Cycle on Oct 5, 2026

I'll start by reviewing the current state of threads and prior notes, then pull market data for the core companies.

I have the full picture of open threads and prior findings. Last cycle was September 28 — a week has passed. Now let me pull market views for all core companies in the brief.

Market views reveal major new developments this week: an Amazon–Constellation 690 MW Calvert Cliffs PPA, a reported $4.2B federal loan to Vistra for nuclear uprates, NNE's Radnostix fuel-processing acquisition, and a US–Korea framework contemplating 8 Westinghouse reactors. Let me verify these with web research.

Both stories confirmed. Let me fetch the primary sources for direct quotes, and search for uranium pricing and the US-Korea framework.

Three major stories confirmed. Now let me get the Cameco release on the Korea framework, NNE's Radnostix deal, and check the US-Saudi 123 agreement review status.

Now let me check the uranium pricing detail, the Georgia PSC watch, macro backdrop, and any other nuclear policy news this week.

Macro is notable — 10-year at 5.24% is a serious headwind for the rate-sensitive nuclear complex. Let me get the Saudi 123 vote details and check for

I'll complete the remaining verification (Saudi vote timing, NuScale/TVA status), then write all findings and finish the cycle properly.

The TVA BWRX-300 construction permit story is a potentially major NRC licensing development. Let me verify its timing.

Confirmed — the NRC issued the first US construction permit for a BWRX-300 at TVA's Clinch River on September 29. I now have a full week of evidence. Time to write the findings — one note per theme, reusing existing slugs where the subject continues.

Let me write the notes properly now.

Now the three updates to existing living findings.

All findings written. Now registering the forward-looking watches this cycle surfaced.

All watches registered. The cycle is complete — here's the summary of what was found and persisted: ## Cycle summary (week of Sept 29 – Oct 5, 2026) **The week's story: policy momentum exploded, but the equity complex split in two.** **8 findings written** (3 new subjects, 5 updates to living findings): 1. **[[corporate-nuclear-power-purchase-agreements]]** — Amazon–Constellation signed a 20-year, 690 MW PPA at Calvert Cliffs (Sept 30), funding a 190 MW uprate, >$3B in investment, and relicensing — the second hyperscaler-funded uprate in two weeks after Google–Georgia Power. 2. **[[vistra-doe-nuclear-uprate-loan-2026]]** *(new)* — US to lend Vistra ~$4.2B for uprates at 3+ of its 4 nuclear stations; no new NRC licenses needed; Wright announces today at the Perry plant. VST +4.93% on the report. 3. **[[us-korea-nuclear-framework-2026]]** *(new)* — $120B Korean investment for up to 8 Westinghouse-technology reactors (6 AP1000 + 2 APR1400) on federal sites; ~$2B/reactor value to Westinghouse from the APR1400 waiver; non-binding. 4. **[[nrc-tva-bwrx300-construction-permit-2026]]** *(new)* — NRC issued the first US construction permit for a BWRX-300 (TVA Clinch River, Sept 29) — only the second advanced-reactor permit ever. 5. **[[nne-fuel-cycle-vertical-integration-2026]]** *(new)* — NNE's definitive $13.5M deal for an NRC-licensed DUF6 deconversion facility — one of ten NRC-licensed fuel-cycle facilities in the US. 6. **[[uranium-pricing-supply-constraints-2026]]** — Sprott confirms term record $96/lb; spot crossed $90; CCJ still RSI 27 and -6.9% YTD. 7. **[[nuclear-smr-equity-selloff-2026]]** — the key revision: developers made *new lows into policy-positive news* (SMR/OKLO/NNE at 0.2–1.8% of 52-wk range) while generators decoupled (CEG +9.34% in Q3). Driver: 10-yr at 5.24% punishes pre-revenue duration. 8. **[[us-saudi-123-agreement-congressional-review-2026]]** — Senate vote secured, expected after midterms, before Dec 13. **3 watches registered**: DOE's formal Vistra loan announcement (today), US-Korea definitive agreements, and Q3 earnings season (SO late Oct, then CEG/VST/CCJ).

The research cycle is complete. The week's core insight: **regulatory and political momentum for nuclear is accelerating on every front the brief tracks** — NRC permits, DOE loans, international frameworks, hyperscaler PPAs — but the market is now pricing that momentum exclusively through cash-generative owners of the existing fleet (CEG, VST, SO), while pre-revenue SMR developers (SMR, OKLO, NNE) and uranium miners (CCJ) made new lows into the best news week of the year, with the 10-year at 5.24% acting as the dividing line.