Core Insights - Oklo Inc. (NYSE:OKLO) has been highlighted by Jim Cramer following a Financial Times report indicating the company has no revenue, binding contracts, or licenses for power plants, which Cramer described as "devastating" [1] - Cramer emphasized that despite Oklo being valued at seven billion dollars, its lack of revenue raises significant concerns about its future prospects [1] Company Analysis - Oklo Inc. is currently viewed as a nuclear stock with substantial backing, including support from notable figures like Sam Altman and favorable attention from the President [1] - The potential of Oklo as an investment is acknowledged, but there is a belief that other AI stocks may offer better returns with lower risk [2]

Core Points - Santee Cooper has selected Brookfield Asset Management to proceed with the construction of two partially built AP1000 nuclear units in Fairfield County, SC, following a thorough review of proposals from global nuclear power leaders [1][3] - A letter of intent has been signed, initiating a six-week feasibility period to select a project manager and evaluate construction providers, as well as to engage in discussions with potential buyers of the generated nuclear power [2][4] - The completion of the two nuclear units is expected to provide 2,200 MW of carbon-free, reliable power, create thousands of temporary construction jobs, and strengthen South Carolina's energy portfolio [3][5][9] Company and Industry Summary - Santee Cooper aims to complete the reactors using private funding, avoiding costs to ratepayers or taxpayers, while enhancing energy security for South Carolina [3] - The strategic decision to maintain the equipment over the past eight years positions the Fairfield units for a quicker and less costly completion, leveraging the same Westinghouse AP1000 technology currently in operation [3] - The competitive bidding process launched in January 2025 attracted over 70 potential bidders and 15 formal proposals, indicating strong interest in the project [4] - The involvement of Westinghouse Electric Co. is crucial for resuming construction, as Brookfield is a majority owner of Westinghouse, adding credibility to their proposal [3]

Nuclear Power Construction - South Korea is the fastest builder of nuclear power plants globally, with an average construction time of 4.7 years [1] - The nuclear power plant construction process involves approximately 5 years of site selection, design, planning, permissioning, and testing, extending the total average timeframe to around 10 years [1] - Small Modular Reactors (SMRs) have the potential to significantly reduce the overall construction timeline, but they are not yet ready for deployment [1]

Nuclear Energy Overview - Nuclear energy faced initial negative perceptions due to events like the atomic bombings and Three Mile Island incident, requiring positive interactions to overcome these impressions [1][2][6] - The industry emphasizes learning from past mistakes through the Institution of Nuclear Power Operators (INPO), a database for sharing and preventing errors [10][11][12] - Public support for nuclear energy remains a challenge, with only two new reactors coming online since 2000 [13][14] Nuclear Energy Technology and Efficiency - Modernization of nuclear power plants has increased efficiency, allowing fewer reactors (94 currently) to produce the same amount (20%) of America's electricity as 104 reactors in 1999 [29] - Nuclear fuel is highly energy-dense; one fuel pellet (about the size of a gummy bear) generates the same electricity as one ton (2000 lbs) of coal [32][33] - Nuclear power plants operate at 100% power output 93% of the time, making it the most reliable energy source compared to geothermal (74%) and natural gas (54%) [47] Nuclear Waste and Policy - The industry advocates for changing the term "waste" to "spent nuclear fuel" because 90-95% can be recycled and reused in reactors [35] - Reprocessing of spent nuclear fuel is actively practiced in France, Russia, India, and soon in Japan [36] - There is growing bipartisan support for nuclear energy at the federal level, with hundreds of bills proposed annually and some passing with near-unanimous votes [41][42] - The Biden administration aims to triple nuclear capacity in America, and the Secretary of Energy seeks to unleash the commercial nuclear energy industry for energy dominance [43] Nuclear Energy and Clean Energy - Nuclear energy is considered emissions-free and essential for mitigating climate change, providing reliable baseload power [45] - Unlike other energy industries, the nuclear industry can account for every piece of its waste, stored in dry casks on-site [44]

