What's Going On With NuScale Power Stock on Thursday?

After experiencing a significant surge on Wednesday, NuScale Power Corporation (NYSE:SMR) stock is trading lower, down over 5% on Thursday.

Yesterday, nuclear stocks soared following Amazon.com, Inc. (NASDAQ:AMZN) Web Services (AWS) announced a plan to invest over $500 million in nuclear power.

AWS, Amazon’s cloud computing subsidiary, has signed three agreements to support nuclear energy development, including building Small Modular Reactors (SMRs).

Read More: Nuclear Stocks Soar As Amazon Becomes Latest Tech Giant To Invest In Nuclear Power

This includes a deal with Energy Northwest for four SMRs generating up to 960 MW and a partnership Dominion Energy, Inc. (NYSE:D) to explore additional projects in Virginia.

The Wall Street Journal reported that the e-commerce giant also invested in X-energy, an SMR company involved in the Washington reactors, as part of a multi-million funding round that included Citadel CEO Ken Griffin and private-equity firm Ares Management.

Major nuclear stocks that soared following the deal are NuScale Power, Oklo Inc. (NYSE:OKLO), Nano Nuclear Energy Inc. (NASDAQ:NNE), and Lightbridge Corp. (NASDAQ:LTBR).

The deal is important as nuclear reactors produce no carbon emissions, per a CNBC report.

In fact, the Biden administration has invested billions in clean energy production. In conjunction with this AWS announcement, U.S. Energy Secretary Jennifer Granholm stated that $900 million in new funding is now available for those aiming to deploy additional SMRs, CNBC added.

The Wall Street Journal added that the reactors are not expected to be delivered until between 2030 and 2035.

On Monday, Alphabet Inc. (NASDAQ:GOOG) announced its support for constructing seven SMRs from the startup Kairos Power in a pioneering agreement.

As the market reacts to these developments, investors will closely monitor how the nuclear sector evolves in response to increased support and funding from major tech companies.

Craig-Hallum analyst Eric Stine maintains NuScale with a Buy and raises the price target from $16 to $21. According to Benzinga Pro, SMR stock has gained over 220% in the past year.

Investors can gain exposure to the stock via Themes ETF Trust Themes Uranium & Nuclear ETF (BATS:URAN).

Price Action: SMR shares are trading lower by 3.12% to $18.48 at last check Thursday.

Read Next:

• Market ‘Very Convinced’ Of A Trump Win, Says Stanley Druckenmiller: Why Billionaire Investor Thinks Blue Sweep Is ‘Highly Unlikely’