JPMorgan announced last week that they were launching a $1.5 trillion initiative to boost “critical industries” which are divided into four key areas, including Energy Independence and Resilience. And guess what technology was listed in that particular group? Yep, ol’ reliable nuclear energy.
The firm has determined that the industries they’ve selected are important for U.S. economic security and resiliency, and we certainly can’t argue with that. Let’s break down last quarter.
Trends
Large Reactors: Large reactors stole the spotlight this quarter—from plant life extensions like the ones for Dominion Energy’s V.C. Summer, Vistra’s Perry, NextEra’s Point Beach, and EDF’s two UK plants to the licensing extension for Westinghouse’s AP1000 design certification to 40 years. P.S. that last one is important for the administration’s goal to have 10 large-scale reactors under construction by 2030. Palisades also officially returned to operating status, under the oversight of the NRC, which was a first for the U.S. And Vistra signed a 20-year deal to provide power to an “investment-grade buyer” from its Comanche Peak plant. That's just the tip of the iceberg...
Stock Performance: Did you know that Google’s data center energy use doubled in just 4 years? And that’s as of 2024! Big power users who need reliable access to large amounts of electricity are signing nuclear-related deals left and right. And that’s drumming up interest from retail investors and institutional investors alike—Business Insider called nuclear “the hottest energy trade out there in 2025,” outperforming other energy sectors.
Fuel Supply: The U.S. Department of Energy announced five selections for their fuel line pilot program, with a promise to strengthen domestic supply chains. The administration’s focus has informed Wall Street’s analysis—Morgan Stanley’s 2050 projections for nuclear value chain investments increased by 46% since just last year, and Goldman Sachs was advising clients on investments in uranium stocks.
Potential investments in the nuclear value chain through 2050 will increase to $2.2 trillion, up from the $1.5 trillion initially forecast.
Announcements
U.S. Developments:
- Energy Department Announces First Microreactor Experiments in DOME Test Bed
- Idaho National Laboratory collaborates with Microsoft to streamline nuclear licensing
- Westinghouse And Google Pioneer “Repeatable” Nuclear Plants Design (Forbes)
- Nuclear Power Startups Are Heating up in Southern California, with Radiant’s Ultra-Portable Microreactors a Major Player (Los Angeles Times)
- Nuclear energy firms see $1.2B following Trump's executive orders (FOX Business)
- Idaho National Laboratory accelerates nuclear energy projects with Amazon Web Services cloud and AI technologies
- Project Pele Begins Taking Shape with Start of Core Manufacturing
- Holtec Announces HI‑CLOUD: A Strategic Redevelopment Initiative Advancing Infrastructure with Purpose and Readiness
- Nuclear startup to build $1.5B uranium enrichment plant in Kentucky (POLITICO)
- New York considers subsidizing upstate nuclear plants until 2050 (POLITICO)
- Trump administration launches nuclear reactor pilot program (POLITICO)
- Equinix unveils several advanced nuclear deals to power data centers (Seeking Alpha)
- TVA to buy energy from Oak Ridge advanced nuclear plant to power Google data centers (Knoxville News Sentinel)
- In Utah, a Bill Gates-backed nuclear company is exploring where to build a power plant (The Salt Lake Tribune)
- FERC approves NextEra waiver needed for Duane Arnold nuclear plant restart (Utility Dive)
- Aalo breaks ground for experimental reactor (World Nuclear News)
- TVA and ENTRA1 Energy Announce Collaborative Agreement in Landmark 6-Gigawatt NuScale SMR Deployment Program—Largest in U.S. History
- Deep Fission Raises $30 Million to Develop Underground Nuclear (Bloomberg)
- Nuclearn gets $10.5M to help the nuclear industry embrace AI (TechCrunch)
- Indian Point owner floats restart of shuttered nuclear reactors (POLITICO)
- Restarting Duane Arnold: Linn County weighs economic ripple of nuclear comeback (The Gazette)
- Inside nuclear startup Terra Innovatum's plan to cash in on the SPAC comeback (Business Insider)
- ‘Searching for energy solutions,’ Idaho Gov. Little creates new task force to advance nuclear energy (Idaho Capital Sun)
- Evergy, TerraPower to explore advanced nuclear project in Kansas (Seeking Alpha)
- Arkansas panel votes to study building more nuclear power (Arkansas Advocate)
- The Nuclear Company Announces Partnership With Nucor to Boost US Nuclear Power Supply (Reuters)
- Oklo Targets Mid-2026 Start for US Nuclear Reactor, CEO Says (Bloomberg)
If we want to power the economy of the future, we need a clean, reliable, around-the-clock source of electricity. Advanced nuclear power can deliver that.
