Core Insights - Cameco is one of the largest uranium miners globally, playing a significant role in the nuclear energy sector [1] Group 1: Stock Performance - Cameco stock remained flat for several years due to the Fukushima disaster's impact on uranium demand, leading to production cuts by major producers [2] - Recently, Cameco stock has delivered exceptional returns, outperforming the S&P 500 significantly over one, three, and five years, with total returns of 78.3%, 326%, and 618% respectively [6][7] - Uranium prices have more than tripled to over $100 per pound between 2021 and 2024, driven by a supply deficit and geopolitical factors, including a U.S. ban on uranium imports from Russia [7] Group 2: Strategic Moves - In November 2023, Cameco acquired a 49% stake in Westinghouse Electric, enhancing its position in the nuclear energy market and making it a vertically integrated entity [8] - A partnership with the U.S. government was established in October 2025 to finance new Westinghouse reactors worth at least $80 billion, aimed at boosting the domestic nuclear energy industry [9] Group 3: Future Outlook - The demand for nuclear energy is expected to increase, potentially leading to another bull run for Cameco stock [10] - Following President Trump's executive orders in May to quadruple America's nuclear energy capacity by 2050, Cameco shares have gained over 80% in 2025, indicating strong future growth potential [11]

Core Viewpoint - Oklo is developing nuclear reactors to produce clean energy, with significant investor gains as the market anticipates nuclear power's role in meeting the energy demands of artificial intelligence [1] Group 1: Company Development - Oklo is currently developing nuclear reactors at three sites: Oklo Aurora at the Idaho National Laboratory and two sites in southern Ohio [2] - The company has recently begun construction on the Aurora site, which will feature a 75-megawatt electrical (MWe), liquid metal-cooled fast reactor [2] - The operational timeline for the Aurora site has been fast-tracked by the U.S. Department of Energy, potentially accelerating its completion from the initial expectation of late 2027 or early 2028 [4] Group 2: Financial Performance - Oklo has no revenue and is trading at a market cap of approximately $13 billion [4] - The company announced a $1.5 billion capital raise, which will dilute existing shareholders [4] - An investment of $10,000 in Oklo's IPO has increased to nearly $99,000, reflecting a rise of over 730% since it began trading publicly on May 10 [5][7] Group 3: Market Comparison - In comparison, a $10,000 investment in the S&P 500 index would only be worth slightly over $13,000 over the same period, highlighting Oklo's significant outperformance [7]

Electricite de France raised its cost estimates for the six nuclear reactors it plans to build in its home country by 8% to €72.8 billion ($85 billion), highlighting the construction funding challenge faced by the state-owned utility https://t.co/WB3iBIQtBh ...

Core Insights - The energy market is experiencing significant changes due to increased demand, regulatory uncertainty, and substantial government investments, creating new opportunities for innovation and development [1][2][3] Government Investments and Policy Changes - The Biden administration's Infrastructure Investment and Jobs Act and Inflation Reduction Act have introduced billions in federal funds to support energy development, particularly in wind, solar, and battery sectors [1] - Regulatory uncertainty has emerged from policy shifts, including the rescission of permits and freezes on funding, affecting clean energy projects while favoring traditional energy sources like coal and natural gas [1][3] Market Dynamics and Demand - A surge in electricity demand driven by data center growth, electrification, and manufacturing return to the U.S. is straining existing infrastructure and creating new investment opportunities [1][2] - The past year has seen rising electricity prices due to demand growth, supply chain issues, and delays in project deployment, trends expected to continue into 2026 [3] Industry Response and Project Developments - Industry players are reevaluating generating assets, with some retired nuclear facilities being considered for restart and new projects being revived, particularly those co-located with data centers [4][5] - The U.S. Department of Energy is facilitating data center development and sponsoring the construction of prototype nuclear reactors, indicating strong government support for the energy sector [5] Investment Opportunities and Market Consolidation - The influx of new entrants into the energy and data center markets is reshaping competition, with many smaller players likely to become acquisition targets as the market consolidates [6] - The administration's focus on onshoring critical minerals and direct equity stakes in related developments opens up investment opportunities through 2025 and 2026 [6] Conclusion on Market Outlook - The energy sector is adapting to significant policy changes, with a focus on resilient infrastructure investments that balance traditional and transitional energy assets, indicating a dynamic market for investors willing to navigate uncertainty [7]

