Investing in the Nuclear Reactor Supply Chain | Ben Finegold and Jimmy Connor

Jimmy Connor Sep 16, 2026 10:07

Summary

Nuclear reactor supply chains are the next leg of the trade — Westinghouse's AP1000 design has 91 reactors in the global pipeline.

Doosan and BWXT are positioned as rare Western suppliers of large nuclear reactor components, regardless of which SMR design wins.

China builds reactors for sub-$6B while the West takes far longer, helped by fewer NIMBY hurdles, faster regulation, and government subsidies.

The Western uranium deficit of roughly 50 million pounds per year pushes Canada — especially Athabasca basin juniors — into an outsized role.

Ocean Wall's nuclear-supply-chain scoring framework rates 144 companies on deliverability and local sourcing for AP1000 buildout exposure.

Top takeaway Jimmy frames his top trade as a pivot beyond mining into the wider reactor supply chain, saying one of his recent mistakes was being "too focused on mining" when better-performing nuclear stocks sit in the supply chain.
He uses Cameco (49% Westinghouse owner) as his proxy for the AP1000 build-out and notes the 91-reactor pipeline disclosed at Cameco's last conference call.
He sees "relatively better value" in US and Canadian junior uranium explorers than in Cameco, even while owning Cameco himself, and expects a wave of consolidation.
He is skeptical that the West can match China's sub-$6B reactor build cost, citing regulation, the absence of NIMBYism in China, the lack of government-backed development capital, and cheaper engineering labor.

Top takeaway Ben's central thesis is that the next leg of the nuclear trade is demand-led — bringing new capacity online — and that the West has under-delivered relative to the East.
He views Westinghouse (via Cameco) as the best proxy for a 91-reactor AP1000 build-out globally; his new "From Blueprint to Fleet" report screens 144 companies on deliverability and supply-chain localization.
He wants exposure that avoids binary reactor-design risk: Doosan (Western monopoly on RPV forging) and BWXT (large nuclear components, 70% government/military revenue) are his two key conclusions, both held in Oceanwall's 5T Nuclear Fund with partners 5T in Zurich.
His main takeaway from this year's WNA conference is "Canada, Canada, Canada" — Athabasca-basin juniors are set to catch up to fill a roughly 50M lb/yr Western uranium supply deficit, with consolidation coming as in the prior cycle.