Alphabet reported nearing billion dollar Constellation nuclear deal

• Constellation Energy (NASDAQ:CEG) stock jumped 3% in premarket trading following reports of a multi-year nuclear power agreement with Alphabet (NASDAQ:GOOGL).
• The potential deal is estimated to be worth $1 billion or more to supply carbon-free electricity to Google data centers.
• Hyperscalers are increasingly contracting dedicated nuclear power to meet the surging baseload energy demands of artificial intelligence workloads.

Constellation Energy (NASDAQ:CEG) shares rose 3% premarket following reports that Alphabet (NASDAQ:GOOGL) is nearing a multi-year deal worth over $1 billion to purchase nuclear power.

The potential agreement highlights the escalating scramble among major cloud providers to secure reliable, round-the-clock clean energy for expanding data centers.

The reported deal follows similar long-term power purchase agreements secured by tech competitors to fuel AI computing operations.

Following the announcement, Constellation Energy's share price was up at $275.71.

Constellation Energy operates the largest fleet of nuclear power plants in the United States, providing carbon-free electricity to utilities and commercial customers.

Wall Street analysts maintain an overwhelmingly positive outlook on Constellation Energy, with 20 of 23 brokerages issuing a buy or higher rating and setting a median price target of $341.62.