The full SMR and nuclear investment universe — $OKLO and $SMR developers, $BWXT and $UUUU fuel-cycle picks-and-shovels, and $CEG, $VST, $TLN fleet operators monetizing $MSFT, $AMZN, and $META AI-data-center PPAs — plus how the basket compares to URA, URNM, and NLR.
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The credible universe splits into three groups. Pure-play SMR developers: $OKLO and $SMR. Nuclear component and fuel-cycle picks-and-shovels: $BWXT and $UUUU. Fleet operators monetizing AI-data-center PPAs today: $CEG, $VST, and $TLN. There is no single "best" pick — SMR deployment timelines and regulatory milestones are inherently lumpy and binary, so diversifying across developer optionality, fuel-chain infrastructure, and revenue-producing operators is the standard approach.
No commercial SMR is currently operating in the US. NuScale's design has NRC approval but first deployments are not yet under construction. Oklo's combined license application is still under review. First US commercial SMR power generation is most likely 2028-2030 depending on developer. That's why the trade today is split: existing operators ($CEG, $VST, $TLN) capture AI-data-center PPA value now on their installed fleets, while pure-play developers ($OKLO, $SMR) trade on long-dated technology and regulatory outcomes.
AI training and inference clusters require 24/7 firm baseload. Wind and solar with batteries do not currently deliver that load profile at cost-competitive levels at the multi-gigawatt scale hyperscalers need. Nuclear is the only operating, dispatchable, zero-carbon source — which matches $MSFT, $GOOGL, $AMZN, and $META net-zero commitments. Every available megawatt of US nuclear capacity is effectively spoken for, and incremental data-center growth is forcing the conversation about new build, restart, and SMR deployment.
HALEU is high-assay low-enriched uranium — enriched between 5% and 20% U-235 (conventional reactor fuel is under 5%). Every advanced SMR design under serious development uses HALEU because it enables smaller cores, longer refueling cycles, and higher fuel efficiency. The problem: HALEU is not currently produced at commercial scale outside Russia, which is now sanctioned. The DoE is funding the rebuild of a domestic supply chain — $BWXT (downblending), Centrus Energy (cascading), $UUUU, and $CCJ are critical-path infrastructure. The fuel constraint is, today, the bigger near-term execution risk than reactor design.
The Power & Grid basket on Macroplane shows daily and longer-term performance for each constituent, plus links to per-company supply-chain maps, news, and customer relationships. The Nuclear Renaissance trend page widens the lens to the broader policy, deployment, and fuel-cycle picture.