Why NuScale Power Stock Skyrocketed Today

Key Points

• The U.S. and U.K. will invest $350 billion in nuclear and other technologies.

• Most of the nuclear investments will go to privately owned companies -- not NuScale Power.

• 10 stocks we like better than NuScale Power ›

Shares of NuScale Power (NYSE: SMR), arguably America's leading developer of small modular (nuclear) reactors (hence the ticker symbol SMR), soared 18.2% through 12:40 p.m. ET Friday.

And why? Yesterday, the U.S. and U.K. governments agreed to cooperate in developing the two countries' artificial intelligence, quantum computing, and nuclear energy sectors.

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The total value of this plan: $350 billion.

Image source: Getty Images.

$350 billion in investment -- but how much for nuclear?

An official British government website explains 150 billion pounds (US$195 billion) will be invested in the U.K., which it calls a "record-breaking investment." That means the remaining $155 billion will be invested in the American AI, quantum, and nuclear sectors.

NuScale investors will be most interested in the nuclear investments:

• Britain's Urenco and America's Radiant will supply $5.3 million worth of HALEU fuel to the U.S. -- which doesn't sound like much.
• America's X-Energy will help Britain's Centrica build "up to 12 advanced modular reactors, worth "at least 40 billion pounds."
• Last Energy and DP World will build "one of the world's first micro modular nuclear power plants" in London.

And... that's it.

Is NuScale stock a buy?

Notice anything in that list of companies? That's right: NuScale isn't on it. In fact, all six companies named are privately owned, so as things stand, it appears likely no nuclear stocks will benefit directly much from this $350 billion investment.

Assuming this is all correct, and there aren't any direct investments in developing nuclear power plants that are part of the plan but haven't yet been publicized, there's probably no justification for NuScale stock to be skyrocketing on this news.

And NuScale stock will remain a sell for me.

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Rich Smith has no position in any of the stocks mentioned. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.