Nuclear Stocks Outshine Nvidia as AI Infrastructure Boom Continues

Nvidia may get most of the attention in the AI space, but there's another crucial aspect that underpins the development of artificial intelligence: power and infrastructure. Three companies - Oklo (OKLO +5.74%), NuScale Power (SMR +6.29%), and GE Vernova (GEV +0.63%) - are benefiting from rising nuclear demand. However, their backlogs tell a different story.

Oklo has made the most eye-catching announcements among pure-play small modular reactor companies, with a 12-gigawatt non-binding master agreement with Switch and another deal supporting a 1.2-gigawatt Ohio campus for Meta. But there's an important distinction between announced demand and contracted revenue: Oklo still needs to convert preliminary agreements into binding contracts.

NuScale Power, on the other hand, has made significant progress on regulatory and engineering fronts, including ongoing TVA talks through its partner ENTRA1 Energy. However, development progress isn't the same as backlog. The TVA program is a non-binding agreement between TVA and ENTRA1 for up to 6 gigawatts, which doesn't guarantee future revenue.

GE Vernova, however, has a massive backlog of $176.3 billion in remaining performance obligations in the second quarter of 2026, primarily driven by its Gas Power business and Nuclear Power business. Its nuclear exposure includes GE Vernova Hitachi's BWRX-300 SMR and servicing existing reactors.