Nuclear Power — Sep 14 – Sep 18, 2026 (Wk 38): Nuclear Stocks React to Data Center Power Bill, Holtec IPO Cancellation

TL;DR — This week saw varied performance in nuclear power stocks, influenced by legislative developments concerning data center power and a notable IPO cancellation. Profitable operators generally performed better than more speculative companies, while a major engineering hurdle was reportedly cleared by one developer.

What moved

• Shares of NuScale Power dropped 7%, Oklo fell 5%, and Centrus Energy slid 3% on September 18, following a period where nuclear stocks had seen a rally. This suggests a pullback after recent gains, with no clear catalyst for the decline in our sources beyond the general market movement. [24/7 Wall St.]
• Earlier in the week, on September 17, Oklo jumped 13% and NuScale Power climbed 10%. This rise was linked to a House bill addressing data center power, suggesting that legislative support for energy-intensive data centers could increase demand for nuclear power solutions. [TradingView] [24/7 Wall St.]
• SMR (Small Modular Reactor) developer Holtec cancelled its IPO, which raised questions for investors in other SMR companies like NuScale Power and Oklo. This event highlights the challenges and uncertainties in bringing new nuclear technology companies to public markets. [The Motley Fool] [inkl]
• Nuclear stocks exhibited a split performance, with profitable operators generally outperforming more speculative companies focused on reactor development and uranium. This indicates a market preference for established businesses with current earnings over those with longer development timelines. [ChartMill]
• NuScale Power reportedly solved a significant engineering hurdle, which could be a positive development for the company's prospects and the broader SMR sector by demonstrating progress in reactor design and deployment. [AOL.ca]
• A KRW 161 trillion (approximately $120 billion USD) Korean nuclear project is reportedly heading to the U.S., with Hyundai Engineering & Construction in focus. This suggests potential international collaboration and expansion opportunities for nuclear power development. [아시아경제]

The why behind the week

• The potential for increased electricity demand from data centers, as highlighted by a House bill, is seen as a significant driver for nuclear power. This is because nuclear energy can provide the consistent, large-scale, and carbon-free power supply that data centers require, making it a relevant factor for nuclear power generation companies. [The Motley Fool] [TradingView] [24/7 Wall St.] [The Globe and Mail]
• The market appears to be distinguishing between established nuclear power operators, particularly those with existing fleets, and newer, more speculative companies involved in reactor development or uranium. This suggests that current profitability and operational assets are valued more highly than future potential in the current environment. [The Globe and Mail] [ChartMill]
• The cancellation of Holtec's IPO underscores the challenges faced by companies developing new nuclear technologies in accessing public capital. This can affect the funding and development timelines for other SMR developers, as investor sentiment towards the sector's ability to go public may be influenced. [The Motley Fool]
• Progress in overcoming engineering challenges, such as that reported by NuScale Power, is important for the advancement and commercial viability of new nuclear technologies like SMRs. Such developments can reduce perceived risks and potentially accelerate deployment. [AOL.ca]

📄 Filings that matter (8-Ks, straight from EDGAR)

• $UROY — reported results (earnings 8-K) [SEC filing] 2026-09-15
• $NNE — shareholder vote results [SEC filing] 2026-09-17
• $LEU — other events; exhibits [SEC filing] 2026-09-17

The macro backdrop

Every theme swims in this tide — judge the week’s moves against it.

📅 On the calendar — and why it matters here

• Sun Sep 20 — FOMC (Fed rate decision / minutes). the single biggest scheduled market mover — a rate surprise in either direction repriced everything, hardest on rate-sensitive names (growth, REITs, utilities, homebuilders). Watch for a surprise vs expectations — that gap, not the number itself, is what moves markets.
• Tue Sep 29 — JOLTS (job openings). labor-market tightness — a cooling read eases wage-inflation fears. Watch for a surprise vs expectations — that gap, not the number itself, is what moves markets.
• Wed Sep 30 — GDP. the broadest growth read — confirms or breaks the soft-landing thesis. Watch for a surprise vs expectations — that gap, not the number itself, is what moves markets.
• Wed Sep 30 — PCE inflation (the Fed's gauge). a hot print pushes rate-cut odds out (pressuring long-duration assets); a soft print does the reverse — one of the highest-impact releases. Watch for a surprise vs expectations — that gap, not the number itself, is what moves markets.
• Fri Oct 2 — Jobs report (payrolls + unemployment). sets the growth-vs-recession narrative — a weak number lifts recession odds (hits cyclicals, consumer, financials); a strong one can paradoxically pressure rates. Watch for a surprise vs expectations — that gap, not the number itself, is what moves markets.

