The entire nuclear complex fell as capital rotated out of AI-power trades, with X-Energy down 7.9% on a wide post-IPO quarterly loss and not a single name closing green.

There was no leader to speak of — the tape was uniformly red, and the most resilient name was simply the one that fell least. Constellation Energy held to −0.5% at $272.92, the restart-and-utility anchor whose earnings rest on operating megawatts today rather than on a reactor design that clears the NRC years from now. That distinction was the whole story of the session: the market rotated out of the expensive, pre-revenue, AI-power trades and toward proof, and the names with running cash flow were spared the worst of it.

The laggard had a genuine catalyst. X-Energy fell −7.9% to $18.29 after reporting a wider-than-expected quarterly loss in its first results since going public — a reminder that the SMR-and-advanced-reactor platform choke it maps (Xe-100 reactors and TRISO fuel fabrication) is enormously capital-intensive and years from commercial revenue, exactly the profile the market punished. The selloff spread across the entire advanced-reactor and fuel-cycle stack: NANO Nuclear −4.8% to $18.23, Lightbridge −4.3% to $7.70 in fuel fabrication, Oklo −3.0% to $41.66 and NuScale −2.4% to $9.07 among the SMR platforms.

The enrichment, conversion and uranium-supply chokepoints sold with them. Centrus Energy fell −4.1% to $176.13 and Uranium Energy −4.1% to $11.15, with Cameco −2.4% to $95.59 and NexGen −3.2% to $10.22 on the mining side; Energy Fuels dropped −6.4% to $13.90, hit in both its uranium and its rare-earth sleeves. On the heavy-components-and-forgings side, Curtiss-Wright −3.7% to $648.28 and BWX Technologies −3.6% to $156.44 gave back. The pattern is coherent: nuclear equities are unusually rate-sensitive because the projects need capital long before they generate revenue, so a day of rising Treasury yields and risk-off rotation hits the whole chain regardless of the underlying demand story.

The near-term calendar is sparse, which leaves the complex exposed to macro. Solstice Advanced Materials reports Q2 on September 2, and the World Nuclear Symposium convenes in London September 9–11 — the venue where fuel-supply and enrichment contracting sentiment gets set. The harder dated catalysts sit later: the NRC's final Environmental Impact Statement for GLE's Paducah laser-enrichment facility is expected by end-September, X-Energy's Xe-100 construction-permit review hits an 18-month NRC milestone December 16, and the Westinghouse/US-government definitive agreements are due to replace the binding term sheet by year-end. Until a funded, dated milestone lands, the basket trades on the rate cycle and the market's tolerance for timelines it can't yet verify.