Nuclear Stocks vs AI Data Centers: Backlog Analysis

### Session Tape — Nuclear Energy Infrastructure Tape

## Catalyst Analysis: AI Power Demand and Nuclear Backlogs

Surging power requirements from artificial intelligence data centers have elevated nuclear energy equities into the spotlight. As grid capacity constraints limit traditional power delivery, major technology enterprises are actively securing long-term generation agreements to power upcoming infrastructure. According to Goldman Sachs research cited in the source materials, big tech entities in the United States have signed contracts for over 10 GW of prospective nuclear capacity within the past year.

Energy infrastructure developers are pursuing distinct operational models to capture this secular tailwind. Oklo traded recently around $35.87, registering a session decline of 0.75% within a day's range of $35.65 to $37.46, alongside a 52-week range spanning $34.38 to $193.84 and a reported gross margin of -2,347.11%. Meanwhile, NuScale Power pursues a modular reactor approach with a backlog totaling between 6 gigawatts and 11 gigawatts, trading down 0.51% with a gross margin of 16.03%. GE Vernova maintains a diversified power portfolio while also engaging in the broader energy transition mix, showing a fractional 0.13% uptick.

## Technical Analysis & Key Risk Watch

Key levels for $NVDA+WL (educational): R2 $229.26 · R1 $227.49 · last $227.38 · S1 $224.86 · S2 $223.71.

Market participants analyzing the broader infrastructure landscape continue to monitor sector volume and valuation multiples. Nuclear equities remain highly sensitive to broader capital expenditure trends within large-scale computing and grid modernization.

## Impact on Related Infrastructure

Energy generation suppliers and grid equipment manufacturers remain directly tied to the multiyear capital expenditure cycle deployed by hyperscale cloud operators. As power purchase agreements scale, backlog conversion timelines serve as primary metrics for institutional assessment.