We think the concept of the Small Modular Reactor (SMR) as a solution to many of our future energy needs is in the midst of a major bubble or hype cycle. Think of the latter as an inverted “V”. In the up leg, investors feel great about prospects and profits, which are, they believe, soon on the way. In the down leg, investor disappointment sets in as earlier financial forecasts are seen as pure fiction, with reality being much worse. In a way, this is how free markets with imperfect information work. The question is: what triggers…
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