Core Insights - Aecon Group Inc. is collaborating with Kiewit and Black & Veatch through a joint venture named Cascade Nuclear Partners to design, plan, and construct the first four of twelve Xe-100 small modular reactors (SMR) in partnership with Energy Northwest [1][3][6] Group 1: Project Overview - The Xe-100 SMR, developed by X-energy, will provide 80 megawatts of electricity per reactor, with the first phase generating up to 320 megawatts from four modules [2] - The project will be located near Energy Northwest's Columbia Generating Station in Richland, WA, and is expected to begin construction by the end of the decade, with operations targeted for the 2030s [3][4] Group 2: Strategic Importance - This project represents a significant step for Aecon in expanding its nuclear energy portfolio in the U.S. and globally, highlighting the company's strategic focus on nuclear opportunities [3][4] - The selection of Cascade Nuclear Partners is seen as a strategic milestone, reflecting confidence in their specialized knowledge and collaborative approach [6] Group 3: Industry Context - Aecon is currently involved in delivering North America's first grid-scale SMR through the Darlington New Nuclear Project and is executing the three largest nuclear refurbishments in North America [6] - The collaboration aims to set a new standard for nuclear energy infrastructure, contributing to the development of reliable, carbon-free power solutions in the Pacific Northwest [7][8]

Summary of J.P. Morgan's APAC 2026 Nuclear Outlook Industry Overview - The report focuses on the nuclear power industry, particularly in the Asia-Pacific (APAC) region, which accounts for 69% of global nuclear power plants under construction [1][44]. - The document highlights the growing momentum for reactor builds in APAC and the U.S., alongside advancements in nuclear fusion technology [1][14]. Key Insights Nuclear Power Growth - APAC's share of new nuclear builds has increased from 64% in June 2023 to 71% in September 2024, and 69% in October 2025, primarily driven by China and India [44][47]. - China and India together account for over 50% of the nuclear reactors under construction globally [46]. Technological Advancements - The report emphasizes the convergence of steady reactor growth and transformative technologies, particularly nuclear fusion, which is gaining attention as a potential ultimate energy source [1][14]. - Advances in fusion technology are highlighted, with significant investments from both the U.S. and China, indicating a competitive race for technological leadership [9][23]. Digital Infrastructure and Nuclear Energy - The rise of hyperscale data centers and AI is reshaping energy demand, with tech giants increasingly turning to nuclear energy, especially Small Modular Reactors (SMRs), to meet their energy needs [9][28]. - Hyperscalers have signed over 23GW of new nuclear projects since October 2024, reflecting a strategic alignment between technology and energy sectors [9][28]. Investment Opportunities Recommended Stocks - Key stocks identified for investment include: - **Kepco E&C (052690 KS)** and **Hyundai E&C (HDEC, 000720 KS)** as top picks in the Korean nuclear value chain [9][22]. - **IHI (7013 JP)** for equipment orders and restarts in Japan [9][22]. - **Bannerman Energy (BMN AU)** as a leading uranium miner [9][22]. - **NTPC (NTPC IN)** and **L&T (LT IN)** for exposure to India's nuclear sector [9][22]. Thematic Investment Categories - The report categorizes investment themes within the nuclear sector, including: 1. Global uranium miners 2. APAC nuclear operators 3. Supply chain developments in Japan, Korea, China, and India 4. New investments in nuclear fusion technology in China [18][57]. Regulatory and Political Landscape - Japan aims for nuclear power to supply 20% of its energy by 2040, while India targets 23GW of nuclear capacity by 2031-32 [52]. - In South Korea, political shifts towards renewables introduce risks to nuclear projects, although public sentiment is becoming more favorable towards nuclear energy [52]. Market Dynamics - The uranium market is expected to shift from a surplus in 2025 to a deficit in 2026, benefiting uranium miners [54]. - Regulatory frameworks vary across APAC countries, affecting the profitability of nuclear operators, particularly in China and Korea [55]. Conclusion - The APAC nuclear sector is positioned for significant growth, driven by technological advancements, strategic investments from digital giants, and a commitment to carbon neutrality among key economies [1][14][44]. - The report provides a comprehensive overview of the nuclear landscape, highlighting investment opportunities and potential risks in the evolving energy market.

