Market Pulse: Energy Renaissance

Executive Summary: Small Modular Reactors (SMRs) are finally receiving regulatory green-lights faster than anticipated. The "AI needs Power" trade is evolving into the "Nuclear Base Load" trade.

Key Themes

• Uranium: Spot price hitting $135/lb. Supply deficit widening.
• Utilities: Hyperscalers are buying utilities outright to secure power. Amazon's bid for Dominion Energy (Rumor) is the canary in the coal mine.

Model Update

Added Cameco (CCJ) and Oklo (OKLO) to the High Conviction list.