Nuclear energy stocks jumped again in morning trading as big tech doubled down on nuclear. Lightbridge rose 20%; NANO Nuclear Energy rose 9%; Oklo rose 6%; NuScale Power rose 4%; Centrus rose 3%; Energy Fuels rose 1%.
Nuclear energy-related plays, including Oklo, have been on a tear since late September when Microsoft announced a two-decade contract with S&P 500 component Constellation Energy to provide nuclear power for the tech giant's data centers.
Now, Amazon and Alphabet have also inked nuclear deals, sending nuclear-related stocks higher. However, many of the stocks are extended.
Both Amazon and Google announced in recent days decisions to invest in developing the emerging small modular reactors, or SMRs, technology. SMRs do not currently exist but there are a number of companies working to develop the technology. In March, Amazon made an early move toward nuclear, paying $650 million for a Talen Energy nuclear-powered data center campus in Pennsylvania.
Top hyperscalers — the largest cloud, data center and AI operators, which include Amazon, Microsoft, Alphabet and Meta — are increasingly looking to nuclear power as a solution to vaulting energy consumption from data centers.
