The nuclear energy sector has been buzzing with excitement lately, driven by groundbreaking deals between tech giants and nuclear power providers. This renewed focus on nuclear energy stems from its role in powering AI data centers, which have massive energy demands. In late September, Microsoft (MSFT) signed a 20-year deal with Constellation Energy (CEG) to supply nuclear power for its data centers. But the real game-changer came last week when Amazon (AMZN) and Google (GOOGL) also jumped into the nuclear game, securing contracts that sent nuclear-related stocks surging.
These contracts signal a critical shift as hyperscalers—companies that run large-scale data centers—look to nuclear energy to meet their rapidly growing power needs. This is not just a trend; it’s a major movement, as more tech firms turn to nuclear energy to fuel their future operations. Below are three nuclear-related stocks that have caught our attention in the wake of these developments.
Oklo Inc. (OKLO)
“Nuclear Startup Backed by Big Tech”
Oklo Inc. has been riding the wave of interest in nuclear power, particularly since major hyperscalers like Amazon and Google signed contracts to explore nuclear energy for their data centers. Oklo, which develops fast fission power plants, is backed by some big names, including Sam Altman, CEO of OpenAI. In October alone, the stock has surged more than 150%, driven by increased investor confidence in the nuclear space.
The company’s fast fission technology is designed to scale efficiently, offering a potential solution to the growing energy demands of AI. With Amazon and Google entering the nuclear space, Oklo’s expertise in this area makes it one to watch. Oklo’s CEO recently described the opportunity as “staggering,” and with the company gaining traction, its growth potential is enormous.
NuScale Power Corp. (SMR)
“Leading the Way in Modular Nuclear Reactors”
NuScale Power is another major player gaining momentum after the tech industry’s recent moves into nuclear. With its stock up 440% in 2024, NuScale has established itself as a leader in the development of modular nuclear reactors (SMRs), which offer a smaller, more scalable approach to nuclear power. The company’s reactors are designed to meet the rising demand for clean energy, particularly in the context of AI-driven data center expansion.
NuScale’s partnership with Microsoft earlier this year was just the start, but with Amazon and Google now jumping into the nuclear game, the company is well-positioned to benefit from further industry adoption. Its reactors, which are projected to come online by 2030, offer a reliable, carbon-free energy solution. The company’s stock is up 40% since Google’s announcement of its nuclear deal with Kairos Power, and NuScale continues to attract attention as more hyperscalers explore nuclear energy.
Nano Nuclear Energy Inc. (NNE)
“Innovating Nuclear for Earth and Beyond”
Nano Nuclear Energy is bringing a futuristic edge to the nuclear space with its portable, on-demand microreactors. The company has seen its stock jump 85% in the past month, and for good reason: it’s not only developing nuclear technology for data centers, but also exploring applications for space. With Amazon and Google’s recent foray into nuclear, Nano Nuclear Energy is in the perfect position to capitalize on this growing demand.
The company has announced the creation of NANO Nuclear Space, a subsidiary focused on using microreactor technology to power space exploration and extraterrestrial missions. Its ZEUS and ODIN reactor designs are intended for long-distance missions, human habitation, and propulsion in space, making it a highly speculative but exciting play in both the energy and space sectors.
The deals signed by Amazon and Google last week mark a turning point for nuclear energy stocks, as these tech giants look to secure long-term, carbon-free power solutions. With AI driving unprecedented energy demand, the nuclear sector is poised for significant growth in the years ahead. Keep an eye on Oklo, NuScale, and Nano Nuclear Energy as these companies navigate the new nuclear landscape and continue to develop game-changing technologies.
