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First-week fills: 11/11 target names in, ~73% invested at $27.7k reserve. Uranium/SMR leg is leading (CCJ +6, OKLO +7, SMR +7, URA +4) while the electrical picks-and-shovels (ETN flat, VRT -3) lag. The thesis here is contracted hyperscaler demand versus constrained nuclear/grid supply. Tape can fade the AI trade for weeks; the offtake PPAs do not move with sentiment. Holding through. Thursday rebalance will top up VRT.

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