Financial Data and Key Metrics Changes - Distributed earnings before realizations were $1.3 billion for the quarter, or $0.56 per share, and $5.4 billion over the last 12 months, or $2.27 per share, representing an 18% increase over the same period last year [5][14] - Total distributed earnings, including realizations, were $1.5 billion, or $0.63 per share for the quarter, and $6 billion, or $2.54 per share over the last 12 months, with total net income of $1.7 billion [14][15] - The company financed $140 billion of debt across operations and closed $75 billion of asset sales at attractive values [5][25] Business Line Data and Key Metrics Changes - The asset management business generated distributed earnings of $687 million, or $0.29 per share in the quarter, and $2.7 billion, or $1.14 per share over the last 12 months [14] - Wealth Solutions business delivered distributed earnings of $420 million, or $0.18 per share in the quarter, and $1.7 billion, or $0.70 per share over the last 12 months, representing organic growth of over 15% year over year [17] - The infrastructure and renewable power businesses remain at the forefront of secular trends, with significant initiatives announced for next-generation power and AI infrastructure [20] Market Data and Key Metrics Changes - Economic activity and corporate earnings remain healthy, with capital markets open and transaction activity picking up across most asset classes [5] - The real estate recovery is gaining momentum, with strong leasing activity and high occupancy rates in the Super Core and Core Plus portfolios [20][21] - The company has advanced $75 billion of monetizations across its franchise, including various asset classes [21][24] Company Strategy and Development Direction - The company is focusing on AI innovation, aging populations, and real estate recovery as key trends for future growth [9] - Strategic transactions include the acquisition of Just Group in the UK and a reinsurance agreement in Japan, expanding the company's footprint in retirement markets [10][19] - The company aims to leverage its scale and expertise in real assets to capture opportunities in energy transition and AI infrastructure [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment, noting potential policy easing from the Federal Reserve and the benefits of real assets in a low nominal rate environment [6][8] - The company anticipates continued strong growth in its results over the remainder of the year and into 2026, supported by a record $180 billion of deployable capital [9][25] - Management highlighted the importance of disciplined capital deployment and the potential for significant growth in AI and renewable energy sectors [29][79] Other Important Information - The company completed a three-for-two stock split on October 9, 2025, affecting all per-share amounts discussed [2] - A quarterly dividend of $0.06 per share was declared, consistent with the previous quarter's dividend [26] - The company maintains a conservatively capitalized balance sheet with high levels of liquidity [25] Q&A Session Summary Question: How do you see humanoids and AI potentially creating another leg of the stool for Brookfield over time? - Management indicated that capital deployment is focused on building infrastructure to support AI growth, with significant investment in renewable energy and data centers [29][31] Question: Can you talk about the reinsurance agreement in Japan and its contribution to global ambitions? - Management confirmed that the reinsurance agreement is a flow arrangement that will build over time, with a focus on growth in both the UK and Japan markets [33][34] Question: How long to reach the 200 basis point target net investment yield spread? - Management stated that achieving the target is a medium to long-term goal, with expectations for the spread to widen as attractive investment opportunities arise [37][38] Question: What is the impact of the Oaktree acquisition on share repurchases? - Management confirmed that the acquisition will not impact the broader buyback strategy, with a portion of shares issued being repurchased [41] Question: Can you elaborate on the trajectory of the insurance business and spread dynamics? - Management acknowledged the current spread of 165 basis points, emphasizing a disciplined approach to capital deployment and a focus on long-term performance [44][46] Question: What are the downside protections sought in nuclear project investments? - Management indicated that investments in nuclear projects will be structured to provide strong downside protection, with a focus on scaling Westinghouse's services [53][55] Question: How is the outlook for Kerry Generation shaping up for 2026? - Management expects a step-up in carried interest in 2026, with a healthy transaction market supporting continued activity [61][62]

Business Updates - Oklo was selected for three DOE Reactor Pilot Program projects, potentially accelerating deployment timelines[17, 20, 21] - Groundbreaking for the Aurora-INL powerhouse was completed in September, with site earthworks beginning in October[18, 26, 27] - Atomic Alchemy targets first operations by July 2026, focusing on isotope production[18, 31] - The company announced a Fuel Recycling Facility as phase I of an advanced fuel center in Tennessee, with a potential investment of up to $168 billion[19, 41, 44] - Oklo signed a Joint Technology Development Agreement with Blykalla and a fuel fabrication and manufacturing partnership with newcleo to collaborate on advanced nuclear ecosystem[17, 48, 50] Financial Highlights - The company's 3Q 2025 loss from operations was $363 million, driven by payroll, general business expenses, and non-cash stock-based compensation[52, 54] - The 3Q 2025 loss before income taxes was $292 million, derived from the loss from operations adjusted for net interest and dividend income of approximately $71 million[52] - Year-to-date 2025 cash used in operating activities totaled $487 million, including a net loss of $642 million, adjusted primarily for non-cash charges[53] - As of September 30, 2025, Oklo had cash and marketable securities totaling $1184 billion, including $4100 million in cash and equivalents and $7735 million in marketable securities[19, 54, 55]

