Cycle on Sep 28, 2026

I'll start by reviewing the open threads and prior notes, then pull market data for the core names.

I have a full picture of prior findings and 11 open watches. The last cycle was September 21; today is September 28 — so this cycle should focus on the past week's developments. Let me pull market views for all core names first.

Market views are in. Big items I can already see: FERC rejected Oklo's PJM complaint (Sept 25), NNE signed a nuclear-AI LOI (Sept 25-26), and Cameco/GLE deal. Now let me verify these on the web and check the other open watches — Senate action on the Ratepayer Protection Act, uranium pricing, and the NuScale/TVA PPA.

Strong results. FERC rejected Oklo's complaint (Sept 24), the Ratepayer Protection Act has stalled in the Senate, and the uranium term price hit a record $96.50/lb. Let me fetch the key articles to confirm details and check remaining watches.

FERC rejection and Senate stall are confirmed with full details. The NuScale/TVA definitive PPA hasn't been signed yet (watch stays open). Let me verify the Vistra Cogentrix status, get the uranium term-price details, and check the US-Saudi agreement review.

The uranium term price story and US-Saudi developments are rich. Now let me get the Cameco/GLE details and the NNE IP3 LOI press release, plus scan for anything else major this week.

Two more important finds: a fresh Google–Georgia Power nuclear uprating partnership (Southern Company!) and a Samsung–Kairos investment. Let me confirm the Georgia Power story and date the Samsung deal.

I have all the evidence gathered — now writing the findings. First batch: the Oklo FERC defeat, the Senate stall on the Ratepayer Protection Act, and the record uranium term price.

First batch saved. Second batch: Cameco's GLE deal, the Google–Georgia Power uprate model, and the new US-Saudi 123 agreement note.

Second batch saved. Final batch: Samsung–Kairos, the NNE partnership pipeline, and the theme-wide equity snapshot.

All findings are saved. Now recording the two watch events that fired this cycle and registering new forward-looking watches.

Both fired watches are resolved and three new watches registered. The cycle is complete — here's the summary: ## Cycle summary — week of Sept 21–28, 2026 **Two watches fired and were resolved:** 1. **FERC rejected Oklo's PJM complaint** (Sept 24) — the commission found Oklo "failed to show that PJM violated any of its rules" and didn't fix application flaws. The 750-MW Virginia project (150 MW nuclear + 300 MW fuel cells + 300 MW gas) faces what Oklo itself said would be an 18+ month delay; paths remaining are reapplying next cycle or the Expedited Interconnection Track (open until Dec 31, 2027). UBS then cut its target to $41 from $55. 2. **The Ratepayer Protection Act stalled in the Senate** — Heinrich (D-NM) blocked Husted's unanimous-consent request on Sept 17, pushing his GRID Savings Act (a direct federal large-load cost standard) instead; Moreno objected to that in turn. The 100MW large-load cost standard that favors dedicated nuclear for data centers is now in legislative limbo. **New findings written (9 notes, all updated/new slugs):** - **Uranium**: term price hit a record **$96.50/lb** (hasn't fallen in any month since July 2025) while junior uranium equities gained just 3.31% YTD vs. spot's 9.81% — and SPUT sits 13% below NAV, removing the biggest spot buyer. - **Cameco**: exclusive selling agent for all Global Laser Enrichment output (Paducah, 2030) + potential $2.1B→$24B Westinghouse listing windfall — yet the stock is RSI 25 oversold after a 50% Q2 miss. BofA bought a 7.22M-share stake anyway. - **Google–Georgia Power** (new contracting model): Google subscribes to a new NU-1 tariff to fund ~96 MWe of Vogtle/Hatch uprates, generating ~$900M in customer benefits — tech money extending existing reactors rather than socializing new-build costs. - **Samsung C&T → Kairos Power**: up to $100M ($70M equity) to help build Hermes 2 for Google — Korean EPC capital arriving in the US SMR buildout. - **NNE**: non-binding IP3/Cybernetic LOI for nuclear-powered AI/defense infrastructure — second framework (after Tillman) with no binding offtake yet; stock +8% on the week. - **US-Saudi 123 agreement**: classified intel says Riyadh hasn't ruled out weapons; House Dems filed a disapproval resolution; deal enters force by year-end unless Congress acts (review fires ~Oct 20). - **Equity complex**: drawdown intact but stabilizing at the margins (NNE +8%, CEG +3.4% over 5 days) — the SMR developers sit at the 1.5–5th percentile of their 52-week ranges. **New watches registered**: Senate action on the GRID Savings Act; Georgia PSC ruling on the NU-1 tariff/Google subscription; NNE converting the IP3 LOI into something binding.

Cycle complete. The research cycle for the nuclear energy resurgence topic has finished successfully: - **9 findings written** across uranium pricing, Cameco, Oklo's FERC defeat, the Senate ratepayer bill stall, Google–Georgia Power's uprate model, Samsung–Kairos, NNE's AI partnerships, the US-Saudi agreement review, and the theme-wide equity snapshot - **2 watches resolved** (FERC/Oklo ruling, Senate action on H.R. 9340) - **3 new watches registered** (GRID Savings Act, Georgia PSC NU-1 ruling, NNE IP3 definitive agreement) The dominant narrative this week: the physical/contract market (record uranium term prices, tech-funded uprates, Korean EPC capital) keeps strengthening while the public equities remain pinned at 52-week lows — with regulatory friction (FERC rejection, Senate block) now adding pressure on the developer names specifically.