s hiring.
My documentary lays out both.
The companies that will own this, and the ones it will hollow out.
Watch The Final Displacement here.
Good investing,
Porter Stansberry
Enova’s Earnings Surge Meets a Valuation Test
Submitted by Peter Frank. Originally Published: 9/3/2026.
Key Points
- Enova International posted strong second-quarter results, with revenue up 21.6% and adjusted earnings per share rising 33% year-over-year, beating analyst estimates.
- Enova's pending $369 million acquisition of Grasshopper Bancorp would grant it a national bank charter, though it still needs approval from the OCC and Federal Reserve.
- Wall Street remains bullish on Enova with eight Buy and one Strong Buy rating, though its 88% one-year stock gain leaves limited upside to price targets.
- Special Report: Forget SpaceX. Buy the company Musk can't replace.
Enova International (NYSE: ENVA) has been one of the top-performing financial stocks of the past year.
Through brands like CashNetUSA, NetCredit, OnDeck, Headway Capital, Simplic and Pangea, Enova lends to consumers and small businesses that traditional banks often turn away. That business model has been a source of strength—and, more recently, some unwanted attention.
Trump goes "all-in" on Grand Canyon energy breakthrough (Ad)
A drilling crew near the Grand Canyon uncovered a clean energy well producing nearly eight times the output of Saudi Arabia's largest oil field, with potential to last two million years.
While the One Big Beautiful Bill Act eliminated federal credits for solar, wind, and EVs, this energy source was reclassified alongside oil and nuclear power and given eight years of tax credits. Google signed a 15-year contract, and Bill Gates committed $100 million.
One company controls the entire supply chain behind this discovery.
See the ticker behind this Grand Canyon energy breakthrough nowThe company is also in the middle of the biggest deal in its history: a pending agreement to acquire Grasshopper Bancorp and give itself an actual bank charter.
Combining its lending business, the pending transaction and a long string of earnings beats, Enova is a financial growth stock that analysts rate as a solid Buy.
Earnings Growth Accelerates
The second quarter again proved its strength. Revenue for the three months rose 21.6% year-over-year (YOY) to $928.93 million, beating the $909.61 million analysts had projected by roughly $19.3 million. Adjusted earnings per share came in at $4.31, topping the $3.99 consensus estimate and rising sharply from $3.23 a year earlier, a 33% increase.
On a GAAP basis, diluted earnings per share climbed to $4 from $2.86, while net income jumped 38% to $105.1 million from $76.1 million in the prior-year quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose roughly 26% to about $255.8 million.
The company's net revenue margin, a key profitability gauge for online lenders, expanded to 61% from 58% a year earlier.
Loan Growth With Improving Credit Quality
The second quarter was not an outlier. It was the company's eighth consecutive quarter of adjusted earnings-per-share growth above 30%. Consolidated loan originations grew 27% YOY to roughly $2.3 billion, helping push ending receivables up 28% to a record $5.5 billion.
At the same time, credit quality continued to improve even as the loan book expanded. Consolidated net charge-offs fell to 7.3% from 8.1% a year earlier.
As a result, management raised full-year 2026 guidance to revenue growth of 20% to 25% and adjusted earnings-per-share growth of 30% to 35%.
Grasshopper Could Transform Enova
What has attracted significant attention recently is the broader strategic story surrounding its pending purchase of Grasshopper Bancorp, parent of Grasshopper Bank. If completed, the roughly $369 million cash-and-stock deal would give Enova a national bank charter for the first time. With access to Grasshopper Bank's deposits, the move could lower Enova's funding costs and allow it to hold more loans on its balance sheet rather than relying on securitizations and credit facilities.
Management has told investors that the deal should be more than 25% accretive to earnings once synergies fully mature. However, the deal still needs approval from the Office of the Comptroller of the Currency (OCC) and the Federal Reserve. Both companies expect it to close sometime in the second half of 2026.
