Stocks in Nuclear Energy Soar as Amazon Fuels Ongoing Market Excitement

Stocks in nuclear power corporations enjoyed a spike on Wednesday, propelled by Amazon’s announcement of its collaboration with utility companies to examine the potential of innovative small modular reactors (SMRs) within Virginia and Washington state. The online retail behemoth also contributed to a $500 million funding round for SMR firm X-energy, which is developing reactors in Washington. This round also witnessed participation from Citadel CEO Ken Griffin and private-equity company Ares Management.

SMR enterprises Oklo, supported by OpenAI CEO Sam Altman, and NuScale Power saw their stocks climb by over 30%, although they are yet to commence large-scale power production. Furthermore, Constellation Power, claiming to run the biggest fleet of U.S. nuclear plants, experienced a stock rise exceeding 3%.

Earlier, on Monday, Google pledged to support the creation of seven SMRs by Kairos Power, a startup company, through a unique deal. However, these reactors are not due for delivery until between 2030 and 2035.

The stock market saw a significant rise in the shares of nuclear power corporations on Wednesday following Amazon’s announcement of its intentions to collaborate with utility firms. The global e-commerce leader is investigating the possibility of integrating advanced small modular reactors (SMRs) in Virginia and Washington state.

Moreover, Amazon has invested in X-energy, an SMR organization that is currently developing reactors in Washington. This investment was part of a larger $500 million funding round that also featured contributions from Citadel CEO Ken Griffin and Ares Management, a private-equity firm.

Shares in SMR businesses such as Oklo and NuScale Power have increased by more than 30%. Despite this growth, these companies still face a considerable journey in terms of generating substantial power levels.

Constellation Power, a company claiming to possess the most extensive collection of nuclear plants in the U.S., experienced an increase of over 3% in its share value.

Earlier this week, Google announced its support for the creation of seven SMRs from startup Kairos Power via a pioneering deal. The delivery of these reactors, however, won’t occur until between 2030 and 2035.