Zacks.com users have recently been watching Constellation Energy Corporation (CEG) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
Constellation Energy Corporation (CEG) reported earnings 30 days ago. What's next for the stock?
Big tech's appetite for energy could means upside for nuclear power stocks
Before the market's open on June 3, Constellation Energy NASDAQ: CEG, a nuclear energy giant, announced a new deal with AI hyperscaler Meta Platforms NASDAQ: META. This comes just days after a report from the Wall Street Journal stated that Meta aims to allow marketers to fully automate ad creation by the end of 2026.
SPY jumped 6.3% in May, the most in decades, led by standout gains in NRG, STX, CEG, PODD and MCHP amid easing trade fears.
Big Tech companies are scrambling to secure electricity for the long term. For many, this means investing in nuclear power generation.
Meta has signed a 20-year agreement to buy nuclear power from Constellation Energy. Beginning in 2027, the tech giant will purchase about 1.1 gigawatts of power from Constellation's Clinton Clean Energy Center in Illinois, part of the growing trend of tech companies pushing toward nuclear energy.
Constellation Energy Inc (NASDAQ:CEG) stock is up 4.6% to trade at $328.03 at last check, after the utility giant inked a 20-year agreement to supply nuclear power to Meta Platforms' (META) data centers.
CNBC's Pippa Stevens reports on news regarding Meta.
Constellation Energy has been one of the biggest winners on Wall Street as AI reshaped corporate America. Dating back to the late 2022 release of OpenAI's ChatGPT chatbot, Constellation has returned more than 230% to investors, far outperforming the S&P 500's 51% return during the period.
Meta Platforms, the parent company of Facebook and Instagram, will buy nuclear power from Constellation Energy to meet rising demand. The companies signed a 20-year deal, financial details were not disclosed.
Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) has signed a 20-year agreement to purchase emissions-free nuclear energy from Constellation Energy's Clinton Clean Energy Center in Illinois, the companies said on Tuesday. Beginning in June 2027, Meta will purchase the entire output—roughly 1.1 gigawatts—of electricity from the Clinton facility's single nuclear reactor, marking the social media giant's largest power deal to date.