Core Insights - The company has announced a strategic partnership with the US government to reinvigorate the nuclear power industrial base, with an investment value of at least $80 billion aimed at constructing new Westinghouse nuclear reactors in the United States [1][14][18] - The partnership is expected to enhance Westinghouse's position as a leading provider in the nuclear sector, contributing to significant earnings growth and long-term recurring cash flows [20][22][23] - There is a growing demand for electricity driven by electrification, reindustrialization, and the needs of hyperscalers, which positions the company well to capitalize on opportunities in nuclear power [2][3][4] Investment and Financial Performance - The company generated $302 million in funds from operations (FFO) during the quarter, reflecting a 10% year-over-year increase, and is on track to meet its growth target of over 10% FFO per unit by 2025 [4][24] - The hydroelectric segment performed strongly, generating $119 million in FFO, up over 20% from the previous year, driven by solid generation and higher pricing [24] - The company has executed $7.7 billion in financing during the quarter, with a total of $38 billion over the past twelve months, indicating strong investor demand for its high-quality assets [27][28] Nuclear Power Expansion - The partnership with the US government aims to construct 10 large-scale reactors by 2030, which is expected to significantly enhance the value of Westinghouse and create a stable cash flow from fuel and maintenance services over the reactors' lifespans [14][19][20] - Westinghouse currently services over 50% of the global nuclear fleet, and its technology is used in more than two-thirds of operating nuclear reactors worldwide, positioning it as a key player in the nuclear industry [15][16] - The company is also exploring the development of two partially constructed BC summer nuclear reactors, which represents another growth opportunity for Westinghouse [5][6] Market Dynamics and Opportunities - The demand for reliable and sustainable energy sources is increasing, particularly from hyperscalers, which is driving the need for diverse energy solutions, including nuclear power [2][3][6] - The company is well-positioned to capture the growing demand for hydroelectric power, with approximately five terawatt hours of generation coming up for recontracting [7][8] - The cost of battery storage has decreased by over 50% in the past year, leading to increased interest in long-term capacity contracts, which the company is actively pursuing [10][11] Strategic Initiatives - The company is focused on maintaining high levels of liquidity and access to capital to capitalize on growth opportunities in the energy sector [31] - The strategic partnership with the US government is expected to catalyze further investment in the nuclear supply chain, enhancing the overall growth prospects for the nuclear sector [20][21][23] - The company continues to evaluate opportunities for acquiring hydro assets that align with its portfolio, indicating a proactive approach to expanding its renewable energy capabilities [8][9]

Core Insights - The U.S. government has announced an $80 billion investment in new nuclear plants, with Brookfield involved in the project, aiming to revitalize the nuclear industry in the U.S. [1][4] - The investment is seen as a way to build a sustainable supply chain for nuclear energy, which has been declining in recent years [2][3] - The project is structured as a public-private partnership, with the U.S. government financing the plants while Brookfield and Westinghouse will handle construction [4][5] Investment and Industry Outlook - The nuclear industry is expected to play a crucial role in meeting the increasing energy demands, with projections to double energy use in the next 15 years [8][9] - The first nuclear reactor is anticipated to be operational by 2030, with subsequent plants taking six to eight years to complete [6][5] - The focus on nuclear energy is part of a broader strategy to diversify energy sources, including solar, gas, and hydro, to meet future power needs [9][10] Market Dynamics - The demand for power is rapidly increasing, particularly for data centers, which now require significantly more energy than a decade ago [11][12] - The capital required for large-scale energy projects is substantial, with estimates of $50 billion needed for infrastructure related to AI factories [12] - The investment in nuclear energy is viewed as a long-term vision to ensure energy security and sustainability in the U.S. [10][8]

Core Insights - The government is set to arrange financing and facilitate approvals for a significant investment in nuclear energy, amounting to at least $80 billion in new nuclear reactors [1] Group 1 - The initiative aims to bolster the nuclear energy sector, indicating a strong governmental commitment to expanding nuclear infrastructure [1] - The financing and approval process is expected to streamline the development of new reactors, potentially accelerating project timelines [1] - This investment reflects a broader trend towards renewable and low-carbon energy sources, positioning nuclear energy as a key component in the transition to sustainable energy [1]

Core Insights - The U.S. government has announced a pact to construct nuclear reactors valued at a minimum of $80 billion to address the increasing power demands driven by artificial intelligence [1] Group 1 - The pact aims to meet the growing energy requirements resulting from advancements in artificial intelligence [1]