Nuclear Thematic
Homer Simpson was here 5/6/2026
1. The Utility Giants (The Cash Flow Plays)
These are the primary beneficiaries of the “Nuclear Renaissance.” They own the existing plants and are signing the massive PPA (Power Purchase Agreements) with Big Tech.
$95B VST Vistra Corp Major merchant nuclear power producer.
$58B TLN Talen Energy Owns Susquehanna plant (Amazon PPA site).
$11B DUK Duke Energy Regulated utility with heavy nuclear focus.
$90B SO Southern Company Operates Vogtle 3 & 4 (newest U.S. reactors).
2. SMR & Microreactor Developers (The Speculative Growth)
These companies are building the “distributed power” systems for AI clusters. They are high-volatility, but have the highest TAM potential if their designs reach commercial scale.
SMR (NuScale Power): The first to receive NRC design approval. Heavily backed by Fluor.
OKLO (Oklo Inc): Backed by Sam Altman; focusing on fast-fission microreactors and fuel recycling.
