Small Modular Reactor (SMR) Market & Economics - Small modular nuclear reactors (SMR) have captured market interest, but are considered expensive power [1] - Hyperscalers are interested in SMRs due to zero-carbon goals, not necessarily economic viability [1] - SMRs are expected to be more expensive than unabated gas [2] - The US administration is focused on building a nuclear industry [2] Nuclear Project Advancement - TVA received a $400 million grant to advance their Clinch River project [3] - Expects approval for commissioning of its first US project next year [3] Gas vs Nuclear - Gas will constitute the majority of incremental capacity due to its operating parameters [3] - The US has very inexpensive gas resources [4] - Technology should be applied where resources are most economically competitive [4]

Core Viewpoint - The current oil outlook for 2026 suggests a supply surplus, leading to muted prices, which may prompt investors to diversify their energy investments beyond traditional oil and gas producers [1][2]. Energy Investment Strategy - A strategy proposed by industry experts includes focusing on energy infrastructure and nuclear power to capture yield and growth [3]. - Midstream Master Limited Partnerships (MLPs) are highlighted as a defensive anchor for energy portfolios in 2026, as they operate on fee-based business models rather than being solely dependent on commodity prices [3]. - Midstream equities currently offer attractive yields supported by strong free cash flow and consistent dividend growth [3]. Infrastructure and Demand - Midstream assets are essential for supporting the increasing electricity demand driven by data centers, making the infrastructure for transporting natural gas critical [4]. - The Alerian MLP ETF (AMLP) tracks the Alerian MLP Infrastructure Index (AMZI), which had a yield of 7.7% as of December 8 [4]. Nuclear Energy Growth - Nuclear energy is identified as a key beneficiary of the tech sector's need for reliable, carbon-free baseload power, complementing the income from midstream investments [5]. - The Range Nuclear Renaissance Index ETF (NUKZ) is suggested for investors looking to gain exposure to companies involved in advanced reactors, utilities, construction, and services related to nuclear energy [6]. Combined Investment Approach - By integrating the stability of midstream investments with the growth potential of nuclear energy, advisors can create an energy allocation strategy that is less reliant on oil prices [6].

The stock's latest slump may feel discouraging, but for investors who believe in the potential of small modular reactors, it could be an opportunity.In case you haven't noticed, the energy sector is undergoing a nuclear resurgence.Or, at least, it was. Prior to about mid-October, nuclear energy stocks, especially those of companies that are designing microreactors, were surging in value. Oklo, for instance, was up by about 700% on the year, while uranium enricher Centrus Energy was up by about 440%.Then cam ...

Core Viewpoint - Nuscale Power Corp (NYSE:SMR) is viewed as a promising industrial stock by Wall Street analysts, despite recent price target adjustments and near-term challenges [1][2]. Group 1: Analyst Ratings and Price Target - UBS analysts have maintained a Neutral rating on Nuscale Power Corp and reduced the price target from $38 to $20, indicating a significant upside potential despite the cut [1][2]. - Craig Hallum analyst Eric Stine has reiterated a Buy rating on the stock, suggesting confidence in its long-term prospects [3]. Group 2: Company Challenges and Outlook - The company is facing near-term headwinds, including the monetization of Fluor's stake and the need for new equity to fund milestone payments [2]. - Despite these challenges, analysts expect the solid business model and potential future revenue to enhance the long-term outlook for Nuscale Power [3]. Group 3: Governance and Management Updates - On November 17, Nuscale Power announced governance updates, including the appointment of David Tonnel as chief accounting officer, succeeding Jacqueline F. Engel [4]. - The board has also made amendments to bylaws, designating the chief accounting officer as a company officer and adopting a deferred compensation plan for non-employee directors [4]. Group 4: Company Overview - Nuscale Power develops and commercializes advanced Small Modular Reactor (SMR) technology aimed at providing safe, scalable, and carbon-free nuclear energy for various applications, contributing to the global energy transition [5].