Regulatory Approval Remains a Hurdle
Regulatory approval, more than the company’s balance sheet, is the lingering risk here. Back in May, it was reported that Senators Elizabeth Warren and Chris Van Hollen sent letters urging federal regulators to block the Grasshopper acquisition. They argued that, with a bank charter, Enova could originate loans nationwide at annual rates as high as 300% under looser state usury limits.
Because both the OCC and the Fed must approve the deal, the senators’ objections could carry weight despite recent leniency by regulators in similar matters. But if regulators delay or reject the deal, Enova could again be viewed as a specialty lender rather than a future chartered bank.
Wall Street Remains Bullish
For now, though, Wall Street appears convinced that Enova’s future is bright. Of the nine analysts currently covering the stock, eight have placed a Buy rating on the company, and one has tagged it a Strong Buy. With a consensus Buy recommendation, Enova has no Sell or Hold ratings at present.
The average 12-month price target of $247.83 gives the stock only moderate upside, signaling that much of the optimism may already be priced in. Among the ratings, the highest price target is $280 per share, while the lowest is $200.
Indeed, much of that value has been building for some time. Enova is up 44% year-to-date and 88% over the past year. Over the past five years, the stock has climbed well over 500%.
Stock Gains Raise the Valuation Bar
Based on these results, Enova's underlying business appears to be executing about as well as a specialty consumer and small-business lender can. Its revenue and profits are both climbing, credit quality is improving, and a possible bank charter could significantly lower funding costs.
Ironically, the risk is how well the stock has been performing. Shares are down nearly 15% after reaching highs in August. At some point, a prolonged run of this size leaves less and less room for surprises. The fate of the Grasshopper deal also matters, perhaps even more than a single quarter’s earnings.
The fact is that every company carries some degree of risk. Whether Enova’s risks are significant remains to be seen.
3 Under-$20 Stocks Tied to the Future of U.S. Energy and Materials
Submitted by Chris Markoch. Originally Published: 9/10/2026.
Key Points
- USA Rare Earth, Energy Fuels, and Uranium Energy all trade below $20, but none is profitable on a trailing basis.
- USA Rare Earth and Energy Fuels offer exposure to the rare earth supply-chain push, while Uranium Energy is tied more directly to nuclear fuel demand.
- Analyst targets point to meaningful upside, but financing, execution, permitting and commodity-price risks remain central to the investment case.
- Special Report: Forget SpaceX. Buy the company Musk can't replace.
A low share price is attractive to many investors because it allows them to purchase a meaningful number of shares for a nominal investment. But that doesn't mean a stock offers good value.
To determine that, investors should look at the underlying business. Many of these companies are not yet profitable and may still be in the early stages of scaling revenue. Three stocks trading under $20 fit that description right now, but each has real analyst support and meaningful upside.
Trump goes "all-in" on Grand Canyon energy breakthrough (Ad)
A drilling crew near the Grand Canyon uncovered a clean energy well producing nearly eight times the output of Saudi Arabia's largest oil field, with potential to last two million years.
While the One Big Beautiful Bill Act eliminated federal credits for solar, wind, and EVs, this energy source was reclassified alongside oil and nuclear power and given eight years of tax credits. Google signed a 15-year contract, and Bill Gates committed $100 million.
One company controls the entire supply chain behind this discovery.
See the ticker behind this Grand Canyon energy breakthrough nowUSA Rare Earth (NASDAQ: USAR), Energy Fuels (NYSEAMERICAN: UUUU), and Uranium Energy Corp (NYSEAMERICAN: UEC) all trade under $20, with each carrying a Moderate Buy consensus rating.
Two of these names are part of the rare earths story. USAR and UUUU are both working to rebuild a domestic supply chain for materials used in EV motors, fighter jets, and wind turbines. UEC plays a different but related role. It's a pure-play uranium producer riding the nuclear power comeback.
Together, they offer three ways to access one bigger idea: America rebuilding the materials and energy infrastructure needed for the economy of the future.
Under-$20 Materials Stocks Still Carry Real Risk
None of these three companies is profitable on a trailing basis yet, so the price-to-earnings (P/E) test doesn't really apply. These are earlier-stage, higher-growth, and higher-risk businesses. However, each stock comes with bullish analyst sentiment, reflected in its forecasted upside.
