Core Insights - Nuclear energy is gaining traction as a reliable power source, with stocks in the industry, particularly Cameco and Oklo, experiencing significant growth [1][2] - The demand for power from data centers, driven by AI, is projected to increase by 165% by 2030, highlighting the need for reliable energy sources like nuclear [1] Group 1: Industry Overview - Nuclear energy is experiencing a global revival, driven by the shift towards low-carbon baseload power and increasing interest in nuclear technology [4] - The nuclear sector requires substantial upfront capital, long lead times, and extensive regulatory oversight for projects such as mining, fuel cycling, and reactor development [4] Group 2: Company Comparisons Cameco - Cameco is one of the world's largest uranium providers, controlling significant high-grade mineral reserves and operating in two segments: uranium and fuel services [5] - The uranium segment includes exploration, mining, milling, and trading of uranium concentrate, with major stakes in the McArthur River and Key Lake mines, as well as Cigar Lake and a joint venture in Kazakhstan [6][7] - Cameco operates the largest commercial uranium refinery in Blind River, Ontario, and holds a 49% interest in Westinghouse, a nuclear reactor technology OEM [8] Oklo - Oklo, founded in 2013, is an early-stage company focused on developing advanced fission power plants with metal-fueled fast-reactor technology [9] - The Aurora powerhouse, Oklo's core product, is designed for compact, scalable electricity production, initially targeting outputs of 15 MWe and 75 MWe, with potential expansion [9][10] - As a pre-revenue company, Oklo reported an operating loss of $45.9 million in the first half of the year, with expected cash usage of $65 million to $80 million for the full year 2025 [11] Group 3: Investment Considerations - Cameco is positioned to benefit from rising uranium prices due to years of underinvestment and mine depletion, with a strong stake in Westinghouse enhancing its market position [13] - Oklo's potential lies in successfully deploying its Aurora reactors, which could serve areas where grid extension is uneconomical [14] - Both companies have seen significant stock price increases, with Cameco rising by 68% and Oklo by 1,119% over the past year, but Cameco is viewed as a better buy due to its established market presence and revenue generation timeline [16][17]

Core Thesis - Centrus Energy Corp. is positioned as a key player in the U.S. nuclear energy sector, uniquely capable of producing enriched uranium at a commercial scale, which is critical for the country's energy security and climate goals [2][3] Company Positioning - The company operates the only NRC-licensed facility in Piketon, Ohio, producing HALEU, essential for advanced reactors, thus reducing reliance on foreign suppliers [3] - Bipartisan support for nuclear energy and recent executive orders favoring domestic enrichment enhance Centrus' strategic advantage [3] Financial Strength - Centrus has a robust financial position with a contracted backlog of $3.6–3.8 billion and $833 million in cash, indicating stability amid revenue volatility [4] - The company has made significant investments in supply chain readiness and has secured a partnership with the Department of Energy to extend HALEU production [4] Market Dynamics - The demand for nuclear energy is bolstered by utilities and Big Tech companies, which supports long-term growth prospects for Centrus [3] - The stock has experienced significant volatility, with a rise of over 350% in the past year, reflecting policy-driven momentum rather than weakening fundamentals [4] Investment Outlook - Centrus is viewed as a high-risk, high-reward investment due to its unique market position and potential to become a monopoly-like supplier in the western nuclear market if production scales successfully [5]