NuScale Power Corporation (SMR), a leading provider of advanced small modular reactor nuclear technology, saw its stock plummet by 5.17% in the intraday trading session on Tuesday. The drop comes amid a broader sell-off in nuclear energy and chip stocks, as concerns mount over the potential impact of China's DeepSeek AI model on the industry.
The selloff was triggered by fears that DeepSeek, a low-cost Chinese AI model, could challenge the narrative that has been driving investor optimism in the AI and semiconductor sectors. Nuclear energy stocks, which have been positioning themselves as a potential power source for the booming AI industry, were not spared from the market turmoil.
NuScale Power's stock closed at $8.14, significantly lower than its 52-week high of $16.18 achieved in August 2024. Trading volume for the company's shares reached 43.3 million, slightly below its 50-day average of 53.0 million. The sell-off comes just days before NuScale Power is set to report its fourth-quarter and full-year 2024 earnings on February 27th.
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