Group 1 - Constellation Energy (NASDAQ: CEG) is recognized as a leading player in the new energy sector, focusing on nuclear power and long-term contracts with major technology companies [1] - The company's strategy includes smart capital management, which is noted to be difficult for competitors to replicate [1] Group 2 - Mr. Mavroudis is a professional portfolio manager with expertise in risk management and financial market analysis, investing across various financial instruments globally [2] - He has successfully navigated major crises, including the COVID-19 pandemic, and has a strong educational background in finance and law [2]

Group 1 - Cameco has finalized a long-term agreement to supply natural uranium hexafluoride (UF6) to Slovenské elektrárne (SE) for its nuclear power plants in Slovakia [1] - The agreement includes uranium and conversion services, ensuring a diversified and secure source of natural UF6 for SE through 2036 [1] - The supplied material will support operations at SE's Bohunice and Mochovce nuclear facilities, starting in 2028 [1]

Core Insights - Nvidia's market cap has surged from $1 trillion in 2023 to $4.3 trillion in 2025, reflecting a 32% increase in the current year and a total growth of 185% by the end of 2024, driven by its dominance in the AI chip market [2][3] - Oklo, a nuclear power start-up, has experienced a remarkable 1,200% increase in its stock over the past year, indicating strong investor interest in AI-related energy solutions [3] Industry Trends - The demand for electricity is rapidly outpacing supply, particularly due to the energy needs of AI data centers, leading to rising electricity rates in both the short and long term [5] - Companies like Microsoft and Meta Platforms are seeking renewable energy sources, such as solar power, to meet their data center energy needs, but the feasibility of large solar and wind farms is limited by land availability [5] Company Innovations - Oklo's small modular nuclear reactors (SMRs) present a novel solution for energy supply, offering a compact and reliable source of cheap, zero-emission electricity for energy-intensive facilities like AI data centers [5][6] - Oklo is collaborating with engineering firm Vertiv to develop cooling systems powered by SMRs, which can efficiently support both data centers and the reactors themselves [5][6] - The company has been selected to participate in the Department of Energy's Nuclear Reactor Pilot Program, highlighting its potential in the energy sector [6]

Economic Indicators - The Producer Price Index (PPI) fell by 0.1%, significantly below the expected 0.3% increase, indicating a reversal from a 0.7% rise in July [5][6] - Year-over-year PPI rate decreased to 2.6% from 3.1% in July, while core PPI also fell by 0.1% against expectations of a 0.3% rise, with a 12-month increase of 2.8% [5][6] Interest Rate Outlook - The softer inflation data suggests a high likelihood of an interest rate cut at the upcoming September FOMC meeting, with expectations shifting from three to potentially four rate cuts [6][8] - The CME Group's FedWatch Tool indicates an 88% probability of a quarter-point cut and 12% for a half-point cut [8] AI and Nuclear Energy - The demand for nuclear energy is expected to surge due to the energy-intensive nature of AI technologies, with major tech companies like Microsoft, Amazon, and Google investing in nuclear projects [12][13] - China is projected to consume one-third of the global uranium supply by 2030, with imports expected to rise to approximately 55 million pounds per year by 2026 [15][16] Uranium Market Dynamics - Operational issues at major uranium mines, such as Cameco's McArthur River and Kazakhstan's Kazatomprom, may lead to a 20-million-pound decline in uranium supply forecasts [16] - The uranium sector is viewed as a sound investment opportunity, with Cameco Corp. highlighted for its high-grade assets and strategic partnerships in the nuclear space [24][25] Investment Recommendations - Companies like Constellation Energy, Vistra, and NextEra Energy are positioned to benefit from rising electricity demands driven by AI data centers and the growing nuclear energy sector [26]

Core Viewpoint - The VanEck Uranium and Nuclear ETF (NLR) has reached a 52-week high, increasing by 91.13% from its 52-week low of $64.26 per share, indicating strong momentum and potential for further gains [1]. Group 1: ETF Overview - NLR tracks the MVIS Global Uranium & Nuclear Energy Index, which includes companies involved in uranium mining, nuclear power facility construction, and the production of electricity from nuclear sources [2]. - The ETF charges an annual fee of 56 basis points [2]. Group 2: Market Drivers - The rising demand for artificial intelligence and clean energy is leading tech companies to consider nuclear power as a solution for energy-intensive data centers [3]. - The increasing interest in nuclear energy and the growth of AI-driven data centers are expected to drive up uranium demand, providing a favorable outlook for the ETF [4]. Group 3: Performance Outlook - NLR is projected to maintain its strong performance in the near term, supported by a positive weighted alpha of 68.78, suggesting potential for further price increases [5].

