Scott Nolan is the founder and CEO of General Matter, a venture-backed company that with the blessing of the Department of Energy just broke ground this week on a new private venture at the very same facility. Nolan is also a partner at Founders Fund and he joins us now. Scott, it's great to speak with you.Thanks for having me on. So, let's start right there because this is going to be the first in the US privatelyowned and operated uranium enrichment facility. How is this going to work.So yes, earlier this ...

Stock Recommendations & Analysis - Salesforce (CRM): The analyst is hesitant to recommend Salesforce due to the current downturn in enterprise software companies and prefers to wait for the next quarter's results [2] - ARKO: The analyst views ARKO favorably, particularly its nuclear power strategy, considering it a potentially good buy at a $12 billion valuation, but advises caution due to its significant 290% increase [3] - Quantumscape: The analyst expresses a negative view on Quantumscape, citing concerns about the company's continued losses [4] - Melio (n I o): The analyst suggests avoiding Melio, believing there are better investment opportunities available and that the market is currently oversaturated [5] - Riot: The analyst considers Riot too risky [6] - Advanced Micro Devices (AMD): The analyst views the pullback in AMD's stock as a buying opportunity, expressing confidence in Lisa Su's leadership and the company's prospects [8] - Nvidia Competitor (My 400): The analyst recommends buying shares of AMD, suggesting there is room for both AMD and Nvidia to succeed in the market [9] - Intuitive Surgical (ISRG): The analyst likes Intuitive Surgical as a company but is hesitant to strongly recommend buying due to its recent stock performance, suggesting a small purchase is acceptable [10][11] General Market Sentiment - The analyst acknowledges the difficulty in providing definitive stock recommendations in the current market conditions [2] - The analyst emphasizes a preference for companies that are not consistently losing money [4]

Political & Regulatory Landscape - France's Rassemblement National is drafting a bill to use surplus nuclear power to mine Bitcoin [1] - The party's stance on cryptocurrencies has evolved from calling for a ban in 2016 to supporting direct production in 2025 [1] Cryptocurrency & Energy - The bill proposes utilizing surplus nuclear power for Bitcoin mining [1]

Unless the Scottish National Party has a change of heart, or blows its polling lead and loses next year’s Scottish elections, no new nuclear power will come to Torness https://t.co/XFHneoUu30 ...

Financial Performance - Mirion's Q2 2025 revenue reached $222.9 million, reflecting a 7.6% total increase, including a 5.4% organic growth compared to Q2 2024[11] - Adjusted EBITDA for Q2 2025 was $51.2 million, a 4.9% increase compared to Q2 2024, with the Medical segment's margin expansion offsetting impacts in the Nuclear & Safety segment[11] - Adjusted Free Cash Flow generation for Q2 was +$6 million, with $35 million generated Year-To-Date (YTD), representing a 35% YTD conversion rate[11] - Adjusted diluted EPS increased by 10% to $0.11, excluding impacts from warrants, founders' shares, and convertible notes, reaching $0.13 per share[36] Orders and Backlog - Total orders increased by 1.6% in Q2 2025 compared to Q2 2024, driven by higher orders in the Medical segment, while the Nuclear & Safety segment faced a tough comparison and timing impacts[11] - The company anticipates accelerating order rates in the second half of 2025[23] - The backlog reached $825 million, a 10.2% increase compared to adjusted Q2 2023 and a 1.9% increase compared to adjusted Q2 2024[60] Segment Performance - Nuclear & Safety segment revenue increased by 5.8% to $141.7 million in Q2 2025, with 2.9% organic growth[39] - Medical segment revenue increased by 10.9% to $81.2 million in Q2 2025, with 10.1% organic growth[46] Strategic Initiatives and Outlook - Mirion successfully completed a $400 million convertible note offering and refinanced its Term Loan B, improving its capital structure[12] - The company updated its 2025 guidance, projecting organic revenue growth of 5.0-7.0% and total revenue growth of 7.0-9.0%, including an FX tailwind of approximately 125 basis points and acquisition-related tailwind of approximately 100 basis points[55] - The company expects Adjusted EBITDA to be in the range of $223-$233 million, with a margin of 24.0-25.0%, and Adjusted Free Cash Flow to be in the range of $95-$115 million, representing a 43-49% conversion rate[55]