International Developments:
- Coal to clean power: 10 retired thermal plants to go nuclear; 100 GW goal set for 2047 (The Times of India)
- ENEC and Framatome sign nuclear fuel supply agreement to support long-term operational security at Barakah Plant
- Japan takes step towards first post-Fukushima nuclear energy reactor (Financial Times)
- UK strikes deal with private investors to build £38bn Sizewell C nuclear power plant (The Guardian)
- Exclusive / Ghana, Rwanda lead Africa’s race for cutting-edge nuclear: Industry chief (Semafor)
- Westinghouse Places First Purchase Order with Bulgarian Supplier for AP1000® Project
- Switzerland Moves to Lift Ban on New Nuclear Power Plants (Bloomberg)
- Vattenfall to select between BWRX-300 and Rolls-Royce SMR (World Nuclear News)
- Nvidia Urges Taiwan to Embrace Nuclear Power Ahead of Referendum (Bloomberg)
- Bill Gates in Korea to further nuclear-powered ships project with HD Hyundai (Splash247.com)
- Polish oil company Orlen to build small nuclear power (Reuters)
- Singapore Appoints Firm to Study Advanced Nuclear Technology (Bloomberg)
- Demand for Canada's nuclear fuels is growing at faster clip than oil and gas (Saskatoon StarPhoenix)
- First Nuclear Bond Under EU Green Standard Draws High Demand (Bloomberg)
- Nuclear, Gas Win EU Court Boost in Blow to Green Groups (Bloomberg)
- UK and US line up string of deals to build modular nuclear reactors in Britain (The Guardian)
- Sweden offers $23 bn to finance nuclear power construction (France24)
- Commission renews Ontario Power Generation Inc.’s power reactor operating licence for its Darlington Nuclear Generating Station
- EIB Weighs Ending 40-Year Nuclear Hiatus With Reactor Investment (Bloomberg)
Nuclear energy represents a $10 trillion potential market opportunity that could hold the answer to the world’s power shortages.
Commentary
- Can we afford to be afraid of nuclear power? (The Guardian)
- Nuclear Power Is Going Mainstream. These Stocks Stand to Benefit. (Barron’s)
- Is the U.S. Ready for a Nuclear Energy Boom? (Wall Street Journal What’s News Podcast)
- Why Big Tech is investing in nuclear energy (The Washington Post)
- How Rich Countries Build Nuclear Power Cheaply (Bloomberg Zero Podcast)
- Nuclear reactor groups tap into Spac revival to fuel atomic energy boom (Financial Times)
- Catalysts Powering the Nuclear Comeback in 2025 (VanEck)
- Nuclear Power Is Having a Pop Culture Moment (The Wall Street Journal)
- These ETFs Are Going Nuclear (The Daily Upside)
- Morgan Stanley says nuclear power is gaining momentum, recommends these stocks (CNBC)
- How To Invest In Nuclear Energy (Forbes)
- Data center developers urge NRC to ‘unleash’ nuclear power (E&E News)
- Nuclear power could be a $10 trillion industry that 'holds the answer to the world's power shortages' (Yahoo Finance)
- How AI is helping Al Gore warm up to nuclear power (Axios)
See you next time for our Q4 installment—by the way, where has 2025 gone?
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