Why Nuscale Power (SMR) Went Up On Friday?

We recently published a list of 10 Firms Post Double-Digit Gains on Friday. In this article, we are going to take a look at where Nuscale Power Corporation (NYSE:SMR) stands against other firms that posted double-digit gains on Friday.

The stock market fell into the red territory on Friday, with all major indices recording losses over renewed fears of growing trade tensions coupled with expectations of a higher inflation rate in the US.

The Dow Jones lost 0.99 percent, the S&P 500 declined 0.95 percent, while the tech-heavy Nasdaq dived by 1.36 percent.

Despite the overall pessimistic sentiment, 10 companies managed to defy losses, posting double-digit gains in their valuations amid a flurry of impressive earnings performance.

To come up with Friday’s top winners, 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 Corporation (NYSE:SMR)

Shares of Nuscale Power Corporation (NYSE:SMR) traded higher in line with its peers on Friday, jumping 11.14 percent to close at $25.84 apiece as investor sentiment was fueled by announcements that the US will prioritize energy expansion in the country.

Following his confirmation to lead the US power sector, Energy Secretary Chris Wright issued a department order stating that the agency would prioritize expanding energy production over achieving net-zero greenhouse gas emissions.

“The Department’s goal will be to unleash the great abundance of American energy required to power modern life and to achieve a durable state of American energy dominance,” the order was quoted as saying in a report by Reuters.

It also underscored that net zero policies pushed up the prices of energy for homes and businesses, threatened the reliability of energy systems, and undermined energy security.

Nuscale Power Corporation (NYSE:SMR), a company specializing in small modular reactors, stands to benefit from the government’s energy expansion plan, further fueled by an expected boom in the Artificial Intelligence industry.

Overall, SMR ranks 10th on our list of firms that posted double-digit gains on Friday. 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 time frame. 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.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

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