Three Mile Island Returns: Why Nuclear Energy Is Back in the S&P 500 Spotlight -( $CEG $OKLO $MSFT $SPY )

Constellation Energy (CEG $357.48, +59.80% YTD), the $40 billion titan of electrons whose stock has been radiating in the S&P 500 like a newly uncorked isotope, just pocketed a $1 billion federal loan courtesy of the Trump administration’s Energy Dominance Financing program. The catch? Restarting the legendary Three Mile Island nuclear reactor—yes, the same site whose cooling towers are as culturally embedded in Pennsylvania as cheesesteak and, once upon a time, existential dread.

S&P 500’s Nuclear Glow

Of course, Wall Street noticed. Constellation shares popped faster than a particle in a proton accelerator—mirroring the VanEck Uranium and Nuclear ETF’s uranium-fueled 55% run in 2025, leaving the S&P 500’s 14% gain in the rear-view mirror with all the dignity of a short-seller in a bull market. Tech behemoths like Microsoft (MSFT) have waded in too, eyeing the revived 835-megawatt reactor to power AI data centers—a dazzling marriage of digital ambition and radioactive resolve.

Three Mile Island Reimagined

The Three Mile Island site (now rebranded as the Crane Clean Energy Center, because who says nuclear PR can’t have a little panache?) closed in 2019, but never quite faded from the grid or the collective memory. Now, it’s getting the ultimate stimulus package—energy for the grid, jobs for the Mid-Atlantic, and a little piece of regulatory performance art as Constellation guarantees the project’s success, or the taxpayer walks away none the poorer.

Enter Oklo: The DARPA of Nuclear?

While Constellation is busy spiffing up yesterday’s infrastructure, Oklo Inc. (OKLO, $102.86, +384.50% YTD) is scripting nuclear’s next act with the flair of a Silicon Valley disruptor who’s seen too many Bond movies. Oklo’s Aurora powerhouse, a sodium-cooled fast reactor designed to run on recycled nuclear fuel, is already laying its foundations at Idaho National Laboratory—complete with a new Siemens Energy turbo-generator contract signed this week, for those who like their power blocks delivered with German precision and American optimism.

Data Centers and the Aurora Order Book

Oklo’s ambitions match Constellation’s wattage, but with some subtle startup swagger. The company has inked nonbinding agreements for about 4,750 MW of supply—with data center heavyweights like Equinix and Switch prowling its order book, pushing the pipeline close to 18 gigawatts. Think 21st-century oil rush—except the prospector wears a lab coat and talks about “HALEU” instead of high-octane gasoline.

The Nuclear Renaissance: High Stakes, High Humor

Call it a nuclear renaissance, or call it Fission: The Musical. The Energy Department says the Three Mile Island reboot will cut energy costs, create over 600 jobs, and help win the AI arms race—a tall order, but not as ambitious as Oklo’s bid to recycle spent nuclear fuel and peddle it to data centers desperate for a carbon-light edge.

Constellation gets the glory of reviving a legend, Oklo gets the thrill of building a new one, and somewhere on Wall Street, analysts run the numbers, compare megawatts to mouse clicks, and quietly wonder when uranium stocks will be traded like Taylor Swift concert tickets.

Nuclear is back, whether you’re nostalgic for the past or betting on the next big thing. Just don’t call it a comeback—the atoms have always been here, waiting for another spin on the grid.

S&P 500’s Nuclear Glow

Three Mile Island Reimagined

Enter Oklo: The DARPA of Nuclear?

Data Centers and the Aurora Order Book

The Nuclear Renaissance: High Stakes, High Humor

The Sources…

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