新叶投旅笔记
3 C's of life: choices, chances, and changes.
正文
在能源股中， 计划换/加小核能股。 查在核能ETF中， 大中小三类能源公司中， SMR （NuScale)是ETF的中型代表。查了SMR patent award + 当下机构持仓/加仓SMR情况，X上高手分享的TA图， + J Huang， E Musk等人讲话中多次提到的行业需要瓶颈与机会:"Every data center will be energy limited"，+最近加拿大最大的OPG 开始大力推广建设（SMR=small modular reactor）. 在OKLO， NNE与SMR之间， 我只能三选一，否则仓位太小无意义， 徒增有限的关注精力。
总体来说，偏好SMR。
于是，在 15/5， $22.08 实验了一下， 22.64. 22.85. 22.83 建第一个仓位。 注意SMR的BETA比较高（见有关BETA博文）， 目前为3.5， 会动荡一些。
| Institutional Owners | 489 total, 464 long only, 3 short only, 22 long/short - change of 11.62% MRQ |
（有一点我还没有懂的是，对于大能源股，CAP那么大，那么多机构长持， 如VST，它的BETA居然比 HIMS这样的Meme股还高， 出乎我的意料， 不知为何， 问过投坛， 无人回答）
https://x.com/stockgutter/status/1922775848840491430?s=46
OKLO 是全线运作（从设计REACTOR 到OPRATION）但OKLO 并无OPERATION expertise。 故其建立计划从2026 推到2027， 可能要到2028. 另外， SAM ALTMAN在我这里， 名誉尽失。 2024 挣了点OKLO的盒饭钱， 那时DD不够， now，决定 pass 长持OKLO。
我偏向 SMR的BIZ MODEL： 只SELL （产品）reactors to client/third parties， 由他们再去销售卖ENERGY给DATAcenter， 这样SMR可以轻便行动，专注自己的长项，而且资金回笼快。
在快鱼吃慢鱼的AI时代， 速度很关键。同时，SMR有已经拿到REGULATOR的通行证的优势。
CCJ (Cameco Corp.)
SMR (NuScale Power Corp.),
OKLO (Oklo Inc.)
Based on the most recent data available for the Global X Uranium ETF (URA):
CCJ (Cameco Corp.): Approximately 22% of the ETF's weight.
SMR (NuScale Power Corp.): Approximately 2.5% of the ETF's weight.
OKLO is a company developing advanced fast reactor technology for SMRs and is often among the top holdings in such ETFs, with a weighting of around 3.1% in URA.
Based on the most recent data available for the Global X Uranium ETF (URA) as of January 31, 2025:
CCJ (Cameco Corp.): Approximately 22.4% of the ETF's weight.
SMR (NuScale Power Corp.): Approximately 2.5% of the ETF's weight.
OKLO (Oklo Inc.): Approximately 3.5% of the ETF's weight.
These figures are sourced from web data, including Yahoo Finance and GuruFocus, reflecting URA's holdings at that time. Note that some sources, like Yahoo Finance, reported slightly higher weights for OKLO (up to 5.61%) in earlier data, but 3.45% aligns with more recent filing
https://www.youtube.com/watch?v=Zf6B0PD-LDQ&ab_channel=BWB-BusinessWithBrian
In my opinion Cameco is by far the most important on that list. With their recent 49% ownership of Westinghouse Nuclear (51% owned by Brookfield Renewable) and a 49% ownership of Global Laser Enrichment (51% owned by Silex). This means Cameco is capable of producing everything on the uranium fuel side: Mining, milling, conversion, enrichment, de-conversion, fuel manufacturing, used fuel recycling/reprocessing.
On the reactor side: Reactor research, design, engineering, maintenance, SMR and micro reactor design engineering and deployment. Cameco is capable of doing "soup to nuts" in the nuclear energy sector.
At the moment the only other 3 entities on earth with this capacity are Orano of France, Rosatom of Russia and China Atomic Energy Authority. All three are state owned and not publicly traded. Imagine if you were an energy utility company wanting to expand your nuclear energy fleet. Why would you not call Cameco where everything from fuel to reactor design to operation/maintenance can be taken care of?
In short, Cameco is by far the most vertically integrated publicly traded company in the nuclear energy business. If you believe in the growth of the nuclear energy sector, Cameco seems like a good investment.
P.S. Constellation does not own Westinghouse.
https://www.opg.com/projects-services/projects/nuclear/smr/darlington-smr/
有了TSLA， 就已经有了EXPOSURE on Solar energy. 其他的有满足DATA center （on site + density） 需要的有 1-2 即可。
Elon：
https://youtube.com/shorts/5vPuwew4Sm4?si=zspYZgh2ET3cTdMc
https://www.marketsandmarkets.com/Market-Reports/small-modular-reactor-market-5001546.html?gad_source=2&gad_campaignid=401403796&gclid=Cj0KCQjwoZbBBhDCARIsAOqMEZXdU4YT-O8dDDsBbGysfE1luEWg1qWO9Zl29GWSznbKW907Aou86foaAjS-EALw_wcB
The major publicly listed companies in the U.S. focusing on small nuclear energy, particularly small modular reactors (SMRs) and microreactors, include:
NuScale Power (NYSE: SMR) - A pioneer in SMR technology, NuScale develops scalable nuclear energy solutions with its VOYGR SMR plants. It aims to deploy its first SMR by 2029, though it faced a setback with a canceled Utah project in 2023. NuScale is noted for its regulatory progress with the U.S. Nuclear Regulatory Commission (NRC).
Oklo Inc. (NYSE: OKLO) - Focused on fast fission power plants, Oklo develops the Aurora Powerhouse, a microreactor design. It went public in May 2024 via a SPAC merger and has significant backing, including from OpenAI’s Sam Altman, who chairs the board. Oklo is advancing site characterization work at Idaho National Laboratory.(SAM 2025-05 已经离任CHAIR）
NANO Nuclear Energy Inc. (NASDAQ: NNE) - A developer of portable microreactors, NANO Nuclear works on designs like ZEUS, ODIN, and KRONOS MMR for various applications, including space. It’s the first U.S.-listed portable nuclear microreactor company and is involved in HALEU fuel transportation and fabrication. Its stock surged 85% in a month amid nuclear energy interest.
BWX Technologies (NYSE: BWXT) - While not exclusively an SMR developer, BWXT is a key player in nuclear solutions, including building the first U.S. advanced nuclear microreactor prototype for the Department of Defense’s Project Pele, set for delivery in 2026. It also provides nuclear components and services.
These companies are at the forefront of the growing SMR and microreactor market, driven by demand for clean, reliable energy, particularly for AI data centers. Posts on X also highlight these names as key players in next-gen nuclear technology. However, the sector is still nascent, with many projects pre-commercial and facing regulatory and financial hurdles. Always conduct thorough due diligence before investing, as these are high-risk, high-reward ventures.
The confusion may arise from discussions about EOSE’s role in supporting clean energy initiatives, including grid stability for nuclear power, as mentioned in some online forums. However, its core business is battery storage, not nuclear energy production.