Key Points Nuclear startup Oklo's shares have skyrocketed to more than $100 during the past month. The company just held a groundbreaking ceremony for its first small modular reactor. If Oklo's technology works as planned, there's plenty of room for growth, even at its current valuation. 10 stocks we like better than Oklo › Shares of nuclear power startup Oklo (NYSE: OKLO) have skyrocketed in September, with shares gaining about 50% in price during the past month alone. At more than $100 a sha ...

Investment Rating - The industry rating is "Outperform the Market" [7][16] Core Insights - Oklo, a key player in the Small Modular Reactor (SMR) sector, saw a significant stock increase of 63.5% over the week, driven by a surge in investment interest in SMR technology [3][4] - The demand for energy is expected to rise dramatically, with projections indicating that by 2035, the total computing power in society may increase by 100,000 times, leading to a substantial rise in electricity consumption from data centers [4] - SMRs are characterized by their inherent safety, lower investment requirements, rapid returns, flexible deployment, and wide application scenarios, making them a promising energy solution for the growing needs of data centers and AI [5] Summary by Sections Investment Opportunities - Companies to watch include: 1. Jingye Intelligent: Collaborating with Zhejiang University on micro-reactor/SMR technology, showing significant growth potential in the context of global AI demand and energy transition [5] 2. Jiadian Co.: Leading in the nuclear power sector with its helium fan as the only power device for the fourth-generation high-temperature gas-cooled reactor [5] 3. Guoguang Electric: Key components for the ITER project [5] 4. Lanshi Heavy Industry: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [5] 5. Kexin Electromechanical: Producing high-temperature gas-cooled reactor products and replacing imports with new fuel transport containers [5] 6. Hailu Heavy Industry: Services for various reactor types including third and fourth generation reactors [5] 7. Jiangsu Shentong: Secured over 90% of orders for nuclear-grade valves in new nuclear power projects [5]

Investment Rating - The report suggests a focus on the North American SMR industry chain, indicating greater investment value due to strong commercialization momentum and multiple catalysts exceeding expectations [2][12][18]. Core Insights - The commercialization of SMRs in the U.S. is expected to be driven by three main forces: the energy needs of AI tech giants' data centers, favorable nuclear regulatory policies, and accelerated projects from leading SMR companies [2][12]. - Recent U.S. government actions, including executive orders to simplify nuclear licensing and promote new builds, have exceeded market expectations and are expected to enhance the efficiency of SMR commercialization [3][13]. - The U.S. Department of Energy is actively working to secure domestic uranium enrichment capacity to address supply bottlenecks, with significant investments planned [4][14]. - Strategic collaborations among key players in the nuclear manufacturing sector are accelerating project timelines and enhancing supply chain capabilities [5][15]. - The demand for SMR applications is primarily driven by data center giants, with significant investments being made across various sectors including defense and transportation [7][17]. Summary by Sections Regulatory Approval - The U.S. government has issued multiple executive orders aimed at accelerating nuclear energy initiatives, including simplifying licensing processes for advanced reactors [3][13]. Fuel Supply - The U.S. Department of Energy is promoting domestic uranium enrichment capacity to mitigate supply issues, with plans to invest approximately USD 2.7 billion in new domestic capacity [4][14]. Manufacturing and Project Construction - Strategic partnerships among companies like X-energy and Amazon are set to catalyze up to USD 50 billion in public-private investment, enhancing the nuclear supply chain [5][15]. End-Use Applications - AI tech giants are increasingly investing in SMRs to meet their energy needs, with applications expanding across various industries [7][17]. Investment Recommendations - The report recommends focusing on companies with strong earnings elasticity and first-mover advantages across the SMR supply chain, including Cameco, Centrus Energy, Oklo, NuScale Power, Talen Energy, Vistra, and Constellation Energy [10][18].

