Good morning! Elon Musk made headlines once again for his distaste of government spending, job openings are climbing, and Fed officials remain uncertain on inflation. More below — first we’re unpacking what Meta’s enormous nuclear deal means in the eyes of Wall Street.

Big AI energy

For all the hype around chips and software, the most important ingredient to the artificial intelligence boom may well be energy.

All that innovation is sure to eat up historic amounts of power.

Meta recognizes this.

On Tuesday, the Facebook parent signed a 20-year deal to buy nuclear power from Constellation Energy, following the lead of its Magnificent Seven counterparts Microsoft, Google and Amazon which have made similar moves.

Shares of Constellation initially surged on the news but closed the trading session down 0.13%.

Meta also ended slightly negative, though a handful of nuclear ETFs moved higher:

• Range Nuclear Renaissance Index: +0.79%

• VanEck Uranium Nuclear Energy: +1.8%

• Global X Uranium: +2.73%

• Themes Uranium & Nuclear: +3.34%

The market reaction underscores Wall Street’s inkling that the next AI trade might be measured in kilowatts rather than chips. 

"Securing clean, reliable energy is necessary to continue advancing our AI ambitions," Meta’s global energy chief Urvi Parekh said in a statement.

The new Meta contract supports operations and upgrades at the Clinton Clean Energy Center near Chicago. While the company won’t receive power directly, it’s buying clean energy to effectively compensate for its less carbon-friendly energy sources elsewhere.

The structure mirrors Microsoft’s agreement in 2024 to restart a Three Mile Island reactor for the purposes of powering AI. 

Constellation Energy controls more than 20% of US nuclear capacity, and government tax credits help prop up roughly 85% of its annual generation. 

“Any new long-term nuclear power contracts could bring upside to its projected 13% base EPS through 2030,” said Nikki Hsu, a utility industry analyst with Bloomberg Intelligence.

Constellation, in her view, stands as one of the biggest beneficiaries of rising data-center power demand.

Meanwhile, the Trump administration is pushing to quadruple US nuclear-generation capacity by 2050, and it’s also moving to streamline permitting in an effort to speed things up and spur investment. 

That regulatory easing on top of AI industry’s energy needs give investors reasons to cheer.

With Bloomberg Intelligence projecting AI energy demand to rise as much as ten-fold this decade, nuclear could end up as the next leg of the AI trade. 

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Elsewhere

📉Toyota Industries stock tumbled in overnight trading. Shares fell after Toyota Group’s reported $33 billion deal to take the company private, which would include a tender offer of $26 billion. Some analysts say the deal is “unattractive.” (CNBC)

📈Job openings climbed more than anticipated. After hovering near a four-year low in March, new data showed that the US had 7.39 million jobs open at the end of April, up from 7.2 the prior month. Economists had been expecting that number to land closer to 7.1 million. (Yahoo Finance)

💰️ $TRUMP Wallet is coming this summer. A waitlist for the president’s new digital wallets opened on Tuesday, and the NFT marketplace firm Magic Eden is offering rewards to users who sign up and refer friends. It’s billed as “the first and only crypto wallet for true Trump fans.” (CNBC)

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Rapid-fire

• Elon Musk called the Trump tax and spending bill a budget-busting “abomination” (Bloomberg)

• Fed governor Lisa Cook said US monetary policy is in a good place but trade uncertainty is weighing on the economy (Reuters)

• Non-dollar assets have gained in 2025 while the US currency has slumped (Morningstar)

• The AI revolution is happening locally in NYC and SF (Blog)

• Circle, the issuer of the USDC stablecoin, targets a valuation of $7.2 billion for its IPO (Barron’s)

• Nvidia regained its place as the most valuable company in the world (CNBC)

• SpaceX is estimated to record $15.5 billion in revenue in 2025 (Reuters)

• The Magnificent 7 are still carrying the market despite their underperformance this year (Opening Bell Daily)

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📰 I’m Phil Rosen, co-founder and editor-in-chief of Opening Bell Daily. I’ve published books, lived on three continents, and won awards for my journalism, which has appeared in Business Insider, Fortune, Yahoo Finance, Bloomberg and Inc. Magazine.

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