Meta goes nuclear for AI power

What happened

Meta $META signed 20-year nuclear power purchase agreements with $VST (Vistra) tied to 3 nuclear plants (Perry, Davis-Besse in Ohio; Beaver Valley in Pennsylvania) and also partnered with $OKLO (Oklo) plus Bill Gates-backed TerraPower (private) to support small modular reactor (SMR) development. Meta says these deals could add up to ~6.6 GW of nuclear power by 2035 to support AI/data-center growth.

Why the market cares

This is Big Tech putting real long-duration demand behind nuclear, not just “clean energy” headlines. It’s a signal that AI data centers want reliable, 24/7 baseload power and they’re willing to sign long contracts and help fund new nuclear builds.

Winners

Nuclear plant owners and operators

Long-term PPAs can de-risk revenues, justify capex upgrades, and extend plant economics supportive for nuclear-heavy generators.

Names: $VST (Vistra), $CEG (Constellation Energy)

SMR and advanced nuclear developers

Corporate offtake and development support can accelerate projects, improve funding access, and boost credibility with regulators and partners.

Names: $OKLO (Oklo), $SMR (NuScale Power)

Grid + data-center electrical infrastructure

More data centers and high-load power interconnects typically mean spend on switchgear, power management, cooling, and transmission work.

Names: $ETN (Eaton), $VRT (Vertiv)

Losers

Gas-heavy merchant power producers

If more baseload nuclear gets locked in for AI loads, it can reduce upside for gas-fired generation margins during non-peak periods in some regions.

Names: $NRG (NRG Energy), $TLN (Talen Energy)

Utility-scale renewables tied to corporate PPAs

Corporate buyers have finite budgets and grid capacity; nuclear PPAs can compete with wind/solar PPAs for long-term clean-power procurement.

Names: $NEP (NextEra Energy Partners), $CWEN (Clearway Energy)

Battery/storage plays dependent on renewables-only buildouts

More firm nuclear baseload can reduce the urgency of pairing every incremental clean megawatt with storage in certain planning scenarios (still needed, but the mix can shift).

Names: $FLNC (Fluence), $STEM (Stem)

Quick trader notes

Follow-on headlines: additional Big Tech nuclear PPAs, DOE/regulatory updates, siting announcements in Ohio/Pennsylvania.

Timeline risk: SMRs are long-lead projects (permits, cost overruns, schedule slips), so expect volatility around approvals and financing milestones.

Pair-trade idea: “Nuclear/SMR momentum” vs “gas-merchant sensitivity” when power-demand narratives spike.

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