Marc Lichtenfeld and The Oxford Income Letter are pitching “President Trump's AI Restitution Plan.” We identify the stock and test its power-grid claims.
One promotion, several names — all of them point to the same pitch, and the same stock.
“Congratulations! You‘re One Step Away From Tapping Into ’President Trump‘s AI Restitution Plan’...” That is the headline from Marc Lichtenfeld's promotion for The Oxford Club's paid Oxford Income Letter.
The pitch says a regional utility is positioned to make Microsoft, Meta and Google pay for massive new power infrastructure, while investors collect the biggest payout in the company's history. It also puts November 16 on the calendar as the deadline tied to the next payout.
The headline stock is identified below. Our confidence is 76 out of 100: strong clues point to one company, though several of the promotion's biggest claims don't survive the filings.
The giveaway is the combination of a 56-year dividend-increase streak, a regulated electric territory spanning Colorado, Montana, South Dakota and Wyoming, and disclosed data-center demand from Microsoft and Meta in Wyoming. Black Hills' 2025 Form 10-K and its January 2026 dividend announcement provide unusually distinctive fingerprints.
The same pitch is also branded as “America's #1 Regional Power Monopoly.” Those names refer to the same idea: find the utility with a protected territory, attach it to the AI power boom, and turn the resulting infrastructure spending into income.
The three stocks identified for this offer are Black Hills Corporation (BKH), Digital Realty (DLR), and Enterprise Products Partners (EPD). The headline answer is Black Hills, with 76 out of 100 confidence.
The clues converge on Black Hills because its disclosures match the promotion's most specific details. Its January 2026 dividend announcement says the company has raised its payout for 56 consecutive years. Its 2025 Form 10-K and earnings materials identify long-standing Microsoft demand and power supplied to Meta's AI data center in Cheyenne. Black Hills Energy also says large data-center customers pay their share of new infrastructure costs. That is a very particular trail, and it leads to BKH.
The two bonus identifications are looser guesses, not settled facts. Digital Realty, at 64 out of 100, fits the more-than-300-facility footprint and 15-year hyperscale lease language, but its filings don't name Microsoft, Amazon or Google as the tenants. Enterprise Products Partners, at 78 out of 100, fits the more-than-50,000-mile pipeline network and 27-year distribution-growth record, though the nearly $10 billion “toll” figure stretches broader infrastructure gross margin into a narrower claim.
The offer bundles 2 bonus reports that tease their own stocks. These get a sentence or two of copy each, so the evidence is much thinner than for the main pick and what follows is our best reading rather than a confident answer.
| Bonus report | Our best guess | Confidence |
|---|---|---|
| Make Big Tech Pay! How to Send Big Tech's Rent Straight Into Your Pocket | DLR — Digital Realty Trust, Inc. | 64/100 — probable |
| The Great AI Fuel Rush: Collect a Toll on Every Drop of Gas Big Tech Burns | EPD — Enterprise Products Partners L.P. | 78/100 — solid |
The 19 checks below separate the solid facts from the extra promotional lift. The sources include Black Hills' 2025 Form 10-K, its dividend history and earnings materials, Digital Realty's 2025 Form 10-K and corporate profile, and Enterprise's 2025 Form 10-K and company releases.
That distinction matters here. A regulated territory is real. So is a 56-year dividend streak. Neither fact automatically proves that three named technology giants prepaid an entire grid buildout or that demand exceeds twice the utility's generation capacity.
| The promotion claims | Verdict | What we found |
|---|---|---|
| Black Hills is the only legally allowed power-grid builder for Big Tech in state after state. | Overstated | Black Hills' 2025 Form 10-K says its electric utilities serve Colorado, Montana, South Dakota and Wyoming, while Black Hills Energy says data centers in its defined territory pay for new infrastructure; that supports a regulated territorial monopoly, but not the broader claim that Black Hills alone controls the grid in state after state. |
| Microsoft is footing Black Hills' entire power-grid bill upfront on day one. | Overstated | Black Hills' data-center materials say customers pay their share of new infrastructure costs, and its 2025 Form 10-K confirms long-standing Microsoft demand, but neither source says Microsoft prepaid its entire power-grid bill on day one. |
Get AI research on any stock
Instant reports, daily intelligence, and an AI analyst in your pocket.
