Latest news with #JosephDominguez
Yahoo
5 days ago
- Business
- Yahoo
Powering AI: Here's what to know about Meta's new nuclear deal with Constellation Energy
Meta has signed a 20-year deal with Constellation Energy to keep open its Clinton Clean Energy Center nuclear facility in Illinois, a move that will help feed the tech giant's enormous power needs in the artificial intelligence era. The household auto fleet is a money pit Where are the wildfires in Canada? Maps pinpoint the location of fires and air-quality threats from smoke This company asked most corporate employees to relocate to Chicago. The majority declined The deal takes effect June 2027, right as Illinois's zero-emission credit (ZEC) program expires and the energy center loses its ratepayer-funded financial assistance for being a carbon-free facility. By keeping the plant in operation until at least 2047, the center will directly provide power to the local grid and support Meta's clean energy goals of matching its energy use with solely renewable energy. 'This deal will expand Clinton's clean energy output by 30 megawatts through plant uprates, preserve 1,100 high-paying local jobs, deliver $13.5 million in annual tax revenue, and add $1 million in charitable giving to local nonprofits over five years,' Joseph Dominguez, president and CEO of Constellation, said in a statement. Meta's deal comes as a number of Big Tech companies, including Microsoft, Amazon, and Google, are seeking out nuclear energy alternatives to power AI's growing demand. Although the center will be using the power to support the regional grid in central and southern Illinois, the tech giant will purchase 1,121 megawatts of nuclear energy from the facility, nearly all the energy the center will have the capacity to produce. Urvi Parekh, head of global energy at Meta, said the partnership will secure the clean reliable energy that is necessary to advance Meta's AI ambitions. 'We are proud to help keep the Clinton plant operating for years to come and demonstrate that this plant is an important piece to strengthening American leadership in energy,' Parekh said. Following the announcement on Tuesday, Constellation's stock price (Nasdaq: CEG) increased around 1%. However, the stock was largely flat by midafternoon. Shares in Meta Platforms (Nasdaq: META), parent company of Facebook, Instagram, and WhatsApp, were also flat on Tuesday. This post originally appeared at to get the Fast Company newsletter:
Forbes
6 days ago
- Business
- Forbes
Constellation Energy Stock Roars On Meta AI Nuclear Deal
Facebook parent Meta announced an unprecedented deal with Constellation Energy, the largest American nuclear power plant operator, cementing Meta's turn to turn to nuclear energy to power its energy intensive, generative artificial intelligence initiatives, and sending Constellation shares surging. Meta inked an agreement to buy all power produced in Constellation's plant in Clinton, Ill., for the 20-year period beginning 2027, the companies said Tuesday. It's the first-ever example of a company committing to buy all energy from a single nuclear plant, according to The Wall Street Journal, though Constellation did enter a similar, but stripped down, 2024 agreement with Microsoft to reopen a Pennsylvania plant. Financial terms of the deal were not disclosed, but Constellation CEO Joseph Dominguez told the Journal it's 'billions of dollars of capital that you're signing up for to run a plant for 20 more years.' Constellation stock popped more than 5% following the announcement, hitting a five-month high of $340 per share and market value of more than $100 billion. Constellation Energy has been one of the biggest winners on Wall Street as AI reshaped corporate America. Dating back to the late 2022 release of OpenAI's ChatGPT chatbot, Constellation has returned more than 230% to investors, far outperforming the S&P 500's 51% return during the period. Constellation is the 16th-best performer on the S&P during the stretch, besting perhaps more obvious AI winners like Amazon, Google parent Alphabet, Microsoft, Oracle and Tesla. 'Nuclear energy, once a pariah left for dead, is enjoying a rebirth, bolstered by AI's voracious need for energy and the growing acknowledgment that additional sources of energy will be needed to balance out the intermittency of solar and wind power,' Yardeni Research founder Ed Yardeni wrote in a recent note to clients. President Donald Trump signed an executive order May 23 aiming to quadruple the U.S.' nuclear energy capacity by 2050. 'It's time for nuclear,' Trump said at a press conference on the initiative, flanked by Dominguez. Nuclear energy does not produce carbon emissions like fossil fuels, but nuclear had largely gone out of vogue prior to the AI proliferation given its high maintenance costs and concerns about safety. $64 billion to $72 billion. That's the amount Meta expects to shell out on capital expenditures this year as it builds out its generative AI initiatives, the firm said in its latest earnings report.
CNBC
23-05-2025
- Business
- CNBC
Watch CNBC's full interview with Constellation Energy CEO Joseph Dominguez
Joseph Dominguez, Constellation Energy CEO, joins 'Power Lunch' to discuss the President's executive orders on nuclear energy, how long it takes to get a nuclear plant running, and more.
CNBC
23-05-2025
- Business
- CNBC
Constellation Energy CEO on recent nuclear energy executive orders
Joseph Dominguez, Constellation Energy CEO, joins 'Power Lunch' to discuss the President's executive orders on nuclear energy, how long it takes to get a nuclear plant running, and more.
Yahoo
15-05-2025
- Business
- Yahoo
Is Constellation Energy (CEG) The Most Crowded Hedge Fund Stock That is Targeted by Short Sellers?
We recently published a list of . In this article, we are going to take a look at where Constellation Energy Corporation (NASDAQ:CEG) stands against other most crowded hedge fund stocks that are targeted by short sellers. Hedge funds piling into a stock is a signal of conviction. After all, if institutional investors are backing a company, there has to be a good reason for it, right? Things get interesting when the same stock ends up with a high short interest. Where some investors back the company to become successful, others bet on its downfall. This contradiction is often eagerly tracked by investors, as it can potentially lead to explosive moves to either side. Consider, for instance, a scenario where a stock with a high short interest and a high hedge fund holding starts going up. As everyone rushes to buy more of the already popular stock, short sellers rush to close their positions, triggering a strong bull rally. We decided to shortlist stocks that were the most likely candidates for such a rally. To come up with our list of 15 most crowded hedge fund stocks that are targeted by short sellers, we only considered stocks with a market cap of at least $1 billion and a short interest of at least 3%. We then ranked these stocks by the number of hedge funds that have the stock in their portfolio. A close up of a wind turbine producing electricity as the sun sets. Number of Hedge Fund Holders: 85 Short Interest: 3.34% Constellation Energy Corporation (NASDAQ:CEG) operates as a seller and producer of energy products and services. The company operates through Midwest, ERCOT, Mid-Atlantic, New York, and Other Power Regions. Citi upgraded Constellation Energy (NASDAQ:CEG) last month from Hold to Buy and assigned it a price target of $232. According to the firm, with the recent share price dip, the stock's risk-reward ratio seems more appealing. Citi analyst Ryan Levine also mentioned some factors driving his upgrade, including natural gas builds in Texas, downward protection from power price fluctuations, co-location deals, and a favorable stock issuance by Calpine. On the back of the increasing demand for energy from AI applications, the company reiterated its full-year adjusted earnings guidance. As per the guidance, the firm anticipates EPS between $8.90 to $9.60. The company's planned acquisition of Calpine is expected to be completed by the end of this year. It is also redirecting its focus to potential data center projects linked to the US electrical grid. CEO Joseph Dominguez highlighted in the earnings conference call: 'On-grid sales are increasingly attractive to us and to our customers, but we still believe that behind-the-meter configurations will make sense for some customers.' Overall, CEG ranks 5th on our list of most crowded hedge fund stocks that are targeted by short sellers. While we acknowledge the potential of CEG 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. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than CEG but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at . Sign in to access your portfolio