Financial Data and Key Metrics Changes - The company reported second quarter adjusted earnings per share (EPS) of 1.05, which aligns with the guidance for 2025 [5][28] - Adjusted EPS for the quarter was positively impacted by net investments for customers, higher retail sales volume, and increased other income, despite higher operational and maintenance costs [29][30] - Weather-adjusted retail sales growth for the quarter was strong at 4.5%, with industrial sales contributing close to 12% growth [29][30] Business Line Data and Key Metrics Changes - The company has updated its four-year capital plan to $40 billion, which includes significant investments in customer-driven generation, including approximately 3 gigawatts of solar and 1.4 gigawatts of battery storage [8][9] - The industrial sales growth rate is expected to be approximately 13% over the next four years, driven by new growth in Arkansas [8][10] Market Data and Key Metrics Changes - The company has secured significant new growth opportunities in Arkansas, which will benefit existing customers and communities [8][10] - The customer pipeline remains robust, particularly in the data center segment, which is expected to contribute significantly to future growth [10] Company Strategy and Development Direction - The company aims to be the premier utility provider and create sustainable value for stakeholders, focusing on customer service and economic development [5][6] - The strategy includes a focus on storm resilience and grid hardening, with a planned $8 billion investment in transmission over the next four years [14][15] - The company is also exploring new nuclear opportunities while managing construction risks through potential partnerships with larger entities [54][122] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 guidance and highlighted the importance of capital deployment to support growth [35][36] - The company is optimistic about the economic impact of its projects on communities and the potential for job creation [11][24] - Management noted improvements in storm recovery processes and regulatory support, which are expected to enhance financial stability and customer confidence [100][104] Other Important Information - The company completed the sale of its gas local distribution company to focus on its core electric business [17] - The company has been recognized as a top community-minded company, reflecting its commitment to social responsibility [24][25] - The board of directors has welcomed a new member with extensive investment experience, which is expected to enhance governance [25] Q&A Session Summary Question: Inquiry about the new Arkansas customer and sales growth - Management indicated that specific details about the customer cannot be disclosed at this time, but regulatory filings will provide more information soon [42] Question: Clarification on gas generation capacity - The seven gigawatts of gas generation capacity mentioned is related to projects not yet publicly announced, indicating potential for future customer growth [45] Question: Update on Meta's Hyperion data center expansion - Management confirmed that no regulatory approval process has started for the expansion, and further details would need to come from Meta [50] Question: Discussion on nuclear projects and risk management - Management is exploring various options to manage construction risks associated with new nuclear projects, including potential partnerships with larger entities [54][122] Question: Updates on storm recovery processes - Management highlighted new mechanisms in Louisiana for quicker storm cost recovery, which are expected to benefit customers and improve credit metrics [100][104] Question: Concerns regarding the ability to complete gas projects on time - Management expressed confidence in their relationships with EPCs and the use of standardized designs to facilitate timely project completion [106][109]

Core Viewpoint - NexGen Energy Ltd. has announced promising assay results from its Patterson Corridor East (PCE) project, indicating high-grade uranium mineralization and significant potential for resource expansion in the region [2][4][5]. Group 1: Assay Results - The assay results from drill hole RK-25-227 show 12.0 meters at 3.46% U3O8, including 2.5 meters at 14.9% U3O8 and 0.5 meters at 31.0% U3O8, demonstrating the continuity of high-grade mineralization [3][6]. - Completed assays for 2024 include notable intercepts from holes RK-25-232 (15.0 meters at 15.9% U3O8) and RK-24-222 (17.0 meters at 3.85% U3O8) [6][12]. Group 2: Project Development - The PCE project is emerging as a second major high-grade mineralized system, mirroring the characteristics of the Arrow project, with ongoing drilling to explore the extent of the mineralization [4][5]. - The company aims to continue its efficient discovery and delineation of uranium resources, with a focus on expanding the PCE project [5][17]. Group 3: Market Context - The demand for nuclear power is increasing rapidly, driven by global policy makers and industries, positioning the Athabasca Basin as a key supplier for this demand [5][17]. - NexGen's Rook I Project is being developed to become the largest low-cost uranium mine globally, emphasizing environmental and social governance standards [17][18].