部署多个项目，SMR成合作焦点 这批协议的核心是扩大两国合作并简化企业建设新核电站的流程，其中建设小型模块化反应堆 （SMR）成为焦点。 随着特朗普即将对英国进行国事访问，一系列核能合作协议正在重塑大西洋两岸的能源版图。 9月15日，据媒体最新报道，美国和英国周日宣布了一系列广泛的核能合作协议，多家美国头部核能企 业将在海外建设项目。这些协议预计将在特朗普本周对英国进行国事访问期间正式签署，华盛顿特区的 英国大使馆在声明中确认了这一消息。 英国首相斯塔默对此表示，这些重要承诺将引领英国"走向核能的黄金时代"，长期有助于降低家庭能源 账单，并在短期内创造数千个就业岗位。美国能源部长Chris Wright则强调，这些协议将"为美英两国的 商业准入释放巨大空间"，从而加强全球能源安全与美国的能源主导地位。 据央视新闻报道，美国总统特朗普9月17日至19日将对英国进行国事访问。媒体认为，此访被视为斯塔 默政府努力与特朗普政府保持沟通、减轻特朗普政府部分政策对英国造成不利影响的一部分。 与此同时，美国Last Energy公司将与迪拜环球港务集团（DP World）合作，计划建立"世界上首批微型 模块化核电站之一"。 ...

Group 1 - The strategic significance of nuclear energy is highlighted as Western countries aim to reclaim their position in the nuclear sector amidst energy security, low-carbon transition, and geopolitical competition [1][3] - The current global nuclear power capacity expansion is primarily led by China and Russia, while the West is attempting to revive its nuclear energy initiatives [5][6] - The challenges faced by the West include structural investment shortages in the U.S. and policy coordination issues in Europe, hindering their nuclear revival efforts [4][8] Group 2 - Small Modular Reactors (SMRs) have emerged as a focal point in the global technology race, attracting investments from major tech companies like Google, Microsoft, and Amazon [2][31] - The significance of SMRs extends beyond technological advancements, as they aim to disrupt the traditional nuclear energy monopoly [2][31] Group 3 - The evolution of nuclear energy dynamics has transcended industrial boundaries, becoming a critical element in the strategic competition among major powers [3][9] - The global consensus on nuclear energy development is driven by the need for energy security and the increasing electricity demand due to digitalization and green transitions [7][8] Group 4 - The International Energy Agency predicts that by 2025, global nuclear power generation will reach a record high, with 10 out of 12 new reactors being built in Asia, predominantly by Russia and China [5][12] - China's nuclear power capacity is expected to surpass France's, becoming the second-largest globally, while Russia maintains a stronghold in the export market [5][14] Group 5 - The U.S. has recognized the risks of ceding the nuclear market and is pressuring institutions to reassess their financing positions on nuclear energy [19][61] - The upcoming 2026 review of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) will serve as a critical test for the West's commitment to nuclear energy cooperation [7][19] Group 6 - The European nuclear energy landscape is characterized by a lack of cohesive policy and financing mechanisms, which hampers the revival of nuclear projects [40][41] - France's nuclear strategy faces significant challenges due to past indecision and a decline in industrial capabilities, impacting its ability to lead in nuclear energy [46][48] Group 7 - The U.S. nuclear revival strategy is focused on four pillars: optimizing existing nuclear plant efficiency, restarting decommissioned reactors, enhancing industrial collaboration with Canada, and exporting nuclear technology to Europe [63][65] - The political landscape in the U.S. is shifting, with bipartisan support for nuclear energy, but the effectiveness of new policies under the Trump administration remains uncertain [53][54] Group 8 - The relationship between tech giants and the nuclear industry is evolving, with significant investments aimed at revitalizing nuclear power as a response to increasing electricity demands driven by digital industries [72][75] - Despite the apparent growth in collaboration, the actual implementation of nuclear projects remains fraught with uncertainty and challenges [73][74]

Macro Background - The Federal Reserve is expected to cut interest rates twice this year and three more times by 2026, bringing rates down to around 3.25% [1] - U.S. households currently hold $19 trillion in cash, which is 30% higher than pre-pandemic levels, and this cash is being eroded by inflation and taxes, necessitating better investment options [1] - Economic indicators show a "weak recovery but not recession" trend, with soft data slightly improving and hard data remaining stable [1] AI Enablers - "AI enablers" refer to sectors that provide foundational support for the AI industry, including utilities, industrials, nuclear energy, and pipeline MLPs [4] - Over the past two years, these sectors have outperformed the Nasdaq 100, with significant absolute returns and better risk-adjusted returns in some areas [4] - However, the correlation between these "AI enablers" and tech stocks has reached new highs, indicating potential risks if AI spending slows [7][4] Sector Analysis Energy - Natural gas is experiencing a "double benefit" with increased demand from data centers and the lifting of LNG export bans, leading to a reevaluation of natural gas sector valuations [8] - The construction of LNG export facilities is accelerating, creating a second growth curve for the natural gas sector over the next five years [8] - Government policies are becoming more favorable towards the energy sector, with recent approvals for pipeline projects in the Appalachian region [9] Industrials - The industrial sector is driven by AI and manufacturing reshoring, with record order growth expected in the next 2-3 years, particularly in semiconductors, pharmaceuticals, and defense [10] - AI contributes approximately 20-25% to the increase in electricity demand, with the majority coming from electrification policies and the rise of electric vehicles [10] Utilities - The utility sector is projected to grow at 6-8%, driven by increased industrial electricity demand and aging infrastructure [11] - Regulated utility companies are expected to see growth rates rise from 2-4% to 6-8%, with a total annualized return potential of 10% [11] Nuclear Energy - Nuclear energy is favored for its low correlation with tech stocks and long-term growth potential, especially in the context of carbon neutrality goals [13] - The market for small modular reactors (SMRs) is expected to reach $1 trillion by 2050, meeting about 25% of global electricity demand [13] Investment Recommendations - Two core ETFs are highlighted for investors: AIRR (small-cap industrials) and PAVE (infrastructure), both offering high returns with lower volatility [16] - For nuclear energy, URA (uranium ETF) and NLR (nuclear ETF) are recommended due to their low correlation with tech stocks and strong performance metrics [17]