Core Insights - NuScale Power's shares have declined by 20.3% over the past month, underperforming the Zacks Electronics-Power Generation industry's decline of 18.4% [1] - The company reported a wider-than-expected loss per share of $1.85 for Q3 2025, compared to a loss of $0.18 in the same quarter last year and a consensus estimate of a loss of $0.11 [4] - Fluor's plan to sell its entire stake in NuScale Power by Q2 2026 has raised investor concerns about the company's financial backing [5] - NuScale Power's revenues remain low at $8.2 million for Q3 2025, with significant milestone payments and non-binding agreements posing risks to future revenue generation [6][7] - The Zacks Consensus Estimate for loss in 2025 has widened to $1.64 per share from a previous estimate of $0.50 [12] Financial Performance - The stock has underperformed compared to competitors, with GE Vernova gaining 8.5% in the past month while BWX Technologies and Oklo lost 7.5% and 0.3%, respectively [1] - The company paid $128.5 million to ENTRA1 in Q3 2025 as part of a milestone agreement, indicating high upfront costs before revenue generation [6] - The current price-to-sales (P/S) ratio for NuScale Power is 124.47X, significantly higher than the industry average of 31.27X and its peers [13][14] Competitive Landscape - NuScale Power faces stiff competition from companies like Oklo, BWX Technologies, and GE Vernova, which are advancing their own small modular reactor technologies [9][10][11] - GE Vernova and Samsung C&T have partnered to enhance the rollout of their BWRX-300 SMR, while BWX Technologies has expanded its capabilities through new agreements with Rolls-Royce SMR [9][10] Future Outlook - The company is entering a critical phase with plans for up to 6 gigawatts of small modular reactor capacity in collaboration with ENTRA1 and Tennessee Valley Authority (TVA) [6] - The TVA agreement is not yet a binding Power Purchase Agreement (PPA), which could delay orders and revenue [7] - The first plant is expected around 2030, indicating that significant revenues are still years away [7] Conclusion - Despite having technology advantages, NuScale Power's growth prospects are questioned due to project timelines, high upfront investments, and a competitive energy market [15][16]

Summary of GE Vernova Investor Update - December 09, 2025 Company Overview - **Company**: GE Vernova (NYSE: GEV) - **Industry**: Energy and Electrification Key Themes and Insights 1. **Growth Opportunities**: The company is experiencing accelerated growth driven by several factors including AI, U.S. reindustrialization, global industrial growth, electrification of buildings, and transportation [6][22][24] 2. **Infrastructure Challenges**: The transition to a larger market will take time due to the complexities of infrastructure development, permitting, and construction [6][7] 3. **Market Position**: GE Vernova is well-positioned with the largest installed base, providing over 50% of the electrons consumed in the U.S. and a third globally (excluding China) [7][8] 4. **Energy Market Dynamics**: The global energy market is valued at over $1.5 trillion, with only 20% currently from electric power. This proportion is expected to grow significantly [9][10] 5. **Contract Wins**: The company secured 18 gigawatts of new gas contracts in the current quarter, with expectations to end the year with approximately 80 gigawatts on contract [10][11] Financial Outlook 1. **Revenue Projections**: GE Vernova projects at least $52 billion in revenue by 2028, with an adjusted EBITDA margin of 20% [17][38] 2. **Free Cash Flow**: Cumulative free cash flow is expected to reach $22 billion from 2025 to 2028, after investing $10 billion in capital expenditures and R&D [17][34] 3. **Capital Allocation**: The company plans to return $3.6 billion to shareholders in 2025, primarily through stock buybacks, and has increased its buyback program from $6 billion to $10 billion [20][35] Segment Performance 1. **Gas Power**: The gas power segment is expected to achieve a run rate of 20 gigawatts annualized by mid-2026, with significant productivity improvements anticipated [26][27] 2. **Electrification**: This segment is projected to grow mid-20% in 2025, with a backlog that has increased fourfold since the end of 2022 [18][30] 3. **Wind Energy**: While wind revenue is expected to decline, the company anticipates improved EBITDA losses in 2026 due to productivity gains [27][33] Strategic Initiatives 1. **Acquisitions**: The planned acquisition of Prolec GE is expected to enhance the company's capabilities in low voltage and grid reliability solutions [8][19] 2. **Nuclear Investments**: GE Vernova is actively working with the U.S. government to re-establish a nuclear industry, with a memorandum of understanding for up to $100 billion in small modular reactor (SMR) industrialization [14][48] 3. **Innovation and R&D**: The company is investing in new technologies such as carbon capture and solid-state transformers, with expectations for commercialization in the coming years [50][51] Cultural and Operational Focus 1. **Workforce Development**: GE Vernova emphasizes the importance of attracting young talent and fostering a strong company culture to drive future growth [52][53] 2. **Lean Operations**: The company is implementing lean practices across its manufacturing processes to enhance productivity and reduce costs [32][31] Conclusion - GE Vernova is positioned for significant growth in the energy sector, with a strong focus on electrification, gas power, and innovative technologies. The company aims to leverage its market position and operational efficiencies to achieve its ambitious financial targets by 2028 and beyond [58][59]