The ad ties November 16 to Black Hills' next payout. Black Hills' dividend history, however, lists November 17, 2025 as a record date. November 16, 2023 was an ex-dividend date, with November 17 as the record date, so the promotion's date appears to have shifted the relevant date by one day.
We received this campaign on one separate day, September 23, 2026. That is too thin a record to judge whether the deadline rolls. For now, November 16 is a marketing deadline with no demonstrated link to a new filing or dividend event.
Before this promotion, we identified “SpaceX Royalty Shares” as Linde plc (LIN), down 2.65% since we revealed it; “29% Account” as Texas Pacific Land Corporation (TPL), up 0.01%; and “TF3 Revolution” as Quantum Computing Inc. (QUBT), down 6.05%.
“Uranium Profit Package” and “Trump Nuclear Mega-BOOM” both pointed to enCore Energy Corp. (EU), up 7.83%. “Ultimate Dividend Package” pointed to AbbVie Inc. (ABBV), up 0.38%. That is a useful ledger, though still a small sample rather than a verdict on the analyst.
America needs more electricity for AI, big tech will help finance the grid expansion, and Black Hills can turn that demand into a protected utility business with a growing dividend. That is the chain the promotion is selling.
The first link holds. Black Hills operates regulated electric utilities in defined territories, has disclosed Microsoft and Meta data-center demand, and says large-load customers pay their share of new infrastructure. The load-bearing link that breaks is the claim that Microsoft, Meta and Google each paid the entire power-grid bill upfront on day one. The filings don't say that. Google isn't even identified as a Black Hills data-center customer, and the disclosed combined Microsoft and Meta demand of about 600 MW by 2030 sits below Black Hills' 1,386 MW of owned generation, not above twice it.
As a basket, these are three infrastructure-income angles rather than one unified AI monopoly. Black Hills carries the central thesis and has the cleanest match between the pitch and the disclosures. Digital Realty has a genuine data-center footprint and 15-year hyperscale leases, but the named-tenant claims aren't verifiable and the 90% REIT rule applies to taxable income, not accounting profits. Enterprise has the pipeline scale and distribution history, while the toll figure appears to borrow from broader infrastructure margins.
Black Hills can stand on its own merits as a regulated utility with a long dividend record and real data-center demand. The promotion's AI windfall is another matter. The stock identification is strong; the promise that Big Tech will simply write the whole check upfront is not.
How confident are we? 76 out of 100. We identified Black Hills Corporation (BKH) from the promotion's own clues and checked 19 of its claims against filings, earnings calls, ownership records, market data and public reporting. This is our analysis, not the publisher's disclosure — we have no relationship with them.
Knowing which stock it is only gets you halfway. We score BKH on valuation, profitability, growth, financial health and momentum — and reach our own conclusion, independent of how it was sold to you.
See the BKH data →Independent of the promotion — our own numbers, score and analysis.
Everything we track on BKH in one place — the TickerSpark Score, price charts, key financials, and our latest coverage.
