Energy shocks, stubborn inflation pockets and shifting central bank signals are keeping power costs and reliability at the center of every macro debate. At the same time, AI data centers and climate targets are ramping up demand for round-the-clock, carbon-free electricity that intermittent renewables alone do not cover. Nuclear energy sits right in this crossfire, offering long-duration output that can support both digital growth and decarbonisation goals. The Nuclear Renaissance screener focuses on the infrastructure stocks tied to Big Tech’s long-term power needs, and this article highlights three of the most compelling stocks currently flagged by that tool.

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NuScale Power (SMR)

Overview: NuScale Power develops and services small modular nuclear reactors, offering its 77 MWe NuScale Power Module along with end to end support that covers licensing, design, construction, operation, maintenance and fuel management for utilities and industrial power users.

Operations: NuScale currently generates its roughly US$18.7 million in revenue from electric utility related services in the United States.

Market Cap: US$3.40b

NuScale is positioned within the broader push for reliable, carbon free power, with what it reports as the only U.S. Nuclear Regulatory Commission approved SMR design today and active projects such as the RoPower plant in Romania and ENTRA1 Energy discussions with TVA. That regulatory lead and early project pipeline are set against risks, including ongoing losses, reliance on external funding, share dilution and the need to convert MOUs and studies into firm power purchase agreements. For investors willing to accept these uncertainties, the combination of forecast revenue growth, experienced governance, growing policy support for nuclear and rising AI data center demand presents a high risk, high potential story that some may choose to watch closely as contracts, funding decisions and project milestones develop.

NuScale’s NRC approved SMR design and AI linked power angle sound exciting, but the real story sits in the detailed project pipeline, funding needs and governance calls inside the analysis report for NuScale Power

Graham (GHM)

Overview: Graham Corporation builds the pumps, turbines, condensers, vacuum systems and thermal equipment that sit inside power plants, refineries, chemical facilities, naval ships and space programs, supplying critical hardware to defense, energy and process industry customers worldwide.

Operations: Graham generates about US$245.3 million in revenue almost entirely from designing and manufacturing heat transfer and vacuum equipment, with roughly US$209.6 million of that coming from the United States and the rest spread across Asia, Canada, the Middle East, South America and other regions.

Market Cap: US$1.12b

Graham sits at the intersection of defense, energy transition and space, with a record US$532.6 million backlog tied to U.S. Navy programs, cryogenics, small modular nuclear projects and recent acquisitions that broaden its technology base. That pipeline, along with growth in higher margin aftermarket and service work, has helped support strong multi year earnings momentum and underpins guidance for further revenue and EBITDA progress. The catch is that the stock already trades on a very rich P/E, relies heavily on lumpy defense contracts and legacy oil and petrochemical demand, and is still bedding down new facilities, automation and ERP systems, which raises execution risk. The real question is whether that backlog and earnings potential can ultimately justify today’s valuation and funding profile.

Graham’s record backlog and rich P/E create a tension investors have not fully priced in yet, and the real twist sits inside the analysis report for Graham

Oklo (OKLO)

Overview: Oklo is an advanced nuclear company developing compact Aurora Powerhouse fission reactors that are designed to deliver between 15 and up to 75 megawatts of electricity. It is also developing fuel recycling technology that can turn used nuclear material into new fuel for its own fleet. The company aims to own and operate these plants for customers such as data centers, utilities and industrial users, providing long term low carbon power from its base in Santa Clara, California.

Market Cap: US$9.40b

Oklo sits squarely in the AI and data center power theme, pairing its Aurora fast reactors and vertically integrated fuel strategy with a reported 14 gigawatt pipeline that includes long term agreements with customers such as Meta and Equinix. Regulatory progress, including Department of Energy pilot program approvals and safety milestones for its Idaho National Laboratory project, is helping reduce some licensing uncertainty. At the same time, acquisitions such as ARMEC and the Atomic Alchemy isotope business are pushing it deeper into manufacturing and higher margin isotope production. Set against this, Oklo is still pre revenue, cash burn is significant, funding relies on higher risk sources and shareholders have already faced dilution. As a result, the investment case turns on whether the technology, policy support and customer demand can justify persistent losses and a premium P/B as projects move from concept to commercial operation.

Oklo’s 14 gigawatt pipeline and long term AI data center agreements hint at a story investors may be underestimating, but the real tension between ambition, cash burn and licensing risk sits inside the analyst forecasts for Oklo

The three stocks in this article are just a starting point, and the full Nuclear Renaissance screener surfaces another 85 companies with equally compelling nuclear infrastructure stories tied to AI era power demand and decarbonisation goals. Use Simply Wall St to identify, filter and analyze the specific catalysts and narratives that matter to you so you can focus on the highest conviction opportunities across this theme.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.