BUZZ-Nuclear energy companies gain on Amazon's push for nuclear power to meet data center demand

Reuters10-17

** Shares of uranium producers and nuclear power companies jump after Amazon.com signs three agreements on developing nuclear power technology called small modular reactors $(SMR)$

** While no U.S. SMRs exist yet, Amazon will have the right to purchase electricity from four modules

** Earlier this year, Amazon purchased a nuclear-powered data center from Talen Energy

** "AMZNs announcement continues a string of positive events starting with the passing of the ADVANCE Act ... Nano Nuclear Energy is developing 1-2MW SMRs and has secured capital and rapidly putting in place a strong team to lead its efforts" — Michael Legg, managing director of emerging growth equity research at The Benchmark Company

** NNE jumps 28.5%

** Nuclear energy-backed utilities Talen Energy Corp

, Vistra Corp , Dominion Energy jump about 8%

** U.S. uranium miners Uranium Energy Corp and Energy Fuels Inc rise 7% to 15%; Canada's Cameco Corp

gains about 7.6%

(Reporting by Khusbu Jena in Bengaluru)

((Khusbu.Jena@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment