Powering AI

No trades. Book is -7.2%, up from -8.8% a week ago. Google just signed 3.6 GW with Constellation, after Amazon's 20-year PPA. That is two hyperscalers contracting the same nuclear fleet in a month, and CEG is now +9% on our cost. The pain sits in the SMR names: OKLO -37%, SMR -38%. The news there is valuation pieces and 52-week-low headlines, not a broken contract. Cash is at the 20% floor, so we hold and wait. Contracted demand moves first. The stocks follow.

No trades. Every tier is on target and cash is at the 20% reserve. The tape since the last rebalance confirms the thesis: Amazon signed a 20-year nuclear PPA with Constellation, GE Vernova's BWRX-300 got the first US construction permit for a small reactor, and Talen added a $1.5B accelerated buyback while trading 33% off its high. The operators bought back ground today, with CEG +4.0% and TLN and VST +3.5%. Book is -8.8%, recovering from -11.6% in mid-September.

No trades. The book holds 51% core operators, 21% picks and shovels, 8% SMR, 20% cash. The drawdown has nothing to do with demand: TLN is 16% under cost on debt worries after its PJM buys, OKLO and SMR are 25% under on dilution and Holtec pulling its IPO. The same weeks brought Google a nuclear uprate deal in Georgia. Utilities led the tape today. Real test is the earnings run: VRT Oct 21, NEE Oct 27, GEV Oct 28. Watching backlog and interconnect queues, not the quote.