Core Insights - The rise of artificial intelligence (AI) is significantly increasing energy demands, particularly for data centers, which are projected to double their electricity consumption by 2030, reaching 945 terawatt-hours, equivalent to Japan's annual usage [1] - Nuclear power is being reconsidered as a scalable, carbon-free energy solution to meet the continuous power requirements of AI, as existing renewable sources are insufficient [5][6] - The Global X Uranium ETF offers diversified exposure to the uranium sector, allowing investors to capitalize on the growing demand for nuclear energy without the complexities of individual stock selection [7][10] Energy Demand and AI - AI servers consume up to 10 times more power than standard servers, with data centers already accounting for approximately 2% to 4.4% of total energy consumption in the U.S. [2][3] - Goldman Sachs forecasts a 165% surge in data center power demand by the end of the decade [2] Nuclear Power as a Solution - Nuclear power is identified as the only scalable solution capable of providing the massive baseload electricity required by AI [6] - The Global X Uranium ETF tracks the Solactive Global Uranium & Nuclear Components Total Return Index, investing at least 80% of its assets in uranium-related companies [10] Investment Opportunities - The Global X Uranium ETF has delivered a 50.1% year-to-date return through July 2025, with a 1.91% dividend yield and a net expense ratio of 0.69% [11][12] - The uranium market is at a critical juncture due to the intersection of AI energy demands and climate commitments, with countries like the U.S. planning to triple nuclear power capacity by 2050 [13][16] Geopolitical and Market Considerations - The uranium industry faces geopolitical challenges, as significant supplies come from politically sensitive regions, and mining operations have long development timelines [14][16] - Public opposition to nuclear power and environmental concerns remain significant hurdles for the industry [15]

Investment and Economic Development in Pennsylvania - Pennsylvania is positioned at the center of the energy revolution with the second largest energy production in the US and fourth largest natural gas reserves globally [2][3] - A summit in Pennsylvania resulted in $92 billion of investment announcements, including $36 billion in data centers and $50 billion in energy infrastructure and production [4] - The United Arab Emirates committed to investing $140 billion (1.4 trillion) in the United States over the next ten years, suggesting further investment potential beyond the initial $92 billion [7][8] Energy Sector Transformation - Pennsylvania is undergoing a transition from coal to natural gas, with investments in transmission and distribution infrastructure [4][5] - Westinghouse Corporation plans to build ten nuclear reactors over the next ten years, signaling a rebirth of nuclear power in the United States [13] - Pennsylvania is embracing nuclear power, with existing facilities like Three Mile Island being refurbished and new modular reactors being considered [15][16] Policy and Regulatory Environment - Permitting reform at both the federal and state levels is crucial for energy infrastructure development [10][11] - The speaker supports all forms of energy, including hydro, but emphasizes the need for consistent baseload power from sources like natural gas and nuclear, as opposed to intermittent sources like wind and solar [18][20] - The speaker opposes subsidies for clean energy alternatives, arguing they contribute to inflation and that the market should drive innovation [19][20] Economic Outlook and Federal Reserve - The speaker believes worries about inflation resulting from tariffs are not materializing and hopes for a future rate cut [24] - The speaker acknowledges that higher interest rates are a struggle for working families and that addressing this is part of delivering on promises to them [25]

Nuclear Energy Development - Kansai Electric 将开始研究核电反应堆计划，这是自 2011 年福岛灾难以来新建核电站的第一步 [1]