新葉投旅筆記
3 C's of life: choices, chances, and changes.
正文
在能源股中， 計劃換/加小核能股。 查在核能ETF中， 大中小三類能源公司中， SMR （NuScale)是ETF的中型代表。查了SMR patent award + 當下機構持倉/加倉SMR情況，X上高手分享的TA圖， + J Huang， E Musk等人講話中多次提到的行業需要瓶頸與機會:"Every data center will be energy limited"，+最近加拿大最大的OPG 開始大力推廣建設（SMR=small modular reactor）. 在OKLO， NNE與SMR之間， 我隻能三選一，否則倉位太小無意義， 徒增有限的關注精力。
總體來說，偏好SMR。
於是，在 15/5， $22.08 實驗了一下， 22.64. 22.85. 22.83 建第一個倉位。 注意SMR的BETA比較高（見有關BETA博文）， 目前為3.5， 會動蕩一些。
| Institutional Owners | 489 total, 464 long only, 3 short only, 22 long/short - change of 11.62% MRQ |
（有一點我還沒有懂的是，對於大能源股，CAP那麽大，那麽多機構長持， 如VST，它的BETA居然比 HIMS這樣的Meme股還高， 出乎我的意料， 不知為何， 問過投壇， 無人回答）
https://x.com/stockgutter/status/1922775848840491430?s=46
OKLO 是全線運作（從設計REACTOR 到OPRATION）但OKLO 並無OPERATION expertise。 故其建立計劃從2026 推到2027， 可能要到2028. 另外， SAM ALTMAN在我這裏， 名譽盡失。 2024 掙了點OKLO的盒飯錢， 那時DD不夠， now，決定 pass 長持OKLO。
我偏向 SMR的BIZ MODEL： 隻SELL （產品）reactors to client/third parties， 由他們再去銷售賣ENERGY給DATAcenter， 這樣SMR可以輕便行動，專注自己的長項，而且資金回籠快。
在快魚吃慢魚的AI時代， 速度很關鍵。同時，SMR有已經拿到REGULATOR的通行證的優勢。
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/
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 已經離任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.