| Meta is footing Black Hills' entire power-grid bill upfront on day one. | Overstated | Black Hills disclosed that it was providing power for Meta's AI data center in Cheyenne and that large-load customers pay their infrastructure share, but the company's filings do not establish that Meta paid the entire grid bill upfront on day one. |
| Google is footing Black Hills' entire power-grid bill upfront on day one. | Can't verify | Black Hills' 2025 annual report and earnings materials name Microsoft and Meta as its Wyoming data-center customers; they do not identify Google or document a Google upfront payment. |
| Black Hills has raised its payout for 56 years straight. | Checks out | Black Hills' January 2026 dividend announcement says the new annualized rate represents 56 consecutive years of annual dividend increases. |
| Microsoft is demanding more than double Black Hills' historical power output. | Contradicted | Black Hills' 2025 Form 10-K lists 1,386 MW of owned generation, while management describes approximately 600 MW of combined Microsoft and Meta demand by 2030; the disclosed Microsoft-related demand does not exceed twice Black Hills' generation capacity. |
| Meta is demanding more than double Black Hills' historical power output. | Contradicted | Black Hills' earnings materials put combined Microsoft and Meta demand at about 600 MW by 2030 against 1,386 MW of owned generation in the 2025 Form 10-K; the disclosed Meta project does not support demand exceeding twice Black Hills' historical output. |
| Google is demanding more than double Black Hills' historical power output. | Can't verify | Black Hills has not publicly identified Google as a served Wyoming data-center customer or disclosed a Google-specific power-demand figure. |
| Black Hills is set to make the biggest payout in its history. | Checks out | Black Hills' dividend history shows a $0.703 regular quarterly dividend in 2026, the highest quarterly per-share rate listed in the company's history. |
| November 16 is when Black Hills closes its books for the next payout. | Overstated | Black Hills' dividend history lists November 17, 2025 as the record date; November 16, 2023 was the ex-dividend date, with November 17 as the record date, so the promotion appears to have shifted the relevant date by one day. |
| Digital Realty collects rent from more than 300 data centers. | Checks out | Digital Realty's corporate profile describes a footprint of more than 300 facilities, and its 2025 Form 10-K reports 310 data-center buildings in its total portfolio. |
| Microsoft is locked into a Digital Realty lease lasting up to 15 years. | Can't verify | Digital Realty's 2025 Form 10-K anonymizes major customers as global cloud or technology companies and does not identify Microsoft as a counterparty to a 15-year lease. |
| Amazon is locked into a Digital Realty lease lasting up to 15 years. | Can't verify | Digital Realty's filings do not name Amazon as a tenant in the 15-year hyperscale leases; the relevant customer identities are undisclosed. |
| Google is locked into a Digital Realty lease lasting up to 15 years. | Can't verify | Digital Realty has disclosed 15-year leases with unnamed investment-grade hyperscale customers, but its 2025 Form 10-K does not identify Google as one of those counterparties. |
| Digital Realty has hyperscale leases lasting up to 15 years. | Checks out | Digital Realty's announcement concerning three Northern Virginia hyperscale facilities says they are supported by 15-year leases with investment-grade customers, although the customers are not named. |
| Federal law requires Digital Realty to distribute 90% of its profits to investors. | Overstated | Digital Realty's 2025 Form 10-K says the REIT must distribute at least 90% of REIT taxable income, excluding net capital gain, to maintain its status; the legal requirement is not 90% of accounting profits. |
| Enterprise Products Partners owns more than 50,000 miles of pipelines. | Checks out | Enterprise Products Partners' company materials state that its assets currently include more than 50,000 miles of pipelines. |
| Enterprise Products Partners collects nearly $10 billion annually in pipeline tolls. | Overstated | Enterprise's 2025 Form 10-K supports roughly $9.8 billion of gross operating margin across its infrastructure segments and describes transportation and capacity-reservation fees, but it does not report nearly $10 billion of pipeline toll collections. |
| Enterprise Products Partners has raised its payout for 27 consecutive years. | Checks out | Enterprise's February 2026 earnings release says 2025 marked the partnership's 27th consecutive year of distribution growth. |
Cancel anytime
Addison Wiggin and The Grey Swan are promoting the 2026 Midterm Election Blueprint, also branded as the GSI Election Blueprint. Here’s what the evidence can—and can’t—identify.
Dr. Skousen and The Oxford Club are pitching the Skousen Wealth Network through “Elon’s Missing Pieces.” We identify the three stocks and test the claims against filings.
Marc Lichtenfeld's Oxford Income Letter promotes the “SpaceX Royalty” Portfolio. We identify the two companies and test the promised income claim.