A cooling tower at the Constellation Nine Mile Point Nuclear Station in Scriba, New York, US, on Tuesday, May 9, 2023.
Lauren Petracca | Bloomberg | Getty Images
Tech companies are increasingly looking to directly connect data centers to nuclear plants as they race to secure clean energy to power artificial intelligence, sparking resistance from some utilities over the potential impact on the electric grid.
Data centers, the computer warehouses that run the Internet, in some cases now require a gigawatt or more of power, comparable to the average capacity of a nuclear reactor in the U.S.
The data centers are essential to U.S. economic competitiveness and national security as the country competes with adversaries such as China for supremacy in the race to develop AI, said Joe Dominguez, the CEO of Constellation Energy, which operates the largest nuclear fleet in the U.S.
“When you’re talking about large [demand] load that also wants to use zero-emission energy, you’re going to bring it very close to nuclear power plants,” Dominguez said on Constellation’s second-quarter earnings call Tuesday. Constellation, headquartered in Baltimore, operates 21 of the 93 reactors in the U.S.
Constellation’s shares have surged 62% this year, the sixth-best stock in the S&P 500, as investors attach a higher value to the company’s nuclear power capacity to meet the growth in data centers. Shares of Vistra Corp., based outside Dallas and owner of six reactors, have doubled this year, the second-best performing stock in the S&P after AI chipmaker Nvidia.
Tech companies are building out data centers just as power supply is increasingly constrained due to the retirement of coal plants and as demand is climbing from the expansion of domestic manufacturing and the electrification of vehicles.
The largest grid operator in the U.S., PJM Interconnection, warned in late July that power supply and demand is tightening as construction of new generation lags demand. PJM covers 13 states primarily in the Mid-Atlantic region, including the world’s largest data center hub in northern Virginia.
Constellation’s Dominguez argued that connecting data centers directly to nuclear plants, called co-location by the industry, is the fastest and most cost-effective way to support the buildout of data centers, without burdening consumers with the costs of building new transmission lines.
“The notion that you could accumulate enough power somewhere on the grid to power a gigawatt data center is frankly laughable to me — that you could do that in anywhere that doesn’t start with decades of time,” Dominguez said. “This is an enormous amount of power to go out and try to concentrate.”
Amazon’s nuclear agreement
But co-locating data centers next to nuclear plants already faces controversy.
In March, Amazon Web Services bought a data center powered by the 41-year-old Susquehanna nuclear plant in Pennsylvania from Talen Energy for $650 million . But the agreement to directly sell power to the AWS data center from the nuclear plant already faces opposition from utilities American Electric Power and Exelon, who have filed complaints at the Federal Energy Regulatory Commission (FERC).
AEP and Exelon argue that the deal between Amazon and Talen sets a precedent that will result in less available power in the PJM grid area as resources “flee to serve load that uses and benefits from — but does not pay for — the transmission system”
“This will harm existing customers,” the utilities told FERC in a filing in June. Talen Energy has dismissed the objections as “demonstrably false,” accusing the utilities of stifling innovation.
“The rapid emergence of artificial intelligence and data centers has fundamentally changed the demand for power and leads to an inflection point for the power industry,” Talen said in a June statement. “Talen’s co-location arrangement with AWS brings one solution to this new demand, on a timeline that serves the customer quickly.”
FERC has requested more information on the service agreement between Talen and AWS.The regulator is holding a conference in the fall to discuss issues associated with connecting large electricity loads directly to power plants.
“It really is a great opportunity for there to be interaction between stakeholders and the commissioners in an informal setting like a conference, as opposed to doing so in litigation,” Kathleen Barrón, chief strategy officer at Constellation, said on the power company’s recent earnings call, referring to the fall FERC meeting.
Shopping for nuclear power
Constellation and Vistra have backed the AWS-Talen agreement in filings to FERC, with each of their CEOs saying on their earnings calls this week that co-location and traditional grid connection will be needed to meet demand.
Barrón told CNBC that Constellation has “seen interest from many” tech companies in potentially co-locating a data center at one of its sites.
Vistra is having numerous conversations with customers about co-location and is “in due diligence for a number of sites,” CEO Jim Burke said Thursday. With the dispute in the PJM region over co-location, data center developers may take a closer look at Texas, which operates its own grid called ERCOT, Burke said.
“We’re seeing some interest in Comanche Peak,” Burke told analysts on the company’s second-quarter earnings call, referring to one of Vistra’s nuclear plants. Comanche Peak, about 50 miles outside Fort Worth, Texas, has two reactors with 2.4 gigawatts of capacity, enough to power 1.2 million homes in typical conditions and 480,000 homes in peak periods, according to Vistra.
“We continue to explore that option,” CEO Robert Blue said on Dominion’s second-quarter earnings call. “We do clearly realize any co-location option is going to have to make sense for us, our potential counterparty and stakeholders in Connecticut.”
