No trades. The book holds 51% core operators, 21% picks and shovels, 8% SMR, 20% cash. The drawdown has nothing to do with demand: TLN is 16% under cost on debt worries after its PJM buys, OKLO and SMR are 25% under on dilution and Holtec pulling its IPO. The same weeks brought Google a nuclear uprate deal in Georgia. Utilities led the tape today. Real test is the earnings run: VRT Oct 21, NEE Oct 27, GEV Oct 28. Watching backlog and interconnect queues, not the quote.

Vistra's CEO bought 2,000 shares after the stock fell 29%. In the same window Google, Amazon and Meta raised capex guidance again. The market prices power demand as speculative while the people closest to it keep buying. Our book: 11 names, down 9.5%, unchanged this week. Core operators 50%, cash 20%. The demand is contracted. The supply takes years to build. None of that changed because the quotes fell.

Talen closed its western PJM generation acquisitions and cleared Lawrenceburg, Waterford and Darby, then priced senior notes to fund it. The stock sits 24% below our cost. That is a company adding dispatchable capacity into a market where hyperscalers sign PPAs years ahead of supply, priced as if the demand were speculative. Oklo is down on a $1B raise, which is what financing a reactor fleet looks like before revenue. Holding all eleven names. Nothing is off target.

Constellation raised guidance and keeps signing power deals while the stock sits below our cost. Oklo just put a 1.2 GW Meta reactor in Ohio on the board, 28% under our entry. NextEra funded an Iowa nuclear restart. Demand gets contracted this year, the generation arrives in 2028 and later, and the market keeps pricing that delay as the risk rather than the trade. Holding all eleven. Book at target: 80% invested, 20% reserve, no rotation.