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Google buys a reactor’s worth of power. CEG soars 15%
Alphabet on Tuesday locked 3,590 megawatts from Constellation Energy on the PJM grid, including 890 megawatts of new nuclear from reactor upgrades, and Constellation shares led the S&P 500.
Uprate, not a plant: A 20-year purchase agreement funds more than $4.3 billion of new equipment at 11 existing units in Illinois, Pennsylvania and New Jersey. The added 890 megawatts are expected to start arriving in 2028, and the work is meant to hold 4,400 jobs while adding about 7,200 construction roles.
Second contract: A separate 15-year supply deal covers another 2,700 megawatts that is not tied to one plant, giving Constellation a long-dated price on output it already runs. Stacked, the two pieces are 3,590 megawatts.
Open at the top: Constellation climbed more than 12% and was the fastest S&P 500 name early Tuesday, its first real move above the 200-day average since January. Alphabet was flat to down 0.3%.
Before the rule: The companies tied the purchase to PJM’s bring-your-own-power plan. A Goldman desk note said a FERC call is hoped for Oct. 12, covering new loads of at least 50 megawatts that enter after June 1, 2027.
A shadow budget just bought France its biggest bond rally
Marine Le Pen’s shadow budget pulled the French 10-year yield down 12 basis points to 4.74% on Tuesday, even as Paris already borrows at a higher cost than Greece and Italy.
Her deficit path: The National Rally outline aims at 3.7% of output next year versus a government target near 5%, then 2.2% by 2032. The savings are meant to come from a smaller state, a thinner check to Brussels and less money spent on migration. She said France could face default if current policy continues, and that the ECB should ease borrowing costs.
A low bar: UBS said the plan would hold the deficit under 5% from 2027, cut more than €140 billion, and get under 3% by 2032 at the latest. Goldman’s Rich Privorotsky said OATs “have already done an enormous amount” with the election still months away, so “the bar for a positive surprise feels low.”
The stock of debt: A Wall Street Journal report said the 10-year cost has risen toward 5%, the highest since 2002, and that the deficit is exceeded only by the United States among peers. More than $1 trillion comes due by 2030, with about $380 billion set to be sold next year. Debt is nearly 120% of GDP.
No budget since 1974: Debt service is expected to climb 59% by 2030. Kevin Thozet of Carmignac said France “has gotten away with fiscal murder” until “people have started to notice.” Centrist Sylvain Maillard called the habit “always asking the state for a bit of magic money.”
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Baltimore gets a 2 million-sq-ft Anduril submarine yard
Anduril won a Navy contract worth up to $2.9 billion on Tuesday to build Virginia-class submarine parts, days after Palmer Luckey joined a Pentagon group on future weapons.
Sparrows Point bet: The company is putting $3.7 billion into a 2 million-square-foot yard outside Baltimore, aimed at operations in 2030 and about 3,100 jobs. Torpedo tubes will also be made at a 160,000-square-foot plant in Orange County, California.
Brose line: President and chief strategy officer Chris Brose said the job is about “putting more food on the table” so the country can produce more submarines, and that Anduril hopes to grow into “very large sections of the ship.”
Meridian names: Luckey was named days earlier to Project Meridian, a Pentagon effort to identify capabilities for future conflicts. Newt Gingrich and Elon Musk are also on the group. Marc Andreessen and Blake Masters joined the defense policy board this summer.
Who still builds: General Dynamics Electric Boat and Huntington Ingalls Industries build the boats. General Dynamics won a $76.6 billion Navy submarine award this summer.
Nvidia nears the first $6 trillion market value
Nvidia is back at a record and just shy of a $5.8 trillion market value, on track to be the first $6 trillion company after a 28% gain this year.
Year’s swing: The rally has added $1.2 trillion of market value in 2026, after the stock was down 11% for the year on March 30. Nvidia is the biggest contributor to the S&P 500’s 14% gain.
Buyback and quote: The company authorized another $150 billion under its repurchase program. Jensen Huang said the step “reflects our confidence in the long-term opportunity ahead.” Jim Awad of Clearstead Advisors, which owns the shares, said Nvidia “looks like a haven from any damage higher rates could do to the economy.”
Monday tape: IBD said Nvidia rose 2.1% to 238.90, a fourth straight higher close, and joined the Big Cap 20 list. It bottomed at 189.80 on June 29 and led 17 names onto the firm’s best-stock lists.
Rate shelter: Larry Tentarelli of Blue Chip Daily said money is rotating back into semiconductors and megacaps because they look more resistant if rates stay high.
Ex-BoE chief: Britain is skating on thin ice
Former Bank of England chief economist Andy Haldane said Britain is skating on thin ice before the Oct. 28 budget and must cut spending to calm the gilt market.
His warning: Haldane told CNBC that “nothing would be worse both economically and politically than if the ice were to crack,” and that the government should “appease financial markets” by showing it will “take the knife to public spending.”
Burnham bind: He called spending the government’s “Achilles’ heel” and said Prime Minister Andy Burnham will remain “in hock to the bond market” until cuts arrive. Burnham, who replaced Keir Starmer over the summer, has used that phrase himself.
Cost rank: Britain has the highest government borrowing costs in the G7. Haldane said inflation is higher and stickier, growth lower, and the books have not balanced this century.
Budget open items: Finance minister John Healey wants a fiscal “buffer against uncertainty.” Burnham has not ruled out tax rises, and the press has floated a bank windfall levy that Jamie Dimon lobbied against last month.
Vance puts $150 million into an Alaska grid line
Vice President JD Vance on Monday unveiled $150 million in Defense Production Act funding for a second high-voltage line linking south-central and interior Alaska, covering most of the state.
Funding split: The Beluga-Healy project also draws $268 million already committed from non-federal sources. In his remarks Vance called it the Alaska Rail Belt Transmission Project and said it would “devote $400 million” to more than 200 miles of line.
Who it serves: Officials said the link would lower costs and firm reliability for 75% of Alaska’s population.
Wright line: Energy Secretary Chris Wright said Tuesday the project supports a military expansion already underway in Alaska plus mining tied to national security, and thanked Sen. Dan Sullivan.
Earlier use: Earlier this year the administration used the same act to order an oil company to restart shuttered offshore operations in California.
Altman: Accept some bad AI outcomes for the upside
OpenAI’s Sam Altman told Politico on Sunday the world should accept some AI harms so people keep broad access, while still agreeing labs must pace frontier models.
Agency vs harm: “We believe that the world should accept some bad things happening for the benefits of this technology and people having the agency,” he said in Politico’s Decoded newsletter.
Against a lockup: He said there is “a lot of daylight” between OpenAI and Anthropic, whose chief executive Dario Amodei has urged a slowdown. A single San Francisco lab holding the technology and doling out benefits would be “a completely unacceptable trade-off.”
No zero-harm deal: Altman said he would not trade a guarantee of no major hacks, misuse or scams, because people will do “orders of magnitude more” good than bad. OpenAI still backs a lighter-touch rulebook.
Shared ground: He has also agreed that labs should “pace the frontier” so alignment stays ahead of capability, and that independent third parties should have employee-like access to monitor training and report incidents.
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