Core Viewpoint - Brookfield Asset Management's new AI infrastructure company, Radiant, has been valued at $1.3 billion following its merger with UK-based Ori Industries, highlighting the growing demand for AI infrastructure amid a shortage of high-performance computing capacity [1][4]. Company Summary - Radiant was formed to provide on-demand access to AI chips and has merged with Ori Industries, a cloud computing firm based in London [1]. - All existing investors of Ori have rolled their stakes into Radiant, with Brookfield injecting additional capital into the new entity [2]. - Mahdi Yahya, founder of Ori, will serve as president of Radiant, emphasizing the partnership with Brookfield to address the supply-demand imbalance in AI infrastructure [5]. Financial Overview - The valuation of Radiant was established earlier in February 2026, although the exact contribution of Ori to this valuation remains unclear [2]. - Ori had total assets of £42.5 million ($57.2 million) and total debt of £11.3 million as of the end of 2024 [4]. Industry Context - The merger comes at a time when there is a race among investors to build the necessary infrastructure for advanced AI, driven by a shortage of computing capacity [4]. - Brookfield's AI infrastructure fund aims to raise $10 billion, with plans to scale up to $100 billion through co-investment and financing [5]. - The UK government is significantly increasing data-center construction, planning to expand national computing capacity by 20-fold by 2030, classifying data centers as critical infrastructure [5].

Industry Overview - Nuclear power is experiencing a resurgence globally, driven by increasing power demands from artificial intelligence and a shift towards green energy, prompting significant investments in nuclear capacity [1] - The demand for uranium has surged, with its spot price increasing by 32% over the past year, contrasting with declines in other energy resources [2] Company Profile - Cameco is the second largest uranium producer globally, responsible for 15% of the world's uranium production in 2025, and operates high-grade uranium mines such as Cigar Lake and MacArthur River/Key Lake [4] - The company also has a 49% stake in Westinghouse, which produces advanced nuclear reactors and is developing a small modular reactor [5] Strategic Positioning - Cameco is well-positioned to support the U.S. Department of Energy's goal to triple nuclear energy generation by 2050, benefiting from favorable tax rates on Canadian uranium [6] - The U.S. has entered an $80 billion deal with Cameco and Brookfield Asset Management for the purchase of new AP 1000 reactors [6] Global Expansion - Several countries, including China, Poland, Bulgaria, Ukraine, and India, are investing in AP 1000 reactors, indicating a strong international demand for nuclear technology [7] Financial Performance - In the most recent quarter, Cameco exceeded earnings expectations by 13.6%, recovering from a previous miss [8] - Revenues for 2025 increased by 11% to $3.48 billion, with diluted earnings per share rising by 246% to $1.35, and cash reserves growing to $1.2 billion against total debt of $1 billion [9] - The company raised its dividend by 50% compared to 2024, although the yield remains low at 0.15% [9]

