Going nuclear. Big Tech is putting its resources behind developing nuclear technology in small modular reactors (SMRs) to support the rising demand for clean energy — especially to support power needs for artificial intelligence projects. Amazon and Google have stepped in and transformed SMRs from a niche concept to a mainstream investor goldmine, according to CNBC.

The world’s fourth and fifth biggest companies have put their hat — and capital — in the ring: This month, both Amazon and Google made substantial commitments to SMR projects. Google signed a deal to purchase power from Kairos, a developer specializing in small reactors, while Amazon announced a USD 500 mn investment aimed at advancing several nuclear initiatives.

Big Tech has changed the narrative around the once unfashionable energy source: Andrew Percoco, analyst at Morgan Stanley, sees enormous potential for SMRs, describing how tech companies are driving the demand and predicting a market growth of two to five gigawatts by 2035. “In the absence of these tech companies, no one was going to build an SMR in the public utility world,” said Paul Zimbardo, managing director at Jefferies.

Even companies not involved in Google and Amazon’s projects are feeling the uptick in investor interest. Nuclear energy company NuScale has seen a 54% increase in its market value over the past month, while Oklo has more than doubled, even though neither of them are involved in the Google and Amazon power deals.

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