Van Eek Funds CEO, Jan van Eck, said that the AI 2.0 trade, which includes the power infrastructure, is headed for a reversal after a lackluster performance so far in 2026.
- In an interview with CNBC, he said the nuclear energy trade has “really been suffering” of late, partly due to political concerns relating to data centers.
- However, the recent Constellation-Google deal is likely to reverse that trend, as shown by the bounce in nuclear stocks on Tuesday.
- Google and Constellation Energy agreed to a 20-year deal to add 890 megawatts (MW) of nuclear capacity to the PJM grid, backed by $4.3 billion in new investment.
Van Eek Funds CEO, Jan van Eck, believes that the nuclear trade may have seen its bottom with the recent deal between Constellation Energy (CEG) and Alphabet Inc.’s (GOOG, GOOGL) Google, likely to spark a bounce back.
In an interview with CNBC, he said that while semiconductor companies have had a solid year on the back of artificial intelligence, the AI 2.0, i.e., the supporting ecosystem for AI such as the independent power producers, have not had a similar run.
The nuclear energy trade has “really been suffering” of late, partly because of political concerns about data centers, the CEO said.
“I actually think today is a great day. Maybe, maybe we’ve seen the bottom here with the Constellation deal,” he added.
CEG-GOOG Deal Sparks Nuclear Rally
On Tuesday, Google and Constellation Energy agreed to a 20-year deal to add 890 megawatts (MW) of nuclear capacity to the PJM grid, backed by $4.3 billion in new investment.
Following the announcement, nuclear stocks jumped. CEG stock rallied more than 12% at close. Meanwhile, shares of Vistra Corp. (VST) rose nearly 11%, Talen Energy (TLN) jumped more than 12%, Oklo Inc. (OKLO) climbed by over 7%, NuScale Power (SMR) rose more than 4%, and NANO Nuclear Energy (NNE) gained more than 6% at close.
Meanwhile, the VanEck Uranium Nuclear ETF (NLR) rose about 5.5%.
The gains follow a lackluster year for the nuclear trade, with most of the above stocks posting negative returns year-to-date.
The Time Of The AI 2.0 Trade
Jan van Eck said that “maybe the fears have been fully baked into the market” for the supporting AI businesses, such as power infrastructure.
“I’m not predicting exactly the day, but look at the bounce today, I think. And we just need one nuclear power plant to be permissioned,” he noted.
He clarified that while the prediction markets think there is less than a 10% shot that the power trade reversal happens this year, he noted that “when that happens, the dry spell for the AI 2.0 trade will be over.”
What Does Retail Think About Nuclear Stocks?
On Stocktwits, retail sentiment around CEG and VST was ‘extremely bullish’ at the time of writing, while it was ‘bullish’ for TLN and NLR.
Meanwhile, sentiment around OKLO and NNE was ‘neutral,’ while SMR was trading in the ‘bearish’ territory.
One user noted the CEG-GOOG deal, saying, “$OKLO $SMR $SPY $GOOG $CEG Huge validation for the sector… advanced nuclear names to follow.”
Another user said, “AI IS BECOMING AN ENERGY TRADE,” while citing the deal. “$CEG is up roughly 14% today. The AI buildout isn’t just about who makes the chips anymore. Somebody has to keep the data centers running,” they added.
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