Why NuScale Power Stock Is Soaring Today
Key Points
NuScale Power stock plunged more than 11% from last Friday's close through yesterday.
A data center development in Kentucky has grabbed NuScale Power investors' attention.
Recovering from the 11.1% slide that it suffered from the end of trading last Friday through the close of yesterday's market session, NuScale Power (NYSE: SMR) stock is charging higher today. While the stock's move is considerable, there's nothing specific that the company has announced to justify the climb.
As of 1:54 p.m. ET, shares of NuScale Power are up 12.1%.
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The possible catalyst for the positive move in NuScale Power stock
Although NuScale Power hasn't reported any encouraging developments, there's data center news that is likely driving investors to bid NuScale Power stock higher today.
Yesterday, the Department of Energy reported a project in Kentucky with Brookfield, NextEra Energy, and several other partners to redevelop a federally owned former uranium enrichment site into a $100 billion data center campus.
Although NextEra Energy will develop natural gas-fired power to support the Kentucky project, NuScale Power investors are likely interpreting this as a signal that the Trump Administration is committed to developing data centers on federal lands, which skirts the apparent public pushback against data center development in some communities.
What's a potential NuScale Power investor to do now?
NuScale Power recognizes its small modular reactors (SMRs) as a critical solution to the high power demands of data centers due to artificial intelligence (AI) computing, so it's unsurprising to see certain data center news contributing to the stock's rise -- especially as communities push back on the development of data centers.
It's still the very early innings for NuScale Power, and while it's one of the leaders among nuclear energy companies developing SMR technology, there's still substantial risk with an investment. Those with NuScale Power on their radars, therefore, should only consider positions if they have substantial risk tolerances. For all others seeking industry exposure, a nuclear energy exchange-traded fund will be a more palatable route.
Should you buy stock in NuScale Power right now?
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Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Brookfield Asset Management and NextEra Energy. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
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