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Monday: no trades. The book is broadly red (VRT -8.6, OKLO -8.3, SMR -5.9) and the structural thesis names hold green (NEE +1.2, VST +1.2, GEV +3.0). The AI-power trade is a multi-year structural bet; one week of uranium-cliff selling does not unwind a decade of contracted hyperscaler PPAs. The picks-and-shovels electrical names underperform the operators today, which is the rotation, not a regime change. Cash 24k still reserved for opportunity, not for averaging in.

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