You no longer need to check over your shoulder before talking about nuclear energy, it’s back and it’s here to stay.

A quiet renaissance has been happening behind the scenes for years, but a flurry of big tech headlines has forced it into the spotlight and attached it meaningfully to the AI trade… queue share prices ripping please:

So what’s the hype about? For one, nuclear has strong bipartisan support.

It doesn’t emit carbon which keeps the green energy folks happy, and it’s extremely energy dense which keeps the oil & gas folks happy.

It’s not without problems though. Nuclear is expensive in both dollars and time to build compared to other technologies, with projects lasting up to a decade before being commissioned.

And check this out: the supply chain looks like a geopolitical strategist’s worst nightmare, with all new nuclear builds in the past 5 years done with Chinese or Russian tech!

So who wins from growth in nuclear energy?

With an aging fleet in advanced economies, construction companies are well-positioned to win both new build and refurbishment contracts, which we’ve seen lately from both Aecon and AtkinsRealis.

Uranium miners also look good fundamentally, with a prolonged period of underinvestment creating a huge gap between global supply and demand.

Canada should play a big role here, with more than 10% of global uranium production and reserves.

While the outlook for nuclear looks great, valuations reflect it. In our view, some names are more vulnerable to a nuclear narrative shift than others, so be careful and pick your spots.

If the above link won’t work, try this: https://www.bullpen.finance/content/25

Finally, it looks like we’re going to get something formal on tariffs soon. At this point we don’t even think the market has expectations of escaping tariffs, rather, it’s looking for clarity.

It’s been a nightmare to keep it all organized in our heads, and we imagine it has been for you too, so in typical Bullpen fashion, we do the dirty work for you! Here’s the timeline:

Let’s face it, this is going to hurt Canadian companies and the country as a whole, but it could create some interesting entry points if we reach a resolution.

We already looked into tariff impacts on primary metals, where do you think we should go next? Lumber? Respond to this email and let us know.

If the above link won’t work, try this: https://www.bullpen.finance/content/16

What a roller coaster ride the tariff talks have been - none as bumpy as those concerning oil though!

One day it’s safe, the next day it’s in the scope. One day productive conversations are being had, the next day those same conversations were useless.

What do you do if you’re an energy exec in Calgary right now? Cross your fingers? Make a wish at 11:11? Let’s see what happens.

Trump says Canadian tariff may not include oil

Celestica rips 14% after blow-out earnings

BoC cuts by 0.25% as expected, warns of inflationary impact of tariffs

CPKC is winning battle of the rails, posting a beat on Wednesday with EPS of $1.29 ($1.24 expected, up 9% y/y) while CNR posted a miss yesterday with EPS of $1.82 ($1.93 expected, down 45% y/y). Both gave strong guidance though, with CKPC looking for 12-18% growth in adjusted EPS versus CNR at 10-15%.