Core Viewpoint - Cameco reported solid financial and operational results for the fourth quarter and year ended December 31, 2025, highlighting a disciplined execution strategy across its uranium, fuel services, and Westinghouse segments, which positions the company to unlock value from growing demand in a strengthening market [1]. Financial Performance - For the fourth quarter of 2025, Cameco achieved revenue of $1.201 billion, a 1.5% increase from $1.183 billion in 2024. The annual revenue rose to $3.482 billion from $3.136 billion, marking an increase of 11% [1][2]. - Gross profit for the fourth quarter was $273 million, up from $250 million in 2024, while annual gross profit increased to $970 million from $783 million [1][2]. - Net earnings attributable to equity holders for the fourth quarter were $199 million, compared to $135 million in 2024, and for the year, net earnings rose to $590 million from $172 million [1][2]. - Adjusted EBITDA for the fourth quarter was $591 million, a significant increase from $524 million in 2024, and for the year, it rose to $1.929 billion from $1.531 billion [1][2]. Segment Performance - In the uranium segment, revenue for the fourth quarter was $1.027 billion, slightly down from $1.035 billion in 2024, but annual revenue increased to $2.874 billion from $2.677 billion, a 7% rise [2][3]. - The fuel services segment saw a 18% increase in fourth-quarter revenue to $174 million, with annual revenue rising to $562 million from $459 million, a 22% increase [2][3]. - Westinghouse's revenue for the fourth quarter was $958 million, up 14% from $841 million in 2024, and annual revenue increased to $3.458 billion from $2.892 billion, a 20% rise [2][3]. Operational Highlights - Uranium production volume for 2025 was 21 million pounds, exceeding the revised guidance of up to 20 million pounds, with Cigar Lake producing 19.1 million pounds [3]. - The average realized price for uranium increased by 12% to $65.53 per pound in the fourth quarter, and for the year, it rose by 6% to $62.11 per pound [3]. - Fuel services production reached a record of 14 million kgU, with an average realized price increasing by 11% to $39.39 per kgU [3]. Strategic Developments - Cameco entered a strategic partnership with the US Government, Brookfield, and Westinghouse to accelerate the deployment of nuclear reactors, with an expected investment of at least $80 billion [3][6]. - The company maintains a disciplined supply strategy, aligning production with long-term contracts, and holds approximately 230 million pounds of uranium committed under long-term contracts [1][2]. Future Outlook - The company anticipates continued growth in the nuclear fuel cycle driven by electrification, energy security, and decarbonization priorities, positioning Cameco to benefit from the global shift towards nuclear energy [1][3].

Brookfield Asset Management and Singapore’s GIC are seeking a $1.96 billion loan to back the purchase of Sydney-listed National Storage REIT, sources say https://t.co/DFxtFvhCpz ...

Core Insights - Bloom Energy is positioned to benefit from the increasing demand for data center power as hyperscalers ramp up capital spending, with a stock surge of 497% over the past year [1] - The company reported strong fourth-quarter results and is exploring future opportunities despite its significant stock price increase [2] Company Performance - Bloom Energy's current stock price is $139.03, with a market cap of $37 billion and a gross margin of 30.89% [3] - The company's product backlog increased 2.5 times to $6 billion, while total backlog, including services, rose to $20 billion, driven by a $5 billion partnership with Brookfield Asset Management [5] Industry Context - Major tech companies plan to invest $625 billion in capital expenditures this year for data center expansion, creating a significant opportunity for Bloom Energy [3] - The U.S. power grid is projected to face a deficit of nearly 100 gigawatts over the next five years, highlighting the need for alternative power solutions like Bloom's solid oxide fuel cells [4] Product and Capacity - Bloom's solid oxide fuel cells can provide backup power and are quicker to deploy than traditional power grid solutions, with a recent delivery to Oracle completed in just 55 days [7] - The company plans to double its production capacity from 1 GW to 2 GW by the end of 2026 and has raised its 2026 revenue guidance from $3.1 billion to $3.3 billion due to strong demand [7] Valuation and Growth Projections - Bloom Energy's stock trades at a high valuation of 107 times projected earnings, with analysts forecasting earnings per share (EPS) of $1.38 for this year, $2.92 in 2027, and $4.58 in 2028 [8]

PERFORMANCE UPDATE 2025 Full Year Highlights We generated $1.6 billion ($0.67/share) of Distributable Earnings ("DE") during the quarter and $6.0 billion ($2.54/share) for the year. Record Deployable Capital $6B 11% $188B Annual Growth in DE Before Realizations Distributable Earnings ("DE") DE before realizations were $1.5 billion ($0.63/share) for the quarter and $5.4 billion ($2.27/share) for the year, representing growth of 11% per share over the prior year. Asset Management Wealth Solutions Operating Bu ...

