Nuclear’s AI Moment Is Here — There Is Only 1 Play for the 4X Data Center Demand Explosion

BloombergNEF forecasts AI data centers will quadruple power demand to ~1,600 TWh by 2034, creating a near-term supply gap because new nuclear projects won’t deliver meaningful output until the late 2020s–2030s. The article argues that established operator Constellation Energy (the only profitable, operating nuclear fleet highlighted) offers immediate exposure to the AI-driven power demand surge, citing its 21 reactors, $25.5B revenue and $2.32B net income in 2025, plus 2026 guidance of $11.00–$12.00 adjusted operating earnings and a $5B buyback authorization. By contrast, pure-play nuclear developers Oklo, NuScale (SMR) and Nano Nuclear Energy have posted large losses, zero or minimal revenue, and share-price declines of roughly 57%–78% from October peaks, making them risky, long-timeline plays. The piece is a market commentary that recommends Constellation as the practical, near-term investment to capture the nuclear tailwind from AI data centers while cautioning against speculative upstream developers.