Summary of Nuclear Industry Conference Call Industry Overview - The conference call focused on the nuclear energy sector, highlighting a significant global shift towards nuclear power as countries seek clean energy solutions. [6][9] Key Points and Arguments Global Nuclear Capacity Growth - Global nuclear installed capacity estimates have increased by approximately 40% over the last five years, with the current total at 420 GW. [6] - The U.S. aims for 400 GW of nuclear capacity by 2050, while India targets 100 GW by 2047. [6] Regulatory Changes in the U.S. - The U.S. government has signed four executive orders to accelerate nuclear power development, including reducing the Nuclear Regulatory Commission (NRC) decision-making timeline for permits from multi-year to 18 months. [10][11] - Concerns were raised regarding operational safety due to expedited processes and relaxed environmental safety requirements for advanced reactors. [15][16] Developments in India - India plans to increase its nuclear capacity from approximately 8 GW to 100 GW by 2047, with new legislation allowing private sector participation in nuclear operations. [18] - The new nuclear bill reduces liability for smaller reactors and removes the right to recourse for equipment suppliers, which may encourage foreign investment. [19][20] Japan's Nuclear Revival - Japan is reversing its post-Fukushima nuclear shutdown policy, with plans to restart approximately 13 GW of nuclear capacity by 2024 and an additional 12 GW by 2026. [21][22] Small Modular Reactors (SMRs) - The U.S. Department of Energy (DoE) is supporting the development of SMRs, with companies like Terra Power and X-Energy making progress towards construction permits. [26][27] - Terra Power aims to begin commercial operations by 2031, while X-Energy is expected to receive construction approval by early 2027. [28][31] International Trends - Other countries, including Spain and Germany, are reconsidering their nuclear phase-out plans due to energy security concerns and rising electricity prices. [25] Additional Important Information - The conference highlighted the efficiency of nuclear plants, which require significantly less fuel compared to coal plants, and their long operational life of over 60 years. [2] - The potential for nuclear energy to meet the growing demand for clean, dispatchable power was emphasized, particularly in light of increasing data center energy needs. [6] This summary encapsulates the key discussions and insights from the conference call regarding the nuclear energy sector's current landscape and future prospects.

Core Insights - Meta Platforms, Inc. (NASDAQ:META) is recognized as one of the best fundamental stocks to buy according to analysts, with recent commitments to Oklo and TerraPower aimed at advancing nuclear technology development [1] Group 1: Partnerships and Commitments - Meta Platforms has partnered with Vistra to provide financial support for the operation of nuclear power plants, extending their operational lifespan and increasing energy production at specific plants in Ohio and Pennsylvania [2] - The company's commitments to Oklo and TerraPower are expected to assist the next generation of developers in creating safer and more advanced nuclear reactors [1][2] Group 2: Job Creation and Energy Production - Projects associated with Meta's commitments are anticipated to create numerous construction jobs and hundreds of long-term operational jobs, contributing to up to 6.6GW of new and existing clean energy by 2035 [3] - These initiatives are designed to add reliable power to the grid and strengthen America's nuclear supply chain [3] Group 3: Stock Analysis - Guggenheim has reduced its price target for Meta Platforms' stock from $875 to $800 while maintaining a "Buy" rating, indicating an assumption of increased investment levels [4] - Despite the potential of META as an investment, some analysts suggest that certain AI stocks may offer greater upside potential with less downside risk [5]

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]