SMR developers and uranium juniors sold off in the growth de-rate while the domestic fuel-cycle incumbent held — Solstice +2.4%, X-energy −9.4%.

Solstice Advanced Materials (SOLS) rose 2.4% to $86.66 to lead a down tape — the Honeywell spinoff that operates Metropolis Works, the only domestic US UF6 conversion plant and the heart of the conversion-deconversion chokepoint. On a session that punished pre-revenue growth stories, the cash-generative fuel-cycle incumbent held green almost by default. The framing the move rewards is the one the vertical is built on: own the only domestic conversion plant in the country, not the reactor that has yet to be built.

X-energy (XE) fell 9.4% to $19.10, the worst in the basket, leading a broad SMR-developer selloff — NuScale (SMR −6.0%), Oklo (OKLO −5.5%), NANO Nuclear (NNE −3.1%). These names map to the SMR-platforms and fuel-fabrication chokepoints and are pure 2030s-cash-flow stories, so in a session where the Nasdaq was soft, funding looked pricier and a BofA rate-hike note was circulating, the longest-duration names fell hardest. NuScale's recent filing to sell up to $500M in stock is a fresh reminder of the dilution overhang that comes with financing a reactor business years ahead of revenue.

The uranium-supply chokepoint sold off alongside the developers — enCore (EU −6.1%), Uranium Energy (UEC −3.9%), Centrus (LEU −3.6%), Cameco (CCJ −2.1%), BWX Technologies (−2.0%) — while the regulated power names that ultimately buy the output held up: GE Vernova (GEV +2.2%), NextEra (NEE +1.4%), Vistra (VST +0.3%). It was a clean risk-off split — physical fuel and pre-revenue developers down, cash-flowing grid power up — rather than any nuclear-specific bad news.

The next hard catalyst is regulatory and near. The DOE Reactor Pilot Program targets three or more reactor criticalities by around July 4 — the sharpest near-term test of whether advanced designs move from paper to fission, and a direct read on the SMR-platforms chokepoint. Energy Fuels' mid-year uranium guidance (~June 30) and the White Mesa heavy-rare-earth circuit modifications (~July 1) follow, and the Q2 earnings wave — NextEra (July 29), then Constellation, Mirion and ATI (July 30) — opens the read on the demand side of the strait.