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Investo’s NUCL11 rose 5.07% on Tuesday, October 6, in a session where energy demand from big tech companies translated concretely into long-term contracts. Google and Constellation announced a deal involving nuclear capacity expansion and electricity purchases, placing one of the ETF’s top holdings at the center of the news.
Constellation advanced 12.25% in US trading to $300.40, while uranium supplier Cameco gained 6.35% to $93.02. Both companies ranked among the largest holdings in the VanEck Uranium and Nuclear ETF (NLR), the target fund used by NUCL11 to access the sector.
The movement was particularly notable because it occurred against foreign exchange headwinds for Brazilian investors: the commercial US dollar fell 0.51% to approximately R$ 4.97. The rally in nuclear companies thus occurred in a session where international exposure conversion into BRL faced local currency appreciation.
What Changed with Google’s Power Contract
The agreement provides for the 20-year purchase of power associated with 890 megawatts of additional capacity across 11 existing reactors in Illinois, Pennsylvania, and New Jersey. Constellation plans to invest $4.3 billion in these expansions, with the first capacity addition scheduled for 2028. A separate 15-year contract was also announced for 2,700 megawatts from the company’s current fleet.
For financial analysis of the sector, the key takeaway is the combination of contracted demand and capital expenditure in existing assets. Long-term power purchasing provides greater revenue visibility; reactor expansion ties this demand to identified projects with defined capex and timelines. The news provided fundamental support to discussions regarding nuclear power’s role in supplying data centers.
The need for continuous baseload power is particularly critical for this infrastructure. Artificial intelligence processing requires uninterrupted power availability during data center operations. In this context, nuclear generation can integrate into supply agreements that complement other sources, enhancing the economic value of assets capable of delivering stable electricity.
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NUCL11 (Investo): +5.07%
NUCL11 accesses a portfolio spanning various stages of the nuclear value chain. As of the October 6 close, NLR held 9.16% in Constellation and 8.31% in Cameco, representing a combined 17.47% allocation. The sharp rise in these two stocks highlights the momentum delivered by the fund’s largest holdings. Constellation represents power generation and marketing, while Cameco adds exposure to reactor fuel supply.
The portfolio also included Public Service Enterprise Group (7.75%), Fortum (6.69%), BWX Technologies (6.25%), and NexGen Energy (5.46%). This composition broadens the strategy’s economic drivers: generator revenues, equipment and service demand, and outlooks for the uranium supply chain. The announced deal directly impacts Constellation; for other companies, it reinforces expectations of nuclear system utilization and investment, with impacts depending on each firm’s core business.
The daily gain brought NUCL11’s weekly return to 1.74%. Over the past month, however, share prices remained down 11.51%, with year-to-date losses at 20.41%. Tuesday’s reaction was significant within a recent trend of losses: the news repriced sector expectations, while ETF investors remained exposed to both company fundamentals and foreign exchange rate fluctuations.
Informational content. Not an investment recommendation. Past performance is no guarantee of future results.
