The narrative of AI data center power demand will enter the realization phase in 2026; this is not a long-term forecast but a current contract:

Constellation Energy has signed long-term nuclear power supply agreements with multiple tech giants, with solid Q1 performance;

NuScale holds NRC design certification and is among the small modular reactor projects still advancing commercialization;

OKLO is earlier than NuScale in the regulatory cycle but remains in the early stages of R&D.$OKLO 2X Long ETF(OKLL.US)

If the year-on-year growth rate of U.S. AI data center power demand remains above 30% in 2026, the nuclear energy narrative is largely self-consistent;

If grid policy shifts or natural gas prices fall more than expected, making gas-fired power generation cost-competitive again, then this narrative faces the risk of being disproven.