Bring Your Own Power: Google's 20-Year Nuclear Deal | October 6

Описание: #CEG #GOOGL #TLN #VST #NRG #LEU #OKLO #CCJ #XLU #MRVL #CIEN #AVGO #NVDA #STX #WDC

Bring your own power. Before Tuesday's open, Google and Constellation Energy announced a 20-year deal for 890 megawatts of new nuclear capacity, plus 2,700 megawatts of power for 15 years. Constellation closed up 12.25%, and the S&P 500 and Nasdaq both closed at records. If data centers have to bring their own power, who gets paid?

What Google bought:

A 20-year power purchase agreement for uprates (more power from existing reactors) at six Constellation plants in Illinois, Pennsylvania and New Jersey; 11 reactors, per Google. First power is expected in 2028, and all 890 MW by the end of 2032.
A separate 15-year deal for 2,700 MW from Constellation's PJM fleet, which CNBC says is not tied to a specific source.
In total, 3,590 MW and more than $4.3 billion of investment. Pricing was not disclosed.
Per CNBC, PJM's management has proposed that data centers bring their own power or risk being cut off at peak, and the companies said the deal responds to that. Our analogy: the grid is a packed restaurant asking big parties to bring their own, so Google booked the winery. It was the second hyperscaler nuclear deal with Constellation in under a week, after Amazon's Calvert Cliffs agreement on September 30.

Power re-rated: Talen +12.43%, Vistra +10.77%, NRG +7.02%; Centrus +8.80%, Oklo +7.17%, Cameco +6.35%. Grid builders rose too, and utilities were the best sector fund (+2.98%). Constellation is still about 26% below its October 2025 record close.

Networking joined in. Per Investing.com, Marvell raised its fiscal 2028 revenue target to $20 billion, against about $18.2 billion expected. Marvell rose 5.81%, Broadcom 3.67%, and Ciena 13.85% with no company news; Nvidia edged up to a record close. On the sell side, Seagate fell 9.18% and Western Digital 6.93%, against a reported backdrop of a contest for TDK's drive-head unit. Chip equipment and genomics also fell, with no verified catalysts.

Records and rates: the S&P 500 closed at a record 7,818.93 and set an intraday record; the Nasdaq closed at its second straight record. The 10-year yield fell 4 basis points to 5.27%, all of it real yield again. The 3-year auction priced at 4.932%, the highest since May 2006, and yields barely moved afterward.

Our read, not consensus: the biggest AI buyers are now buying decades of firm power, so the AI spending story has widened from chips to electricity and networking. Next, Pacific time: a $39 billion 10-year auction Wednesday at 10:00 a.m. and the Fed's minutes at 11:00, then a $22 billion 30-year auction Thursday.

Educational and entertainment only. Not investment advice. Companies are public examples, not a buy list. Do your own research.

Chapters:

0:00 Bring Your Own Power
0:37 What Google Bought
2:32 Power Re-rated
3:53 Networking Joined In
4:49 What Got Sold
5:48 Records, and a 2006-High Auction
8:06 Paris, Oil and Asia
9:27 Who Gets Paid?