Kelly Trice, president of Holtec International, a privately held nuclear company headquartered in Florida, said the U.S. needs to start thinking more about balancing the power needs of data centers with those of all consumers. Holtec is working to restart the Palisades nuclear plant in Michigan and has also had conversations with tech companies about nuclear energy.
“Essentially, the hyperscalers and the data centers can take all the power and the consumer not get any of that if we’re not careful,” Trice told CNBC. “So the balance there, where the consumers actually get what is rightfully theirs too, is a factor.”
“The United States hasn’t really started wrestling [with] that yet,” Trice said. “But I think we’re getting close.”
Uber announced that it will offer self-driving rides powered by May Mobility on its app in Texas later this year.
The ride-hailing platform will have both Waymo and May Mobility on its platform in Texas, while Tesla plans to compete with them all in Austin soon.
Tesla is grabbing a lot of headlines with its plan to offer self-driving ride-hailing rides in Austin starting this June, but Waymo has already been providing the same in Austin on Uber’s platform for months and now a new competitor is coming to Texas.
Michidan’s May Mobility has been somewhat under the radar in the autonomous driving space, but it has been around for almost a decade and has received large funding from Toyota, BMW, and several insurance companies.
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Yesterday, they announced a significant step: deploying thousands of vehicles on Uber’s platform within the next few years.
They plan to launch the first vehicles as soon as this year in Arlington, Texas:
Uber Technologies, Inc. (NYSE: UBER) and May Mobility, Inc., a leading autonomous vehicle (AV) technology company, today announced a new multi-year strategic partnership. May Mobility aims to deploy thousands of AVs on the Uber platform over the next few years, with an initial launch planned for Arlington, Texas, by the end of 2025. The partnership highlights both companies’ shared ambition to quickly scale AV use in ride-hail, broadening access to AVs across diverse markets and driving greater consumer choice.
May Mobility uses hybrid Toyota Sienna vans outfitted with its own sensor suite, and it has been launching test programs in Arlington since 2021, so it’s very familiar with the locale.
Dara Khosrowshahi, CEO of Uber, commented on the news:
“We are thrilled to be partnering with May Mobility to continue to scale the availability of autonomous vehicles across the United States. At Uber, we’re building the future of transportation, working with the world’s leading autonomous vehicle developers like May Mobility to help commercialize and deploy this technology quickly at scale around the world.”
Edwin Olson, CEO and co-founder of May Mobility, added:
“Launching on the Uber platform is a big signal to the market that May Mobility is ready to quickly expand to major markets as the pre-eminent autonomy-as-a-service provider. Uber and May Mobility will make it possible for more people across the U.S. to enjoy the transformative benefits of autonomous vehicles.”
If this project goes through, it means Uber is going to be offering driverless rides from both Waymo and May Mobility in Texas by the end of the year.
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Block shares were on track for their second-worst day Friday, plunging more than 20% as investors digested a brutal quarterly report and a wave of analyst downgrades centered on one issue: Cash App.
The first-quarter earnings miss rattled Wall Street, prompting multiple firms — including Wells Fargo, Seaport, BMO, and Benchmark — to downgrade the stock overnight. Many flagged fresh concerns around stagnant Cash App user growth, muted consumer demand, and a soft macro environment that may weigh on monetization.
“Stagnation in the number of active users of the app is even more concerning than users’ reduced spending,” Benchmark wrote in its note, downgrading Block to Hold.
The financial services company missed across the board — on revenue, gross profit, and payment volume — and slashed its full-year guidance, citing macro uncertainty, weaker consumer spending, and lower-than-expected inflows during what’s typically a strong tax refund season.
“I just don’t think we were focused enough and had enough attention on the network and the network density, and that is our foundation,” CEO Jack Dorsey said on the earnings call. “We of course want to deepen engagement with our customers through banking services and Borrow, and I have no doubt we will … but at the same time, we need to make sure that we continuously grow our network, and that starts with peer to peer.”
Cash App generated $1.38 billion in gross profit in the first quarter, up 10% from a year earlier, but shy of the $1.42 billion StreetAccount consensus. Monthly actives remained flat at 57 million — and inflows rose just 8%, despite new features like Afterpay on the Cash Card and broader efforts to position Cash App as a full-fledged banking alternative.
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Block 5 day stock chart
Wells Fargo called out “numerous Cash App monetization red flags,” while Seaport pointed to several consecutive quarters of negative GPV growth. Even Morgan Stanley, which reiterated its Overweight rating, called the Cash App miss “surprising” — though it highlighted better-than-expected momentum in the Square seller business, particularly in international markets.
BMO downgraded the stock to Market Perform. Wells Fargo said it’s unwilling to “lay out for the second half Hail Mary,” moving to Equal Weight. Seaport downgraded to Neutral, writing: “Will the real Jack Dorsey please stand up?”