Core Insights - NuScale Power Corp. (NYSE:SMR) has experienced a significant decline in stock performance, dropping 13.21% to close at $38.37, marking its fourth consecutive day of losses due to a rating downgrade and news of its largest shareholder planning to sell additional stakes [1][4] - Citigroup has issued a "sell" recommendation for NuScale with a price target of $37.50, citing negative catalysts such as Fluor Corp.'s divestment and intense competition in the market [2][4] - The current share price reflects an optimistic expectation of NuScale's ability to build 16 GW of reactors by 2040, while the total installation forecast for the US is 56 GW, indicating that market expectations may be overly optimistic given the lack of confirmed customers [3][4] Company Performance - NuScale's stock has been negatively impacted by external factors, including a downgrade from Citigroup and the potential sale of shares by its largest shareholder, which has contributed to a decline in investor sentiment [1][2] - The company is perceived to be overly reliant on its active projects without having material near-term customers, which raises concerns about its capital needs and the timeline for achieving its goals [4] Market Outlook - The market is currently pricing in a level of optimism regarding NuScale's market share that may not be justified, especially in light of the competitive landscape and the absence of confirmed customer contracts [3][4] - While there is potential for investment in NuScale, other sectors, particularly AI stocks, are viewed as having greater promise for higher returns with limited downside risk [5]

Core Insights - The emergence of powerful market themes such as artificial intelligence, data infrastructure, and next-generation energy has led to significant stock performance, with companies like IREN Limited, Nebius Group N.V., and Oklo Inc. seeing gains of 300% to 400% year-to-date [1] - Recently, these high-growth stocks have faced pressure as the broader market consolidates, resulting in corrections of 20-30% in a short period [2] - Despite long-term potential, the near-term outlook indicates increased volatility, suggesting a cautious approach to selective buying [3] Company Performance - IREN, Nebius, and Oklo have experienced sharp declines following earnings downgrades, with IREN and NBIS seeing major revisions that have lowered their Zacks Ranks to 4 (Sell) [4][5] - IREN's current year earnings estimates have been reduced by nearly 40%, while NBIS's next quarter projections have dropped by 88% [5] - Oklo remains pre-revenue, highlighting its speculative nature despite a market cap of $20 billion, and is years away from generating meaningful cash flow [6] Profitability and Market Sentiment - Among the three companies, IREN is the only one currently producing positive earnings, while Nebius is loss-making and Oklo is still in development [7] - Stocks with little or no profitability tend to experience the steepest declines when market sentiment shifts [7] Technical Analysis - The technical outlook for IREN, Nebius, and Oklo is currently unfavorable, with all three stocks making new lows and lacking sustained buying pressure [9] - Each stock has retraced to its recent breakout zones, which are now being retested as support, indicating vulnerability in their setups [10] Future Outlook - A prolonged consolidation phase is anticipated for IREN, NBIS, and OKLO after recent drawdowns, with the potential for stronger advances in the future [13] - Patience is advised as the correction is not yet complete, and new bases need to form before considering entry points [15][16]

Core Viewpoint - U.S. nuclear stocks continued to decline, with significant drops observed in several companies [1] Company Performance - Oklo Inc (OKLO.US) experienced a decline of over 11% [1] - Centrus Energy (LEU.US) also fell by more than 11% [1] - NANO Nuclear Energy (NNE.US) saw a decrease of over 8% [1] - NuScale Power (SMR.US) dropped by more than 5% [1]

Nuclear Energy Startup Ollo Analysis - Ollo 被描述为一家没有收入的 200 亿美元（$20 billion）的核能初创公司 [1] - GE Vernova 认为 Ollo 的技术是空中楼阁，可能要到 2040 年才能实现小型核反应堆 [2] - 报告讨论了 Ollo 在未来六到七年内可能进行的非商业活动 [4] - 即使 Ollo 成功，其技术也无法达到 GE Vernova 的规模 [4][5] Investment Strategy - 建议出售所有 meme 股票和没有收入的公司股票 [6] - 警告投资者注意内幕人士抛售和可转换债券 [7] - 市场被认为类似于 2021 年或 2000 年 [6][7] Market Dynamics - Sheova 是唯一一家实际在建造核电站的公司，同时也在发展风能和天然气涡轮机 [3] - 报告提到了 hyperscalers 对核能的兴趣 [3] - 报告指出，一只股票在消息公布后上涨了 500%，大约有 13% 的空头 [4]