Recently, following Professor Chen Xiaodong's course at NTU titled "The Social Impact of Disruptive Technologies," I have re-understood nuclear energy.

In the past, I always thought of nuclear energy as a typical "national-level project": massive investment, long cycles, complex approvals, making it difficult for ordinary enterprises and capital to truly participate.

However, the emergence of AI data centers may be changing this logic.

The biggest change is not that nuclear technology has suddenly matured, but that nuclear energy has for the first time welcomed commercially strong and eager buyers.

Previously, nuclear power mainly addressed national energy security issues; now, AI companies like Microsoft, Google, and Amazon have also begun actively seeking energy solutions that can provide long-term, stable, and low-carbon electricity.

As a result, several changes are happening simultaneously:

Large-scale nuclear power still belongs to national-level infrastructure; small modular reactors are beginning to enter commercialization validation, making them more suitable for the electricity scale of data centers, industrial parks, and high-energy-consuming enterprises.

At the same time, improvements in passive safety technology, modular manufacturing, and regulatory efficiency are also attempting to transform nuclear energy from a "one-time super project" into a replicable industrial product.

The value of nuclear energy is not just in power generation.

Heating, industrial steam, hydrogen production, seawater desalination, and even stable energy supply for high-energy manufacturing could all become new commercial scenarios.

What underlies this is not just the nuclear power plants themselves but also the entire supply chain including fuel, forgings, instrumentation and control, and high-temperature superconducting magnets.

Of course, nuclear energy is not without risks.

Construction cycles, cost overruns, nuclear waste, fuel supply, regulation, and project financing—any one of these issues could turn the project from a long-term asset into a stranded asset; achieving true commercialization of fusion still requires time.

So my current judgment on nuclear energy is:

AI has not led to the overnight maturity of nuclear energy, but it is providing nuclear energy with unprecedented commercial demand, capital support, and real orders.

In the next decade, nuclear energy may not be the sexiest narrative in the AI industry, but it could very well become one of the most underestimated infrastructures.

A more complete research report will be shared later.

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