Still, some maintained optimism, with Bank of America reiterating its Buy rating, calling the stock undervalued, and Morgan Stanley saying it was an attractive near-term entry point.
Block’s turnaround plan hinges on lending. The company says Cash App Borrow — now approved by the FDIC to originate loans through its bank subsidiary — will double the number of eligible users and improve margins by bringing servicing in-house.
Marketing spend is also expected to jump 50% in Q2 as Block looks to reaccelerate growth in the back half of the year.
“We are not sufficiently confident in the likelihood of such a rebound to recommend buying the stock on weakness,” Benchmark wrote.
Meanwhile, rival Venmo is showing signs of momentum.
Parent company PayPal reported a 20% revenue jump for the app in Q1, driven by increased adoption of Venmo’s debit card, instant transfers, and growing volume at checkout. While PayPal didn’t disclose an exact revenue figure for Venmo, it said monetization per user is improving — the result of a clear push to embed Venmo deeper into e-commerce flows.
Two very different strategies are now unfolding: Cash App is leaning deeper into lending and banking, while Venmo is chasing spend at checkout. But the goal, however, is the same: Owning the consumer’s wallet.
Right now, Venmo appears to be gaining ground, while Cash App is regrouping.
Hyundai’s first three-row electric SUV will arrive at US dealerships any day now. The 2026 Hyundai IONIQ 9 is an impressive SUV with up to 335 miles of driving range, fast charging capabilities, room for seven, and prices start at just $60,555.
Hyundai reveals 2026 IONIQ 9 prices and specs
After the first IONIQ 9 models rolled off the assembly line at Hyundai’s new manufacturing plant in Georgia in early March, the electric SUV is finally about to reach dealerships.
Hyundai revealed prices and specs for the 2026 IONIQ 9 on Friday as it gears up for deliveries. The three-row electric SUV starts at just $58,955. Including a $1,600 freight charge, the entry-level 2026 IONIQ 9 RWD S model costs $60,555, and that’s with a range of up to 335 miles.
Upgrading to the AWD SE model with 303 horsepower and 320 miles range will cost $64,365, including destination.
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The 2026 IONIQ 9 AWD Performance Limited, with 422 horsepower, 21″ wheels, and 311 miles range, starts at $72,850, including the destination charge.
For the range-topping Hyundai IONIQ 9 AWD Performance Calligraphy Design trim, which gets added Matte paint, 21″ wheels, and 311 miles driving range, prices start at $78,090.
2026 Hyundai IONIQ 9 (Source: Hyundai)
Hyundai’s first three-row electric SUV is also one of the first non-Tesla vehicles sold with a native NACS port for charging at Tesla Superchargers. Using a 350 kW DC fast charger, the IONIQ 9 can charge from 10% to 80% in as little as 24 minutes.
The IONIQ 9 is 5,060 mm (199.2″) long, 1,980 mm (78″) wide, and 1,790 mm (70.5″) tall, or slightly bigger than the Kia EV9.
Inside, the “lounge-like” interior provides up to 1,322 liters of cargo space, topping Kia’s three-row EV9, which has up to 1,233 liters.
All IONIQ 9 models sold in the US are built in Georgia, alongside the updated IONIQ 5, and are eligible for the full $7,500 federal tax credit. Hyundai said 2026 IONIQ 9 models will begin arriving at dealerships by early May.
2026 Hyundai IONIQ 9 Model
EV Powertrain
Drivetrain
Driving Range (miles)
Starting Price (including destination fee)
IONIQ 9 RWD S
160-kW (215-HP) Electric Motor
Rear- Wheel Drive
335
$60,555
IONIQ 9 AWD SE
226.1 kW (303-HP) Dual Electric Motors
All-Wheel Drive
320
$64,365
IONIQ 9 AWD SEL
226.1-kW (303-HP) Dual Electric Motors
All-Wheel Drive
320
$67,920
IONIQ 9 AWD PERFORMANCE LIMITED
314.6-kW (422-HP) Dual Electric Motors
All-Wheel Drive
311
$72,850
IONIQ 9 AWD PERFORMANCE CALLIGRAPHY
314.6-kW (422-HP) Dual Electric Motors
All-Wheel Drive
311
$76,590
IONIQ 9 AWD PERFORMANCE CALLIGRAPHY DESIGN
314.6-kW (422-HP) Dual Electric Motors
All-Wheel Drive
311
$78,090
2026 Hyundai IONIQ 9 prices and driving range by trim (*including a $1,600 destination fee)
For those interested, Hyundai is offering a free ChargePoint Home Flex Level 2 charger with the purchase or lease of any new 2026 IONIQ 9. If you already have a home charger, you can opt for a $400 charging credit.
If you’re looking for something a little smaller (and cheaper), the 2025 Hyundai IONIQ 5 is one of the best EV deals right now, with leases starting at just $209 per month. You can use our link to find 2025 Hyundai IONIQ 5 models at a dealer near you.
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