Cathie Wood and her Ark Invest funds sold Oklo — the nuclear power startup backed by OpenAI head Sam Altman — and purchased uranium refiner Cameco on Tuesday ahead of President Donald Trump's announcement of a private sector investment of up to $500 billion to fund infrastructure for artificial intelligence.
Wood's ARK Invest ETFs unloaded 50,333 shares of Oklo on Tuesday while adding 17,504 shares of Cameco. Altman's Oklo soared 20% to 31.25 during market action on Tuesday and continued to advance before the market opened on Wednesday.
Oklo stock jumped 9.3% to 34.17 Wednesday. Meanwhile, Cameco gained 5.2% to 56.32, adding to Tuesday's 3.7% advance.
Nuclear stocks broadly advanced early Wednesday following Trump's announcement Tuesday afternoon that Altman's OpenAI, SoftBank and Oracle are planning a joint venture called Stargate, to build data centers and other AI infrastructure in the U.S. Data centers, needed to "train" AI learning models, are expected to increase electricity demand through the decade and Big Tech players have looked to nuclear power as an answer to this demand surge.
Nuclear Energy Stocks Enter 2025 On A High. AI Data Centers Need Them, A Lot.
Cathie Wood: Nuclear Stocks Take Off
S&P 500 nuclear giants Constellation Energy and Vistra both gained early Wednesday. CEG and VST are both extended above traditional buy points, according to MarketSurge chart analysis.
Meanwhile, small modular reactor-focused companies, including Oklo, have taken off in recent months.
There are currently no operational advanced nuclear projects. However, several companies are moving ahead with small modular reactor, or SMR, technology. Analysts broadly view Oklo as the SMR-focused company that will come online first with others targeting the 2030s.
Oklo stock is extended above a traditional 28.12 buy point, the high from Oct. 30, from a nine-week cup base. However, the stock is volatile and has swung above and below the entry in broad moves.
Fellow SMR-focused stock Nano Nuclear Energy surged 13.3%, advancing above a traditional 33.82 entry, using the stock's high from Nov. 22. NNE stock soared 30.2% to 32.18 on Tuesday.
Meanwhile, NuScale Power fell 0.16% on Wednesday. NuScale Power stock has draped itself across its 10-week moving average over the course a strong 2024 run.
The stock is currently in a deep cup base with a 32.30 buy point, according to MarketSurge. However, much of that base is below the 50-day moving average line, another sign of the volatility in the SMR-related stocks.
When it comes to Cathie Wood's buy from Tuesday, Canada-based uranium refiner Cameco is one of the world's largest providers of uranium with utilities around the globe relying on the company to provide nuclear fuel solutions.
Westinghouse, privately owned under a partnership between Brookfield Energy and Cameco, may be farthest along when it comes to SMR technology.
CCJ shares found support at their 200-day line earlier this month before bouncing strongly off that key average on Jan. 17. The stock remains about 14% below its December high of 62.55.
Cameco stock has a 56 Composite Rating out of a best-possible 99. The stock also has a 59 Relative Strength Rating and a 27 EPS Rating.
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