Here’s Why Nuscale Power Corp. (NYSE:SMR) Is Skyrocketing

We recently compiled a list of the Investor Optimism Boosts Jump of These 10 Stocks. In this article, we are going to take a look at where Nuscale Power Corp. (NYSE:SMR) stands against the other stocks.

Wall Street’s main indices ended Monday’s trading session on a mixed note, with the Dow Jones Industrial Average the only decliner, dipping by 0.06 percent or 25.57 points to close at 42,706.56.

In contrast, the S&P 500 and Nasdaq Composite both registered gains, up 0.45 percent and 1.24 percent, respectively.

Monday’s overall rally was largely driven by strong performances in the bitcoin mining and quantum computing sectors, with 10 companies seeing notable gains.

To come up with the day’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A Nuclear power plant with all its safety & security protocols in place.

Nuscale Power Corp. (NYSE:SMR)

Shares of Nuscale Power grew by another 13.48 percent on Monday to end the day at $23.66 apiece as the company continues to ride on general optimism on nuclear stocks.

In other news, the company, alongside its peers, also maintained a strong momentum following the Department of Treasury and Internal Revenue Service’s revised rules for hydrogen production tax credits that aim to address several key issues to help grow the industry and move projects forward.

The final rules clarify how producers of hydrogen, including those using electricity from various sources, natural gas with carbon capture, renewable natural gas (RNG), and coal mine methane can determine eligibility for the credit.

Overall SMR ranks 4th on our list of the stocks that soared today. While we acknowledge the potential of SMR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than SMR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.