Why NuScale Power Stock Tanked 39.5% Last Month
Shares of NuScale Power Corporation (NYSE: SMR) fell 39.5% in December, according to data from S&P Global Market Intelligence. The small modular nuclear reactor (SMR) start-up pulled back last month after a monster run for most of 2024, likely due to a broad pullback for growth and artificial intelligence (AI) stocks in the month. An announcement from competitor GE Vernova may have catalyzed the sell-off as well. Over the last year, NuScale Power stock is up over 800%.
Here's why NuScale Power stock fell in December.
Any stock related to nuclear energy was soaring in 2024. Why? Because of the growing demand for electricity from AI companies as they build out huge data centers across the world. Electricity supply is at risk of not keeping up with demand, which has led utilities and AI builders to embrace all forms of energy, nuclear included. Many big technology companies have expressed interest in utilizing nuclear energy in the future, which is leading to a renaissance in the industry.
Source Fool.com
