NANO Nuclear Energy Inc. (NNE) plunged 5.16% over the past 24 hours, underperforming the broader nuclear stocks rally on Wednesday. The intraday slump came despite news that South Carolina utility Santee Cooper plans to restart construction of two nuclear reactors at the V.C. Summer Nuclear Station to meet rising energy demands from tech giants like Amazon and Microsoft for powering their AI and data center operations.
Santee Cooper is seeking buyers or a consortium to complete the stalled V.C. Summer project, which was halted in 2017 after the utility had already spent around $9 billion on construction. While the project's revival could potentially benefit nuclear companies like NANO Nuclear Energy, investors seemed concerned about the additional costs and time required to finish the reactors, which could run into billions of dollars and several years.
Other nuclear stocks like Oklo Inc. (OKLO) gained around 9% on Wednesday, reflecting the broader optimism in the sector following Santee Cooper's announcement. However, NANO Nuclear Energy's share price failed to capitalize on the news, potentially due to stock-specific factors or investors' skepticism about the company's ability to benefit from the V.C. Summer project revival.
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