Core Viewpoint - The introduction of Google's Gemini 3, trained on its own TPUs, poses a challenge to Oklo's business model, which relies on the assumption of increasing energy demand from AI data centers [4][5]. Group 1: Stock Performance - Oklo's stock experienced a significant decline, dropping as much as 35.4% from October 31, ultimately finishing November down 31.2% [2]. - In contrast, the S&P 500 saw a slight increase of 0.1% during the same period, while the Nasdaq Composite fell by 1.5% [2]. Group 2: Company Overview - Oklo is focused on developing small modular reactors (SMRs), which are expected to meet the energy demands of future AI data centers [3]. - The company's market capitalization stands at $16 billion, with a current stock price of $2.09 [3]. Group 3: Market Implications - Google's Gemini 3's training on TPUs, which are more energy-efficient than traditional GPUs, could lead to reduced energy consumption for AI, thereby diminishing the projected demand for Oklo's SMRs [4][5]. - If other companies, like Meta, follow Google's lead in adopting TPUs, the overall energy demand from AI could be significantly lower than anticipated [5]. Group 4: Valuation Concerns - Oklo's stock is considered overpriced, driven by speculative beliefs about future energy demand from AI, raising questions about the sustainability of its current valuation [7]. - Despite the potential of SMRs, the uncertainties surrounding their market adoption make Oklo's current valuation difficult to justify [8].

Core Viewpoint - Constellation Energy Corporation (CEG) has experienced a 30.1% increase in share price year-to-date, outperforming the Zacks Alternate Energy – Other industry's growth of 17.2%, driven by strong nuclear operations and the growing demand for clean energy [1][9]. Group 1: Company Performance - CEG's primary power production is derived from its nuclear fleet, which is well-positioned regarding nuclear fuel supply, supported by long-term uranium contracts extending into the 2030s [4]. - The company accounts for approximately 10% of the nation's total clean energy production and has a nuclear fleet capacity factor of 94.1% in Q1 2025, up from 93.3% in the previous year [5][9]. - CEG's capital expenditures are projected to be nearly $3 billion and $3.5 billion for 2025 and 2026, respectively, with about 35% allocated for nuclear fuel acquisition [6]. Group 2: Strategic Developments - CEG has entered into a 20-year nuclear power purchase agreement with Meta, set to begin in 2027, which supports the relicensing of its Clinton nuclear facility [10]. - The Public Utility Commission of Texas approved CEG's acquisition of Calpine Corporation, enhancing its clean energy capabilities by merging Calpine's low-emission assets with CEG's nuclear fleet [11]. Group 3: Financial Metrics - The Zacks Consensus Estimate for CEG's earnings per share (EPS) indicates a growth of 0.43% for 2025 and 3.5% for 2026 [12]. - CEG has reported an average earnings surprise of 7.41% over the last four quarters, indicating consistent performance [14]. - The company's trailing 12-month return on equity stands at 21.93%, significantly higher than the industry average of 8.35% [19]. Group 4: Shareholder Returns - CEG has authorized a share repurchase program of up to $3 billion, with approximately $841 million remaining as of March 31, 2025 [17]. - The company aims to increase its quarterly dividend by 10% annually, subject to board approval [18].