Investment Rating - The report suggests a positive investment outlook for the nuclear power sector, particularly focusing on small modular reactors (SMR) as a key energy solution for AI data centers and other high-energy demand technologies [5][34]. Core Insights - The North American core data center market has doubled in size since 2020, with vacancy rates dropping to approximately 2% and 70% of the 8GW under construction already pre-leased, indicating a supply gap that may persist until 2027 [17]. - The report highlights a significant increase in gas turbine price indices, with a year-on-year growth of 4.43% and a month-on-month increase of 3.8% as of July 2025, driven by tight supply-demand dynamics [19]. - The average spot price of uranium globally was reported at $75.13 per pound in July 2025, reflecting a 6% increase from the previous month, while heavy rare earth prices also showed upward trends [4]. Summary by Sections Global Infrastructure and Construction Equipment - The North American data center market has seen a substantial increase in size, with a vacancy rate of about 2% and a projected supply gap extending to 2027 [17]. - Companies are locking in capacity 18-24 months in advance, with rental rates increasing at a compound annual growth rate of 12% over three years [17]. Global Electrical and Intelligent Equipment - The gas turbine price index has shown significant growth, with a year-on-year increase of 4.43% and a month-on-month increase of 3.8% as of July 2025 [19]. - The report anticipates that the future growth of the gas turbine market in the U.S. will be driven primarily by the development of AI data centers [22]. Global Energy Industry - TVA is partnering with ENTRA1 to deploy six SMR power plants, aiming to add up to 6GW of new installed capacity, which could power approximately 4.5 million homes or 60 new data centers [32][33]. - The U.S. government is taking steps to accelerate the approval process for nuclear power deployment, with plans to significantly increase nuclear capacity by 2050 [35]. Global New Materials - The report notes that the average spot price of uranium was $75.13 per pound in July 2025, marking a 6% increase from the previous month [4]. Global Defense and Aerospace - The report indicates a stable recovery in the aerospace sector, with increased defense spending and modernization needs, suggesting potential investment opportunities in companies like BAE Systems and Howmet Aerospace [6].

Group 1 - The core viewpoint of the articles highlights the strategic partnership between X-energy, AWS, KHNP, and Doosan Energy to deploy over 5GW of small modular reactors (SMR) in the U.S. market, driven by the increasing electricity demand from AI and data centers [1][2] - The International Energy Agency (IEA) projects that global data center electricity consumption could nearly double to 945TWh by 2030, with the U.S. being a major contributor to this growth [2] - The partnership aims to mobilize up to $50 billion in capital, not only to supply power for AI and data centers but also to reshape the capital market, supply chain, and energy landscape [1][2] Group 2 - The financing model proposed involves a $50 billion capital framework to support multiple projects rather than financing a single demonstration plant, thereby reducing uncertainty [5] - The initial construction of a 320MW power station based on 80MW modules allows for phased expansion, which alleviates cash flow pressure and enables investors to reassess midway [5] - The collaboration introduces a new financing structure that relies on the creditworthiness of large electricity consumers like AWS, rather than solely depending on market electricity prices or government subsidies [9] Group 3 - The supply chain uncertainty is a significant concern for capital markets, particularly regarding the availability of high-assay low-enriched uranium (HALEU) fuel, which is crucial for SMR [6][7] - The partnership with KHNP and Doosan is aimed at leveraging their manufacturing expertise to stabilize the supply chain, thus mitigating project risks and making financing costs more manageable [8] - The collaboration is seen as a financial experiment that could redefine nuclear power as a long-term asset allocation for data centers, driven by AI demand [12]

