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Walmart Bets on Nuclear Power

Walmart inked its first nuclear power purchase agreement with Constellation Energy, covering about 176 MW of wholesale supply from latter’s Dresden Clean Energy Center in Illinois, including 30 MW of expanded generating capacity from planned uprates. The retail giant will buy energy, capacity and environmental attributes across two 15-year terms that begin in 2029 and 2030.

The agreement is small beside Constellation’s 55 GW generation fleet, roughly 0.32% of that capacity. But the buyer matters. Nuclear power’s corporate demand story has been dominated by cloud platforms and AI data centers. Walmart moves the conversation into retail infrastructure, where cold storage, distribution automation and around-the-clock operations can create demand for firm clean power even without a server farm attached.

The companies said the power will support Walmart’s previously announced high-tech perishable distribution center in Belvidere, Illinois. Reuters also reported that the agreement will supply nuclear power from Dresden to that facility, which is currently under development.

You can read more on the matter here.

What’s going on?

• Is CIBC About To Have Mass Layoffs? Reddit Users Suggest Huge Job Cuts Underway (theDeepDive)

• Canada’s electronic spy agency conducted cyberattacks on criminals brokering fentanyl ingredients, report says (Globe)

• U.S. Treasury Removes Russian Sanctions on Turkish Firms and Individuals in Second Wave of Deletions (theDeepDive)

• Lebanon’s deal with Israel sparks backlash (FT)

• Mail-In Ballots After Election Day Can Be Counted, US Supreme Court Rules (theDeepDive)

• Ottawa relaunches federal green home retrofit program in 4 provinces (CBC)

• Poilievre Calls for Ethics Probe of Carney’s Condo Plan (theDeepDive)

• Judge Permanently Blocks Trump From Withholding Hudson Tunnel Funding (WSJ)

• Russia’s Fuel Crisis Deepens as Putin Admits ‘Certain Deficit’ for the First Time (theDeepDive)

What’s the latest?

• Trade War: Ontario signed an MOU with Utah to expand trade in critical minerals, advanced manufacturing, nuclear energy, life sciences, forestry, and ICT, building on ~$7 billion in annual bilateral trade. The deal is Ontario’s 9th U.S. state trade agreement since 2023 and includes cooperation on advanced nuclear technology, grid modernization, energy storage, and critical mineral supply chains.

• Markets: U.S. stocks rebounded with the S&P 500 (+1.0%), Nasdaq (+1.8%), and Dow (+0.6%), led by AI-related names including Applied Materials (+10.5%), SpaceX (+3.7%), and Comcast (+6.5%) after its restructuring announcement. Brent crude rose to $74.09/barrel and WTI to $70.92, while the 10-year Treasury yield eased to 4.37%, as markets balanced renewed Iran tensions with optimism that lower long-term oil prices could support future Fed rate cuts.

• Tariffs: Former Canadian trade negotiator Steve Verheul said he does not expect a Canada–U.S. tariff deal before the U.S. midterm elections, suggesting negotiations could extend into 2027. He argued no strong deal is currently on the table, questioned the durability of recent U.S. trade agreements, and noted CUSMA still protects most Canadian exports from U.S. tariffs, showing the agreement continues to benefit both countries.

• Real Estate: A Rentals.ca survey found 70% of Canadian renters say high rent is their biggest challenge, while 42% have budgets below $1,500/month despite the national average asking rent sitting at $2,029. Although asking rents have fallen 4.7% YoY and 7.8% from the May 2024 peak, 40% plan to move for affordability, 36% are only considering rent-controlled units, and 29% have used AI tools like ChatGPT or Gemini in their apartment search.

• Politics: The U.S. Supreme Court ruled 5–4 that Lisa Cook remains a Federal Reserve governor for now, blocking President Trump’s attempt to remove her because he failed to provide the required due process. The Court did not decide whether Trump ultimately has the authority to fire a Fed governor, leaving that question open if proper procedures are followed, while reaffirming the importance of the Fed’s independence from political interference.

Nobody Wanted Gold Stocks

The stock market and stuff

• Walmart Goes Nuclear With First Supply Agreement With Constellation Energy (theDeepDive)

• Google Caps Meta’s Gemini Access, Financial Times Reports (theDeepDive)

• Volkswagen Scraps €1.5 Billion Bosch Self-Driving Deal as Restructuring Widens (theDeepDive)

• Ford Rehires Humans To Teach Machines To Do What Humans Used To Do (theDeepDive)

• Rocket Lab to Buy Iridium for $8 Billion, Adding a Satellite Network to Its Launch Business (theDeepDive)

In the juniors

• Steadright Lands In-House Processing Through Moroccan Acquisition (theDeepDive)

• IsoEnergy Halts Larocque East Drilling as Wildfire Forces Evacuation (theDeepDive)

• Freeman Gold Pegs Lemhi After-Tax NPV at US$696M Over 15-Year Mine Life In Feasibility Study (theDeepDive)

• Nord Cuts 25,803 g/t Silver Over 0.30 Metres at Castle East as Robinson Zone Keeps Growing (theDeepDive)

FULL DISCLOSURE: Canadian Copper is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Canadian Copper. The author has been compensated to cover Canadian Copper on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.