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NuScale Power Rockets to 10th in WSB Rankings Amid Nuclear Energy Surge

AInvestThursday, Oct 17, 2024 7:02 am ET
1min read

In the latest WSB rankings, NuScale Power has surged to the 10th position, a remarkable climb of 33 places from the previous day.

NuScale Power's shares skyrocketed by over 40%, reaching a historic intraday high. This surge is part of a broader uptick in the nuclear energy sector, driven by innovative developments in small modular reactor (SMR) technology. NuScale's advancements align with a growing interest in cleaner energy from tech giants like Amazon, which recently signed agreements to explore SMR development to power its AWS data centers.

The U.S. Department of Energy has launched an advanced reactor demonstration program, with NuScale anticipating completion of America's first SMR around 2030. This development resonates with global trends, as tech companies increasingly seek sustainable energy solutions to meet rising data center demands. NuScale's stock has reflected this momentum, recording a fivefold increase in 2023 alone.

Meanwhile, other nuclear-related stocks also saw notable gains. Oklo Inc. rose significantly, backed by support from influential figures like OpenAI's CEO Sam Altman. As various nuclear startups push forward, they offer potential solutions to the energy demands posed by artificial intelligence, utilizing technologies like liquid metal reactors.

The broader nuclear sector received a boost with companies like Centrus Energy Corp and Cameco Corp seeing substantial rises. ETFs focused on uranium and nuclear energy also reported gains, underscoring the robust investor interest in nuclear technology amidst the clean energy transition.

Amidst global pushes for clean energy, nuclear power's reliability compared to solar and wind makes it an attractive option for tech companies seeking long-term energy solutions. With growing investments and collaborations, the sector's trajectory appears positive, particularly as it addresses AI's energy challenges.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.