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Bill Ackman shares his thoughts on how AI has made investments tougher to gauge.
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Amazon announced a 20-year nuclear power deal with Constellation Energy, investing $3 billion to expand an existing nuclear facility. This demonstrates that major AI companies are willing to work through traditional utility operators to scale regional power production, which is positive news for NuScale Power, a small modular reactor company targeting utility companies.
X-Energy, a small modular reactor (SMR) developer, went public at $23 per share in April 2026 but has since dropped to $14, trading 40% below its IPO price. While the company has secured major deals with Amazon and Dow, it faces significant challenges including unproven TRISO fuel technology, regulatory hurdles with the NRC, and a premium valuation at 19x sales despite ongoing losses. The analyst recommends avoiding X-Energy in favor of more established nuclear players like BWX Technologies.
Anthropic has filed its IPO prospectus and could go public before OpenAI, potentially becoming the first pure-play AI frontier lab available to everyday investors. The company showed 1,050% revenue growth to $4.6 billion in 2025 but posted an $8.06 billion operating loss. Anthropic plans to spend $518 billion on infrastructure and computing power in coming years, while OpenAI has delayed its IPO to 2027.
Applied Materials and AMD offer different exposure to AI semiconductor demand. Applied Materials supplies chip manufacturing equipment with a lower valuation (P/E 23.4x) and improving growth trajectory, while AMD designs processors with faster 2025 revenue growth (34.3%) but faces potential shareholder dilution from OpenAI and Meta warrants covering ~20% of shares outstanding. The author recommends Applied Materials as the better buy, though both stocks have merit for long-term diversified portfolios.
Benzinga viewers share if they would let AI agents make 100% of their trades for them.