Group 1 - The core issue of the news revolves around the potential nuclear power cooperation between South Korea and the United States, which is expected to be a significant topic during the summit between South Korean President Lee Jae-myung and U.S. President Trump [1] - The U.S. has expressed a desire for South Korean companies to participate in its nuclear energy revival plan, with the possibility of the cooperation scale exceeding that of the South Korea-U.S. shipbuilding collaboration [1][2] - South Korea's Korea Hydro & Nuclear Power (KHNP) is planning to establish a joint venture with Westinghouse Electric to enter the U.S. and third-country markets, with the potential nuclear projects being included in South Korea's $350 billion investment fund for the U.S. [1][2] Group 2 - Trump proposed the construction of 10 large nuclear power plants by 2030 and aims to increase the nuclear power installed capacity from 100 GW to 400 GW by 2050 [2] - The U.S. has not built new nuclear power plants since the Three Mile Island accident in 1979, leading to a near collapse of its domestic supply chain, prompting the U.S. to seek direct involvement from South Korean companies in nuclear construction projects [2] - Concerns are rising in South Korea regarding the export prospects of nuclear power, particularly due to a "secret agreement" with Westinghouse that imposes high patent fees and market restrictions, which has led to significant stock price declines for companies like Doosan Energy and Korea Electric Power Corporation [3] Group 3 - The agreement with Westinghouse has faced backlash in South Korea, being labeled as a "traitorous agreement," and there are fears that reliance on Westinghouse's technology could lead to a low-profit business model for South Korean firms [3] - The industry is closely monitoring whether KHNP can effectively enter the European and American markets through the joint venture with Westinghouse, while also facing challenges related to profit distribution and control [3] - There are concerns that if the joint venture's leadership falls entirely into Westinghouse's hands, it could result in a "second humiliating agreement" for South Korea [3]

Investment Rating - The report suggests a positive investment outlook for the nuclear power sector, particularly focusing on small modular reactors (SMRs) as a key energy solution for AI data centers [5][50][51]. Core Insights - The demand for data centers in North America is surging due to AI and cloud migration, with significant growth in core markets like Northern Virginia, Dallas, and Atlanta [16]. - The U.S. Department of Energy has selected 11 advanced nuclear reactor projects for pilot testing, indicating a strategic push towards nuclear energy as a critical power source for AI operations [5][49]. - The report highlights a robust long-term infrastructure demand in the U.S., driven by industrial resurgence and energy transition efforts [5]. Summary by Sections Global Infrastructure and Construction Equipment - The North American data center market has doubled in size since 2020, with a vacancy rate around 2% and a significant portion of new projects pre-leased [16]. - The average rental rate has increased by 3% year-on-year, with a three-year compound growth rate of 12% [16]. Global Electrical and Intelligent Equipment - The gas turbine price index increased by 4.43% year-on-year and 3.8% month-on-month as of July 2025, driven by supply-demand dynamics [19]. - The U.S. gas turbine market is expected to grow primarily due to the development of AI data centers [20]. - The production price index for electrical and special transformers in the U.S. was 440.69 in July 2025, reflecting a month-on-month increase of 0.4% and a year-on-year increase of 2.53% [33]. Global Energy Industry - The average spot price for electricity in major U.S. regions decreased by 34.02% week-on-week [3]. - The Henry Hub spot price was reported at $2.96 per million British thermal units, down 3.0% week-on-week [3]. - The U.S. government is actively working to expedite the approval process for nuclear power projects, aiming to significantly increase nuclear capacity by 2050 [51]. Global New Materials - The global uranium spot price was $71.10 per pound as of July 2025, reflecting a decrease of 9.4% month-on-month and 11.7% year-on-year [4]. Global Defense and Aerospace - The price index for aircraft engines and components remained stable in July 2025, with a year-on-year increase of 1.5% [4]. - Increased defense spending and modernization needs are driving growth in the aerospace sector [6]. Investment Recommendations - The report recommends focusing on companies involved in AI energy consumption, such as Entergy, Talen Energy, and Constellation Energy, as well as energy equipment firms like NuScale Power and Cameco [5]. - It also suggests monitoring the industrial robot sector, anticipating increased demand due to industrial resurgence [5].