Core Insights - GE Vernova stock experienced a 6% increase, driven by positive market sentiment following Oracle's strong guidance despite a slight earnings miss [1][2] Group 1: Oracle's Impact - Oracle reported a fiscal Q1 earnings miss with a profit of $1.47 per share, slightly below the $1.48 consensus expectation, but provided an optimistic forecast for its Cloud Infrastructure revenue growth [5] - CEO Safra Catz projected a 77% growth in Oracle Cloud Infrastructure revenue to $18 billion this fiscal year, with further increases expected over the next four years, leading to a total of $144 billion [5] - Investors are linking Oracle's growth potential in AI to GE Vernova, which builds nuclear reactors that supply electricity, assuming that success in Oracle will benefit GE Vernova as well [2][5] Group 2: GE Vernova's Growth Projections - Analysts predict that GE Vernova's earnings will grow by 5x to $41.28 per share by 2030, translating to a 38% annualized growth rate [6] - Despite the promising growth rate, GE Vernova's stock trades at over 140 times earnings, resulting in a PEG ratio of 3.8, which is considered high [7] Group 3: Investment Considerations - The recent performance of Oracle and its implications for AI demand highlight the potential for GE Vernova, but caution is advised due to its high valuation metrics [8][9]

Core Insights - Terrestrial Energy has achieved a significant milestone with the U.S. Nuclear Regulatory Commission (NRC) issuing its first Safety Evaluation on the Principal Design Criteria (PDC) for the Integral Molten Salt Reactor (IMSR), marking a pivotal step in the commercialization of molten salt reactor technology [1][6] - The NRC's ruling confirms the IMSR's unique safety mechanisms, particularly its use of temperature as an inherent control mechanism for reactor power, enhancing the safety and efficiency of the licensing process [1][2][5] Company Overview - Terrestrial Energy is focused on developing Generation IV nuclear power plants utilizing its proprietary IMSR technology, which aims to provide a cost-effective, versatile, and reliable source of zero-carbon energy [7][8] - The IMSR is designed to be small and modular, suitable for distributed energy supply across various industrial applications, thereby extending the use of nuclear energy beyond traditional electric power markets [8] Regulatory Progress - The NRC's Safety Evaluation serves as a foundational approval for future operating license applications, establishing a design framework that supports the commercialization of the IMSR [6] - In April 2023, the Canadian Nuclear Safety Commission (CNSC) completed a Vendor Design Review (VDR) of the IMSR, concluding that there are no fundamental barriers to licensing the plant for commercial use, further bolstering confidence in the technology [6] Market Potential - The IMSR technology is positioned to contribute significantly to global decarbonization efforts, providing low-cost, dispatchable energy that can support various industrial processes [8] - The successful regulatory approvals and the innovative design of the IMSR highlight its compelling commercial potential in the evolving energy landscape [5][8]

Nuclear startup Deep Fission announced Monday that it has gone public in a reverse merger, netting the company $30 million. No, it’s not 2021. The startup is proposing to build small, cylindrical nuclear power plants and lower them into 30-inch diameter holes drilled one mile down into the Earth. By burying the reactors, the company hopes to solve several problems that plague current reactors, including concerns over meltdowns and potential terrorist attacks. Deep Fission’s 15-megawatt reactors are coo ...

Deep Fission, an aspiring nuclear-power firm, hopes to make reactors cheaper—and minimise the risks of radioactive leaks—by sticking them underground https://t.co/V2ZSExEpLZIllustration: Fortunate Joaquin https://t.co/Pb65Ds0O8W ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call discusses the energy sector in Asia, particularly the nuclear power and renewable energy industries, highlighting the strategic importance of these sectors amid rising electricity demand and geopolitical tensions [1][2][4][9][38]. Core Insights and Arguments - **AI-Driven Power Demand**: Global electricity demand is projected to grow at a CAGR of 3.7% from 2024 to 2026, with emerging markets in Asia, particularly China and India, expected to drive 60% of this growth [9][10]. Data centers are anticipated to increase their share of global electricity use from 1-2% to 3-4% by 2030, contributing a 0.3% CAGR to overall power demand [1][10]. - **Green Energy Transition**: Renewables now account for over 45% of global electricity capacity, a 15 percentage point increase over the past decade, primarily replacing coal rather than adding new supply [2][20][21]. - **Nuclear Power's Role**: Nuclear energy, with a capacity factor exceeding 90% and zero carbon emissions, is positioned as a key player in providing clean baseload power. Investment in nuclear has surged, growing at a ~14% CAGR from 2020 to 2024 [3][22][30]. The share of nuclear in global generation is projected to rise from ~9% today to over 12% by 2040 [22]. - **Investment Opportunities**: The Asia Nuclear Power basket (GSSZNUCL) has been introduced to capture investment opportunities in companies involved in the nuclear energy cycle. This basket, along with Environmental & Renewables (GSSZEVMT) and Power & Electricity (GSSZPOWE), forms the Power Up Asia aggregate basket (GSSZPOWU) [5][38]. Important but Overlooked Content - **Diverging Energy Landscape in Asia**: Different countries in Asia are taking varied approaches to energy transition. China is leading in energy transition investments, while Japan is restarting nuclear plants, and South Korea is expanding its nuclear footprint. India is focusing on renewables and coal to address power deficits, and Australia remains a key uranium exporter [4][35]. - **Core-Satellite Investment Recommendation**: The recommendation is to accumulate or buy nuclear stocks on weakness, given their strong year-to-date performance (+40%). Renewables are also favored due to China's anti-involution policy trends, while Power and Electricity sectors are seen as stable with compelling valuations [6][41][42]. - **Valuation Trends**: Nuclear stocks have recently experienced a sharp re-rating, now trading at the highest P/E multiples, while Power & Electricity stocks remain relatively inexpensive compared to their historical averages [44][59]. Conclusion - The conference call emphasizes the strategic importance of nuclear and renewable energy in Asia's energy landscape, driven by rising electricity demand and the need for energy security. Investment opportunities are highlighted through the introduction of specific baskets targeting these sectors, with a focus on the long-term growth potential of nuclear energy amidst a backdrop of technological innovation and policy support [38][64].