Stock category · Power — electrons and the gear to move them
The twenty-year answer to a two-year problem
Highest internal correlation of any basket here; treat the equal weight with suspicion.
Not an investment product and not a track record — methodology.
Members were chosen on 2026-07-19; names that had already failed are absent
by construction, so the pre-2026-07-19 stretch overstates the category.
Independent bets
1.6
of 13 names
Average pairwise correlation
0.59
78 pairs, daily returns
Since defined
+3.5%
equal weight, from 2026-07-19
The names
CCJ
Cameco
Data-only instrument — no dossier yet.
88.23 -13.4%
data
OKLO
Oklo
Data-only instrument — no dossier yet.
41.09 -21.5%
data
SMR
NuScale Power
Data-only instrument — no dossier yet.
8.60 -14.3%
data
BWXT
BWX Technologies
Data-only instrument — no dossier yet.
165.59 -14.9%
data
LEU
Centrus Energy
Data-only instrument — no dossier yet.
176.75 +5.3%
data
UEC
Uranium Energy
Data-only instrument — no dossier yet.
9.74 -8.6%
data
NNE
Nano Nuclear Energy
Data-only instrument — no dossier yet.
16.68 -21.1%
data
XE
X-energy
Data-only instrument — no dossier yet.
17.05 -7.1%
data
NXE
NexGen Energy
Data-only instrument — no dossier yet.
9.32 -0.8%
data
DNN
Denison Mines
Data-only instrument — no dossier yet.
2.92 -4.6%
data
UUUU
Energy Fuels
Data-only instrument — no dossier yet.
11.71 -19.2%
data
EU
enCore Energy
Data-only instrument — no dossier yet.
1.13 -13.7%
data
URG
Ur-Energy
Data-only instrument — no dossier yet.
1.25 -8.1%
data
Change shown is the 30-day move, not the day's.
What the category earns
Growth leads here, and it is the median across members rather than a total — a per-company growth rate does not care what currency the company reports in, so Samsung and Micron count equally. Revenue levels can only be added within one currency, so the totals below cover the members reporting in USD and say how many that is.
Years are labelled by the calendar year each company's fiscal year ends in. Those calendars do not line up — Nvidia's 2026 ended in January — and this does not pretend otherwise.
| FY ending | Median revenue growth | Revenue (USD) | Net income (USD) |
|---|---|---|---|
| 2021 | — | $77M 2 mem | -$64M |
| 2022 | +36.2% 1 of 13 | $4.6B 12 mem | $53M |
| 2023 | +93.2% 9 of 13 | $5.7B 12 mem | $806M |
| 2024 | +62.4% 9 of 13 | $6.6B 13 mem | -$180M |
| 2025 | +6.3% 10 of 13 | $7.5B 13 mem | -$479M |