Centrus Energy Corp (LEU), a leading supplier of nuclear fuel components and services, witnessed a surge in its stock price of 6.25% in pre-market trading on October 21, 2024. This surge can be attributed to the growing demand for nuclear power from major tech companies like Google and Amazon, who have recently announced significant investments in novel nuclear reactor companies.
As tech giants explore ways to secure reliable and carbon-free power sources for their data centers and AI applications, nuclear energy has emerged as an attractive option. Last week, Google announced a deal with Kairos Power, a California-based developer of small nuclear reactors, to support the development and construction of several reactors. Similarly, Amazon revealed plans to finance the construction of small nuclear reactors in Washington state, partnering with Maryland-based X-energy.
These investments by tech giants have fueled a renewed interest in the nuclear energy sector, driving up the stock prices of companies operating in this space. Centrus Energy, along with other nuclear-related stocks like Oklo, Lightbridge, NANO Nuclear Energy, and NuScale Power, witnessed a surge in their stock prices following these announcements, reflecting the market's optimism about the sector's growth potential.
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