Several prominent Tiger-related hedge funds made significant moves in the third quarter, establishing new top positions. Discovery Capital Management aggressively invested in Vistra Corp., Constellation Energy, and the iShares Bitcoin Trust ETF, while unloading stakes in Western Digital and Chevron. D1 Capital Partners acquired shares in GE HealthCare and Bank of America, and Viking Global Investors increased its holdings in Visa and Spotify. Long Pine Capital added Salesforce and boosted its stakes in Meta Platforms and Amazon, while Light Street Capital Management invested in GitLab and increased its positions in Advanced Micro Devices and JFrog.
Three Mile Island's Unit 1 reactor, shut down in 2019, is set to restart in 2028 under Constellation Energy, following an agreement with Microsoft to power its data centers. The plant will be renamed the Crane Clean Energy Center, pending Nuclear Regulatory Commission approval. Unit 2, which experienced a partial meltdown in 1979, is being decommissioned.
Citi has expressed concerns about potential delays and cost overruns for Constellation's restart of the Three Mile Island nuclear plant, despite a generally bullish outlook from other analysts. The plant, which has been shut down since 1979, is expected to bring back 835 megawatts of carbon-free electricity, creating approximately 3,400 jobs in the region. As electricity demand surges, the restart is seen as crucial for grid reliability, with Constellation planning to file for regulatory exemptions to commence restoration work.
UBS has indicated that the stock performance of Constellation Energy is "overdone," suggesting that the current valuation may not accurately reflect the company's fundamentals. This assessment highlights potential concerns regarding the sustainability of the stock's recent gains.
Dominion Energy is collaborating with tech companies, including Amazon, to develop small modular nuclear reactors, following a recent agreement to explore this next-generation technology. The proposed reactor near North Anna nuclear station in Virginia aims to deliver 300 megawatts of carbon-free power, catering to the energy demands of data centers. Despite the promise of reduced costs and simpler deployment, small modular reactors have yet to achieve commercial operation in the U.S.
Big Tech is spearheading a nuclear power revival in the U.S., driven by the increasing energy demands of data centers and AI. Microsoft has signed a 20-year deal to restart the Three Mile Island reactor, while Google is partnering with Kairos Power for small modular reactors. With electricity demand projected to surge, the nuclear sector is experiencing a significant resurgence, highlighted by substantial investments and new projects.
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