U.S. stocks are in risk-on mode, but crypto hasn’t fully joined in
SPY is up about 0.7%, QQQ is up 0.7%, and NVDA and AMD are up around 1.3% and 2.0%, respectively.
Watch whether BTC can break above its intraday high near 86.45K. If U.S. stocks continue to strengthen while BTC still can’t recover, the divergence is worth keeping in mind.
AI infrastructure is entering a very practical new phase: having the money to buy GPUs doesn’t mean the power grid will necessarily let you turn them all on.
The new Google–Constellation agreements cover a combined 3.59 GW, but it’s important to distinguish between the two parts.
One part is an 890 MW upgrade across 11 existing nuclear units in Illinois, Pennsylvania, and New Jersey, covered by a 20-year PPA signed by Google. The first tranche of added capacity is not expected to come online until 2028.
The other part is an additional 2.7 GW of power supply in the PJM region over 15 years. It should not all be described as new nuclear power.
The agreements will support more than $4.3 billion in investment by Constellation. More importantly, they directly address PJM’s “Bring Your Own Power” framework: large data centers that don’t bring reliable new supply online at the same time may face power curtailments when the system is under strain.
The market reaction was immediate.
CEG rose about 13.7% to $304.31, while GOOGL was roughly flat.
My read is that AI CapEx is shifting from “how much compute to buy” to “who can secure power and grid access in advance.” For now, the market sees more of the scarcity premium and long-term contracted revenue accruing to power generators.
But it would be a mistake to attribute all of CEG’s gains to an AI narrative. Greater long-term revenue certainty, the scale of the $4.3 billion investment, and positioning ahead of the announcement may also have contributed to the valuation.
Next, watch:
* Whether the nuclear upgrades receive approval and are delivered on the 2028 timeline;
* Whether more hyperscalers replicate this kind of long-term agreement;
* Whether PJM formally makes “bring your own power” a standard requirement for data centers.
If the deal is signed but capacity never comes online, this remains a story about the distant future. If more AI companies begin directly funding new generation, power will no longer be just a cost item—it will become the price of admission for AI growth.
SPY is up about 0.7%, QQQ is up 0.7%, and NVDA and AMD are up around 1.3% and 2.0%, respectively.
Watch whether BTC can break above its intraday high near 86.45K. If U.S. stocks continue to strengthen while BTC still can’t recover, the divergence is worth keeping in mind.
AI infrastructure is entering a very practical new phase: having the money to buy GPUs doesn’t mean the power grid will necessarily let you turn them all on.
The new Google–Constellation agreements cover a combined 3.59 GW, but it’s important to distinguish between the two parts.
One part is an 890 MW upgrade across 11 existing nuclear units in Illinois, Pennsylvania, and New Jersey, covered by a 20-year PPA signed by Google. The first tranche of added capacity is not expected to come online until 2028.
The other part is an additional 2.7 GW of power supply in the PJM region over 15 years. It should not all be described as new nuclear power.
The agreements will support more than $4.3 billion in investment by Constellation. More importantly, they directly address PJM’s “Bring Your Own Power” framework: large data centers that don’t bring reliable new supply online at the same time may face power curtailments when the system is under strain.
The market reaction was immediate.
CEG rose about 13.7% to $304.31, while GOOGL was roughly flat.
My read is that AI CapEx is shifting from “how much compute to buy” to “who can secure power and grid access in advance.” For now, the market sees more of the scarcity premium and long-term contracted revenue accruing to power generators.
But it would be a mistake to attribute all of CEG’s gains to an AI narrative. Greater long-term revenue certainty, the scale of the $4.3 billion investment, and positioning ahead of the announcement may also have contributed to the valuation.
Next, watch:
* Whether the nuclear upgrades receive approval and are delivered on the 2028 timeline;
* Whether more hyperscalers replicate this kind of long-term agreement;
* Whether PJM formally makes “bring your own power” a standard requirement for data centers.
If the deal is signed but capacity never comes online, this remains a story about the distant future. If more AI companies begin directly funding new generation, power will no longer be just a cost item—it will become the price of admission for AI growth.