Core Insights - Google and NextEra Energy are partnering to revive the Duane Arnold Energy Center in Iowa to meet the increasing low-carbon energy demand driven by artificial intelligence [1][3] - The plant, which has a capacity of 615 MW, is expected to begin operations in early 2029, pending regulatory approval [1][2] - Google plans to purchase power from the plant as a 24/7 carbon-free energy source to support its cloud and AI infrastructure in Iowa [2] Industry Trends - The revival of the nuclear plant reflects a broader trend of increasing energy demand in the U.S., particularly from tech companies investing heavily in AI [3][4] - The U.S. Energy Information Administration reported that total annual electricity consumption reached a record high in 2024, with expectations for continued growth due to expanding data centers [4] - Nuclear energy is being promoted as a solution to address the energy demands associated with AI computing and to enhance local grid reliability [4][5] Company Initiatives - The partnership is seen as a model for necessary investments across the country to build energy capacity, deliver reliable clean power, and create jobs in the AI-driven economy [6] - Google has invested over $6.8 billion in data centers in Iowa, indicating strong local support for such projects [8] - Iowa lawmakers have expressed optimism about the project, highlighting its potential to support local jobs and energy infrastructure [8] Competitive Landscape - Other tech companies, such as Microsoft and Oracle, are also exploring nuclear energy partnerships to power their data centers, indicating a growing trend in the industry [5] - The revival of the Duane Arnold Energy Center follows similar initiatives, showcasing a shift towards nuclear energy as a viable option for tech companies [5]

Core Investment Announcement - Google plans to invest €5 billion ($5.83 billion) in Belgium for 2026 and 2027, focusing on expanding its St. Ghislain data centre campus to enhance AI infrastructure for Google Cloud and core services like Search, Maps, and Workspace [1] - This new investment will bring Google's total investment in Belgium to over €11 billion since the establishment of its data centre in St. Ghislain in 2007 [2] Employment and Local Engagement - The data centre operations in Belgium currently employ around 600 individuals in various roles, including technical, engineering, security, and facilities [3] - Google maintains relationships with nearly 150 local suppliers, with 80 located in Wallonia [3] Energy Initiatives - Google has entered agreements for over 110 megawatts (MW) of carbon-free electricity with Eneco, Luminus, and Renner, aligning with its goal to operate on carbon-free energy [4] - Since 2010, Google has signed renewable power deals in Europe totaling over 4.5 gigawatts (GW), specifically supporting 365 MW of clean energy in Belgium [5] Economic Impact and Future Prospects - The investment is expected to strengthen Belgium's economy and energy transition while creating skilled jobs [5] - Analysis suggests that the widespread adoption of generative AI could add €45–50 billion to Belgium's GDP over the next 10 years [6]

Core Insights - NuScale Power and OKLO are significant players in the small modular reactor (SMR) sector, focusing on cleaner and scalable nuclear energy solutions [1][2] - The global SMR market is projected to grow from $5.81 billion in 2024 to $8.37 billion by 2032, with a CAGR of 4.98% from 2025 to 2032, indicating substantial growth opportunities for both companies [2] NuScale Power - NuScale Power is advancing in SMR technology and has a growing partner base, including tech giants and financial institutions, positioning it as a key player in sustainable energy [4][12] - The company received its second U.S. Nuclear Regulatory Commission approval for a 77-megawatt design in Q2 2025, enhancing its competitive position and customer interest [5][11] - Significant progress has been made in manufacturing and commercialization, with partnerships like Doosan Interability and ENTRA1 Energy solidifying its market position [6] OKLO - OKLO is expanding its presence in the SMR market through strategic partnerships, including a memorandum of understanding with Korea Hydro and Nuclear Power to develop advanced nuclear technology [7][8] - The company also announced a partnership with ABB to establish a digital monitoring room, supporting operator training and the deployment of its automated Aurora powerhouses [9] - Despite its expanding portfolio, OKLO has not yet generated revenues, with its first Aurora powerhouse expected to go live in 2027, leading to concerns about high operating costs [19] Stock Performance and Valuation - Year-to-date, NuScale Power's shares have appreciated by 100.9%, while OKLO's shares have soared by 250.1%, with OKLO's outperformance attributed to federal policy support and growing demand [10][11] - Both companies' shares are currently considered overvalued, with NuScale trading at a Price/Book ratio of 20.56X and OKLO at 14.89X [15] - For 2025, the Zacks Consensus Estimate predicts a loss of 46 cents per share for NuScale and 50 cents for OKLO, with both companies facing challenges in profitability [17] Conclusion - NuScale Power is highlighted as the stronger investment option due to its regulatory approvals, diversified applications, and strong industry partnerships, while OKLO faces revenue delays and high operating costs [18][20]

Group 1: Microsoft’s Energy Strategy - Microsoft is considering the use of natural gas with carbon capture technology to power AI data centers, contingent on commercial viability and cost competitiveness [1] - The company aims to match all its electricity consumption with carbon-free energy by 2030 and has procured over 30 gigawatts of renewable power to achieve this goal [2] - Microsoft has also engaged in nuclear power initiatives, including a deal to support the restart of the Three Mile Island plant, although significant nuclear power development in the U.S. is not expected until the 2030s [3] Group 2: Industry Trends and Challenges - Data center developers are increasingly viewing natural gas as a near-term power solution despite its carbon emissions, with the Trump administration promoting natural gas production [4] - The cost of new natural gas plants has tripled, and the timeline for building these plants extends to 2030, presenting challenges for deployment [7] - Renewable energy sources are currently more cost-effective and available compared to natural gas, with industry leaders indicating that renewables are ready to meet immediate power needs [8] Group 3: Collaborations and Future Outlook - Exxon Mobil and Chevron are entering the data center space, planning to develop natural gas plants with carbon capture technology, indicating a trend towards integrating fossil fuels with cleaner technologies [5] - Discussions are ongoing between Microsoft and various technology providers, although specific conversations with oil majors were not confirmed [6] - The focus on accelerating the construction of power plants for data centers reflects a critical need in the industry, as highlighted by industry executives [7]