Nuclear energy has come back into wider investor awareness over the past two years thanks to the AI boom. The data centres that power modern AI models consume huge amounts of electricity, and tech giants are finding that a stable, emission-free power source that runs 24 hours a day is not provided by solar panels or wind turbines, but by nuclear reactors.

Electricity consumption in the US is rising for the first time after two decades of stagnation, and data centres are the main reason. By some estimates, they could consume up to 12% of all electricity in the United States by 2028. The operators of these centres need power that is available around the clock and regardless of the weather, and this is where nuclear excels.

This demand has translated into a series of agreements that were unthinkable just a few years ago. Meta $META has entered into agreements with nuclear plant operators Vistra $VST, Constellation $CEG, and reactor developers Oklo $OKLO and TerraPower, making it one of the…