USA Rare Earth Targets the Mine-to-Magnet Supply Chain
USA Rare Earth is trying to build something the United States mostly lacks: a full, domestic mine-to-magnet rare earth supply chain. That means mining, processing, and eventually producing the magnets used in EV motors and defense systems.
That matters because roughly 90% of global rare-earth processing capacity is in China today. Digging up the ore domestically doesn't help much if it still has to travel overseas for processing. The company wants to close that loop at home.
That won't come cheap. It raised more than $1.5 billion this year to fund the buildout and has struck partnerships, including a large letter of intent with the U.S. Department of Commerce. That brings real dilution and execution risk for investors to consider.
Still, the Wall Street picture is strong. USAR trades around $18 as of this writing. Eleven analysts rate it a consensus Moderate Buy, with 10 Buys and one Sell. The average price target sits near $34, implying roughly 90% upside from current levels.
That target warrants some skepticism, since USAR isn't generating meaningful revenue relative to its size yet. But even the low end of the analyst range still points to solid gains from here.
Energy Fuels Bridges Uranium and Rare Earths
Energy Fuels started as a uranium company. It still runs the only conventional uranium mill currently operating in the U.S., located in Utah. But it has expanded that same facility into rare earth processing and heavy mineral sands.
That diversification is the core of the bull case here. If uranium is soft in a given quarter, rare earths might carry the load, and vice versa. The physical mill infrastructure behind it is genuinely hard to replicate, since obtaining permits for something similar could take a decade.
UUUU trades just under $15 as of this writing, making it the cheapest of the three names. The consensus rating of seven analysts is a Moderate Buy, with five Buys, one Hold, and one Sell. The average price target sits near $22, implying about 47% upside.
The bear case shouldn't be ignored, but it should be put in context. UUUU is a jack-of-all-trades story, and uranium and rare earth volumes are both still ramping. But that same breadth also means the stock isn't a single-commodity bet with nowhere to hide if one market turns soft.
Uranium Energy Rides the Nuclear Fuel Rebuild
Uranium Energy is the cleanest way to play the nuclear comeback on this list. It's a U.S.-focused uranium producer that uses in situ recovery, a lower-impact extraction method, across projects in Texas, Wyoming, and beyond.
Nuclear power has shifted from a fading story to a growing one. Utilities are signing long-term contracts again, while governments are backing nuclear power as a reliable source of clean baseload electricity. Artificial intelligence (AI) data centers now need round-the-clock electricity that solar and wind alone can't fully deliver.
Supply hasn't caught up. The industry underinvested in uranium mining for roughly 15 years after prices collapsed following the Fukushima disaster. Rising demand, coupled with a slow-to-rebuild supply base, tends to favor producers already in position.
UEC currently trades around $12. Ten analysts rate it Moderate Buy, and notably, zero currently rate it a Sell. The average price target sits near $16.75, implying about 37% upside—the most conservative number on this list, but arguably the most stable one, too.
The real risk is commodity-driven. Uranium prices move on their own schedule, and a soft stretch would hit this stock harder than the broader market. UEC also hasn't proven sustained profitability yet, so there's no earnings cushion.
Critical Materials Upside Depends on Execution
Calling these stocks speculative doesn't mean buy-and-hold investors should stay away. It does mean, however, that investors should size their positions appropriately and know what they actually own. A company can be early-stage and volatile today while still becoming a genuine long-term holding if the underlying trend plays out.
The U.S. government has made critical minerals independence and nuclear expansion explicit priorities. That policy and the associated capital spending are unlikely to disappear with a new administration or because of a single bad earnings call.
The better question is whether the size of the opportunity justifies the risk. For a properly sized basket across all three, spread across company-specific risks such as permitting delays or financing rounds, the answer is yes.
These aren't day-trade names. The real catalysts—new processing capacity, offtake agreements, government contracts, and uranium contract renewals—play out over years, not days. Investors who can look past short-term noise stand to benefit most from where this trend is headed.
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