Summary of Key Points from the Conference Call Industry Overview - The global nuclear energy investment is expected to exceed $2 trillion over the next 50 years, driven by the demand for clean energy from technology companies [1][2] - Nuclear energy accounts for approximately 10% of global electricity generation but nearly 20% of clean electricity generation [1][2] - The development of nuclear energy in Asia is uneven, with China, South Korea, and Japan widely utilizing it, while Southeast Asia shows significant potential [1][3] Core Insights and Arguments - Southeast Asian countries like Singapore, Vietnam, and Malaysia are actively considering Small Modular Reactors (SMRs) [1][4] - Natural gas is expected to grow at twice the current anticipated rate in the Asia-Pacific region, with a projected compound annual growth rate (CAGR) of 5% from 2024 to 2030, consuming 70% of global natural gas trade by 2030 [1][5] - Only 2.3% of global asset management is currently excluding nuclear energy, which is lower than exclusions for alcohol and military contracting [1][6] - The World Bank has lifted its ban on financing nuclear projects, and nuclear energy has been included in the green taxonomy by the EU, China, and Japan [1][6] Potential Investment Opportunities - Morgan Stanley has compiled a list of 75 stocks related to gas adoption, power equipment manufacturers, pipeline companies, and hybrid power generation companies [1][9] - Key companies to watch in Asia include Gale in India, Tokyo Gas in Japan, and PTT in Thailand, as well as hybrid power competitors like Keppel in Singapore and Reliance in India [1][9] - In uranium mining, companies like Palladin and Boss Energy in Australia, and China National Nuclear Corporation offer long-term opportunities [1][10] Additional Important Insights - Large-scale data centers in the U.S. are willing to pay a premium of $30 to $50 per megawatt-hour for stable power supply, benefiting U.S. nuclear utilities [1][7] - In contrast, Southeast Asia, Europe, and China have not observed similar pricing premiums due to different market conditions [1][7] - Natural gas is positioned as a cost-competitive energy source that will dominate new capacity installations, particularly as a backup power source for AI and data centers [1][8]