What to watch next

• The 10-year Treasury yield at 4.94% indicates a higher cost of borrowing for companies. For nuclear power projects, which are often capital-intensive and have long development cycles, elevated interest rates can increase financing costs, potentially impacting project economics and the feasibility of new builds. [macro data]
• The expected inflation rate of 2.33% suggests ongoing price increases, which can affect the cost of materials, labor, and other inputs for nuclear power plant construction and operation. Managing these input costs is crucial for maintaining profitability and project budgets. [macro data]
• A VIX reading of 14.81 indicates relatively low market volatility. While not directly impacting nuclear power operations, a stable market environment can influence investor confidence and the willingness to fund long-term, capital-intensive projects within the sector. [macro data]
• The high-yield credit spread of 2.7% reflects the additional yield investors demand for holding riskier debt. For nuclear companies, particularly those in development stages or with less established revenue streams, this spread can influence their ability to secure financing and the cost of that capital. [macro data]
• The Shiller CAPE ratio of 40.94 suggests that the broader market is trading at a historically high valuation. This can influence the overall investment climate for all sectors, including nuclear power, as investors may become more selective or cautious about new investments. [macro data]

This week’s headlines (sources)

• I Own Constellation for the Nuclear Fleet, Not the AI Headlines. Here's Why That Matters Now. — The Globe and Mail, Sep 20
• The World's Top Energy Watchdog Made the Bull Case for AI Power Stocks. Here's the Number That Matters. — The Motley Fool, Sep 20
• Our Pick Of The Best Nuclear Stocks In September 2026 — simplywall.st, Sep 19
• Got $1,000? 2 No-Brainer Nuclear Stocks to Buy Right Now. — The Motley Fool, Sep 19
• NuScale Power Drops 7% as Nuclear Stocks Hand Back the Vote Rally; Oklo Falls 5%, Centrus Energy Slides 3% — 24/7 Wall St., Sep 18
• Nuclear Stocks Split as Profitable Operators Outpace Speculative Reactor and Uranium Plays — ChartMill, Sep 18
• House Data Center Power Bill Lifts Nuclear Stocks: Here's Why — TradingView, Sep 18
• SMR Developer Holtec Just Cancelled Its IPO. Should NuScale Power and Oklo Investors Panic? — The Motley Fool, Sep 17
• Oklo Jumps 13%, NuScale Power Climbs 10%: Does the House Data Center Power Vote Reach Nuclear? — 24/7 Wall St., Sep 17
• NASA's New Moon Base Contract Could Be an Out-of-This-World Opportunity for This Under-the-Radar Nuclear Power Stock — The Motley Fool, Sep 17
• Vistra vs. Constellation vs. Talen Energy: Which Nuclear-Heavy Stock Is the Better AI-Power Bet? — The Globe and Mail, Sep 17
• 3 Nuclear Energy Stocks to Buy Before 2026 Ends — Yahoo Finance, Sep 16
• NuScale Power Just Solved a Major Engineering Hurdle: Is the Stock a Buy? — AOL.ca, Sep 16
• Dear Future Holtec Nuclear Stock Investors, Mark Your Calendars for September 18 — inkl, Sep 16
• Wall Street sounds alarm on nuclear stock with 40% downside — thestreet.com, Sep 16
• KRW 161 Trillion Korean Nuclear Project Heads to U.S…. Hyundai Engineering & Construction in the Spotlight [Stock(s) of the Week] – The Asia Business Daily — 아시아경제, Sep 15

Every claim above cites its source — headlines link to the original outlet; [SAVNG data] marks our own EDGAR-computed figures. Where our sources don’t explain a move, we say so rather than guess. All weekly roundups →