Fossil fuel and nuclear interests found common ground in Texas. Now, the alliance spans the US to the detriment of renewable energy projects https://t.co/OEM9lVnrDR ...

Core Viewpoint - Oklo's stock has experienced significant volatility, rising by 720% since January 1, reaching a peak of $174.14 on October 14, before dropping over 50% to a low of $85.77 on November 25, and then rebounding to around $105 [1][2]. Company Overview - Oklo is a speculative nuclear energy start-up currently in the pre-commercial phase, which limits the availability of detailed operational data typically found in established energy companies [4][6]. - The company is required to publish quarterly earnings reports but currently has no revenue or profits, with expenses primarily related to start-up costs [7]. Technology and Operations - Oklo is developing its first Aurora Powerhouse facility, which will feature a sodium-cooled fast reactor, a type of small modular reactor (SMR) [9]. - The technology being developed by Oklo is unique as it is the only sodium-cooled fast SMR in development, which could operate more efficiently and utilize spent nuclear fuel as a cheaper energy source [11]. Future Prospects - The timeline for the Aurora Powerhouse to begin commercial operations is uncertain, with previous targets set for late 2027 or early 2028, but now dependent on achieving criticality by July 4, 2026 [12]. - Investors may face a waiting period of at least six months to assess the viability of Oklo's business plan [12]. Market Behavior - The stock price of Oklo is highly volatile, influenced by news, analyst updates, and market sentiment rather than concrete operational data [13]. - A significant drop in Oklo's stock occurred after a major investor sold a portion of their stake, highlighting the sensitivity of the stock to investor actions [14]. Investment Considerations - Investors are advised to consider the potential for significant price swings and the uncertainty surrounding Oklo's ability to meet its upcoming milestones, which include completing construction, achieving criticality, and obtaining regulatory approval [15].

Core Viewpoint - The introduction of Google's Gemini 3, trained on its own TPUs, poses a challenge to Oklo's business model, which relies on the assumption of increasing energy demand from AI data centers [4][5]. Group 1: Stock Performance - Oklo's stock experienced a significant decline, dropping as much as 35.4% from October 31, ultimately finishing November down 31.2% [2]. - In contrast, the S&P 500 saw a slight increase of 0.1% during the same period, while the Nasdaq Composite fell by 1.5% [2]. Group 2: Company Overview - Oklo is focused on developing small modular reactors (SMRs), which are expected to meet the energy demands of future AI data centers [3]. - The company's market capitalization stands at $16 billion, with a current stock price of $2.09 [3]. Group 3: Market Implications - Google's Gemini 3's training on TPUs, which are more energy-efficient than traditional GPUs, could lead to reduced energy consumption for AI, thereby diminishing the projected demand for Oklo's SMRs [4][5]. - If other companies, like Meta, follow Google's lead in adopting TPUs, the overall energy demand from AI could be significantly lower than anticipated [5]. Group 4: Valuation Concerns - Oklo's stock is considered overpriced, driven by speculative beliefs about future energy demand from AI, raising questions about the sustainability of its current valuation [7]. - Despite the potential of SMRs, the uncertainties surrounding their market adoption make Oklo's current valuation difficult to justify [8].

As filed with the United States Securities and Exchange Commission on December 9, 2025 under the Securities Act of 1933, as amended. Registration No. 333-290350 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ––––––––––––––––––––––––––––––––––––––– AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ––––––––––––––––––––––––––––––––––––––– K2 Capital Acquisition Corporation (Exact name of registrant as specified in its charter) ––––––––––––––––––––––––– ...