Core Viewpoint - The Trump administration has made significant equity investments in at least 10 companies, focusing on critical minerals, chipmakers, and potentially nuclear reactor companies, aiming to build a domestic supply chain and reduce reliance on China [1][2]. Group 1: Government Investments - The administration's investments include a governance stake in U.S. Steel, allowing the president to veto key business decisions without a direct economic interest [2][5]. - The government is acting as a strategic investor, aiming for both commercial returns and national purposes [4]. - The Commerce Secretary indicated potential future stakes in major defense suppliers like Lockheed Martin [3]. Group 2: Specific Company Investments - **MP Materials**: A critical minerals company with a market value over $10 billion, the Pentagon agreed to buy $400 million of preferred stock, potentially giving it a 15% stake [6][7]. - **Intel**: The Commerce Department acquired a 10% stake in Intel by purchasing 433.3 million shares at $20.47 each, funded by government grants [8][9]. - **Lithium Americas**: The Department of Energy took a 5% stake in Lithium Americas and its joint venture with GM, deferring $182 million of debt service on a $2.3 billion federal loan [10][11]. - **Trilogy Metals**: The government invested $35.6 million, becoming a 10% shareholder with warrants for an additional 7.5% [12][13]. - **USA Rare Earth**: The Commerce Department issued a letter of intent for a $1.3 billion loan, resulting in an 8% to 16% stake depending on warrant exercise [14][15]. - **Westinghouse**: The government signed a deal to finance $80 billion in nuclear plants, potentially becoming an 8% shareholder if the company's value exceeds $30 billion [16][17]. - **Vulcan Elements**: A $1.4 billion partnership to build a rare earth magnet supply chain includes a $50 million equity stake for Commerce [18][19]. - **XLight**: The Commerce Department issued a letter of intent for up to $150 million in federal incentives, resulting in a $150 million equity stake [20]. - **L3Harris**: A proposed partnership includes a $1 billion investment in its rocket motor business, converting to common equity upon an IPO in 2026 [21][22].

Group 1: AI and Chip Industry - Companies like Nvidia and Texas Instruments are gaining attention in the AI sector, with Nvidia focusing on AI brains and Texas Instruments on analog chips that manage real-world signals [1][2] - Texas Instruments has identified data centers as a significant growth opportunity, with sales in this segment growing by 70% in 2025 [3] Group 2: Data Center Demand - The surge in chip demand from Texas Instruments indicates a rapid increase in data center construction, leading to higher power requirements [4] - Bloom Energy provides hydrogen power cells that can be delivered faster than traditional electric utilities can build infrastructure, targeting data center owners and energy companies [5] - Brookfield Renewable is supplying electricity to major AI sector customers like Microsoft and Google, appealing to dividend investors with a yield of 5.2% [6] Group 3: Future Trends - The advancement of AI technology is expected to create long-term investment opportunities, with companies like Texas Instruments, Bloom Energy, and Brookfield Renewable playing crucial roles in this transition [9]

>> LIVE FROM BLOOMBERG'S WORLD HEADQUARTERS IN NEW YORK CITY, WE ARE TRACKING THE KEY PLAYERS, MAJOR MOVES AND THE CAPITAL FLOWS SHAPING MARKETS. THIS IS "BLOOMBERG DEALS." >> WELCOME TO THE FIRST EVER EPISODE OF "BLOOMBERG DEALS." THE ONLY SHOW DEDICATED TO CORPORATE ACTION RESHAPING MARKETS. LET'S GET THE BIG DEALS THIS WEEK.ELON MUSK IS COMBINING SPACEX AND X AI IN A DEAL THAT COMBINES AT $1.25% TRILLION. TEXAS INSTRUMENTS REACHES A DEAL TO BUY FOR $7.5% BILLION. WE WILL SPEAK WITH THE BROOKFIELD CEO BRU ...

What a way to kick things off with this announcement that you're handing out, least for the asset management business, the reins over to Connor Teskey, I have to say, and a lot of your industry, not only are there issues with succession planning, rarely do they lay out such a clear path. Why do this and why now. So our business is about running great businesses.What we do is we buy into companies, we help management teams, we build them, and therefore we we're very determined ourselves about making sure we ...