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Book is down 11 percent since June and I bought more of it today. Nothing in the thesis broke. Talen closed the Freedom, Guernsey and Lawrenceburg acquisitions and picked up PJM capacity. Every hyperscaler raised capex again. Oklo fell on a 1 billion dollar equity raise, which is what financing a reactor fleet looks like before revenue. The gap between contracted power demand and the decade it takes to build supply did not close because the tape had a bad quarter.

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