Why NuScale Power Corp. (SMR) Went Up On Wednesday?

We recently published a list of Pulse of the Market: Wednesday’s 10 Top Performers. In this article, we are going to take a look at where NuScale Power Corp. (NYSE:SMR) stands against other Wednesday’s top performers.

The stock market regained momentum on Wednesday, with all main indices ending in the green, as investors cheered the Federal Reserve’s decision to keep interest rates unchanged.

The tech-heavy Nasdaq led the gains, rallying 1.41 percent, followed by the S&P 500 with a 1.08 percent gain, and the Dow Jones, by 0.92 percent.

Optimism spilled over into companies, with 10 particularly leading the charge. In this article, we have identified Wednesday’s 10 best performers and detailed the reasons behind their gains.

To come up with the list, we considered only the companies with a $2-billion market capitalization and $5 million in trading volume.

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

NuScale Power Corp. (NYSE:SMR)

NuScale Power grew its share prices by 11.76 percent on Wednesday to end at $18.53 each as investors reacted positively to the general optimism on the nuclear industry, supported by a state’s warm welcome to new nuclear technology investments.

Last week, Colorado passed on final reading a new bill seeking to classify nuclear investments as clean energy.

If approved by Governor Jared Polis, the proposal still would not greenlight the construction of new power plants, but it would allow future nuclear projects to contribute to Colorado’s renewable energy goals and receive grants previously only enjoyed by solar, wind, and geothermal projects.

While the bill does not have a direct impact on SMR, it signaled further progress in nuclear energy adoption in the US. Meanwhile, the Department of Energy on Monday approved the disbursement of a loan for the Palisades Nuclear Plant. Both developments signaled the dawn of the nuclear sector and benefit nuclear technology companies.

Overall, SMR ranks 2nd on our list of Wednesday’s top performers. While we acknowledge the potential of SMR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as SMR but 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.