Group 1 - The Russell 2000 index is experiencing significant growth, approaching new all-time highs, with the iShares Russell 2000 ETF IWM up over 25% from its lows on April 8 [1] - Small-cap companies like Oklo Inc, NuScale Power Corp, and Hims & Hers Health Inc are showing remarkable year-to-date gains of 159%, 107%, and 95% respectively, defying broader market concerns [2][3] - These companies are benefiting from strong secular trends that appear to be resistant to tariff impacts, despite the potential for increased volatility in multinational operations due to trade rhetoric [3] Group 2 - Oklo Inc has seen a year-to-date surge of over 159%, driven by investor interest in next-generation clean energy technologies, particularly small modular reactors [4] - NuScale Power has rebounded significantly, with shares doubling in 2025 on renewed interest in small modular reactors and a boost from NRC approval, despite potential tariff impacts on construction costs [5] - Hims & Hers Health Inc is capitalizing on recession fears, achieving 95% year-to-date gains through its asset-light model and strong customer retention, which have shielded it from macroeconomic shocks [6] Group 3 - The performance of these small-cap companies indicates that certain segments of the market are thriving, even as larger companies face challenges from macroeconomic headlines and tariff concerns [7]

Core Insights - NuScale Power Corporation has seen a significant stock increase of 162% over the past year, attributed to a growing interest in nuclear energy and supportive government policies [1][3] - The U.S. government aims to increase nuclear power generation from 100 gigawatts to over 400 gigawatts by 2050, which could require substantial investments in new facilities [3][4] - Despite the positive market sentiment, NuScale has yet to secure customers for its small modular reactors, raising concerns about its future profitability [6][9] Company Overview - NuScale Power has a market capitalization exceeding $10 billion and is the only company with a small modular reactor design approved by the Nuclear Regulatory Commission (NRC) [1][4] - The company has received $600 million in funding from the Department of Energy but struggles to make its products economically viable compared to other energy sources [7][8] - Currently, NuScale generates only $49 million in annual revenue, primarily from project studies and grants, indicating it is pre-revenue until it secures customer orders [9] Market Position and Challenges - The company faces significant challenges in executing its technology claims, with no current customers for its modular reactors and previous projects canceled due to lack of demand and cost overruns [6][8] - NuScale's cash burn rate is $98 million per year, which has been mitigated by internal cost cuts, but this may hinder development progress [9] - The stock is trading at a high valuation with a price-to-sales ratio of 77, which is considered expensive given the capital-intensive nature of the nuclear energy sector [13] Future Outlook - Predictions indicate that NuScale Power stock may struggle in the coming years, with potential negative share-price performance that could disappoint investors [12][14] - The company is years away from completing any projects, and even if it secures a customer, the timeline for project completion will prolong cash losses [12]