Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>SHANTI eliminates the liability and monopoly barriers—SDR-indexed operator caps, a sovereign-backed compensation waterfall, AERB independence, and APTEL appellate review convert nuclear into a bankable asset class.</li>
<li>India shifts from ~8 GW to a 100-GW build mandate, implying ~90 GW of new capacity and ~$550–750 billion of capex, with SMRs and brownfield coal conversions driving first-wave execution.</li>
<li>Ancing viability hinges on non-recourse leverage (70:30/80:20), long-tenor PPAs/CfDs, ECA underwriting, and fuel security—especially uranium diversification and HALEU access for SMRs</li>
</ul>


SHANTI eliminates the liability and monopoly barriers—SDR-indexed operator caps, a sovereign-backed compensation waterfall, AERB independence, and APTEL appellate review convert nuclear into a bankable asset class.
India shifts from ~8 GW to a 100-GW build mandate, implying ~90 GW of new capacity and ~$550–750 billion of capex, with SMRs and brownfield coal conversions driving first-wave execution.
Ancing viability hinges on non-recourse leverage (70:30/80:20), long-tenor PPAs/CfDs, ECA underwriting, and fuel security—especially uranium diversification and HALEU access for SMRs


INDIA NUCLEAR — SHANTI BILL 2025: From Liability Paralysis to a $550–750bn Private-Build Pipeline

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Equity Bottom-Up

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

<ul>
<li>Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.</li>
<li>Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   </li>
<li>KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. </li>
</ul>


Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.
Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   
KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. 


Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

<ul>
<li>Structural Asia theme: AI-driven power demand, decarbonisation realism, and energy security are reviving nuclear across Asia’s value chain, with clearer cost and execution advantages versus the West.</li>
<li>Top equity plays: Kazatomprom anchors uranium scarcity; Mitsubishi Heavy offers quality equipment exposure; Doosan Enerbility provides high-beta EPC leverage as capex and SMRs scale.</li>
<li>• Selective risk framework: China drives volume but limited alpha; Japan offers execution-led equipment and restart upside; utilities and ETFs serve as stabilisers, not primary alpha drivers.</li>
</ul>


Structural Asia theme: AI-driven power demand, decarbonisation realism, and energy security are reviving nuclear across Asia’s value chain, with clearer cost and execution advantages versus the West.
Top equity plays: Kazatomprom anchors uranium scarcity; Mitsubishi Heavy offers quality equipment exposure; Doosan Enerbility provides high-beta EPC leverage as capex and SMRs scale.
• Selective risk framework: China drives volume but limited alpha; Japan offers execution-led equipment and restart upside; utilities and ETFs serve as stabilisers, not primary alpha drivers.


Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

NOV Inc offers equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The Company serves customers worldwide.

<ul>
<li>The latest development in NOV’s evolving strategic landscape emerged when Natura Resources acquired Shepherd Power—an NOV subsidiary—and simultaneously entered into a commercial partnership with NOV to accelerate molten salt small modular reactor (SMR) deployment.</li>
<li>While Natura did not acquire NOV itself, the transaction marks the first time an advanced nuclear developer has strategically aligned with NOV’s manufacturing, engineering, and project delivery capabilities.</li>
<li>This has sparked investor speculation about whether such collaboration could expand into deeper strategic interest over time.</li>
</ul>


The latest development in NOV’s evolving strategic landscape emerged when Natura Resources acquired Shepherd Power—an NOV subsidiary—and simultaneously entered into a commercial partnership with NOV to accelerate molten salt small modular reactor (SMR) deployment.
While Natura did not acquire NOV itself, the transaction marks the first time an advanced nuclear developer has strategically aligned with NOV’s manufacturing, engineering, and project delivery capabilities.
This has sparked investor speculation about whether such collaboration could expand into deeper strategic interest over time.


NOV Enters the SMR Race—And It Could Reshape the Energy Future!

Palantir Technologies  / Equity Bottom-Up

Palantir Technologies Inc. develops software to analyze information. The Company offers solutions support many kinds of data including structured, unstructured, relational, temporal, and geospatial. Palantir Technologies serves customers worldwide.

<ul><li>The U.S. Navy just signed a $448 million contract with Palantir Technologies to overhaul how it maintains and repairs nuclear submarines.</li><li>This partnership centers on "Ship OS," a new AI-driven logistics platform built by Palantir.</li><li>It aims to digitize and streamline the Navy’s sprawling and often outdated maintenance and supply chain processes.</li></ul>

The U.S. Navy just signed a $448 million contract with Palantir Technologies to overhaul how it maintains and repairs nuclear submarines.This partnership centers on "Ship OS," a new AI-driven logistics platform built by Palantir.It aims to digitize and streamline the Navy’s sprawling and often outdated maintenance and supply chain processes.

Palantir Just Landed A $448M Navy Deal—What It Means for U.S. Shipbuilding!

Nuclear Renaissance
Insights on Nuclear and Uranium

INDIA NUCLEAR — SHANTI BILL 2025: From Liability Paralysis to a $550–750bn Private-Build Pipeline

SHANTI transforms nuclear energy into a bankable asset class in India, with a shift towards a 100-GW build mandate and focus on SMRs and...

Rahul Jain

Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

Micron struggling to meet memory demand, supply crunch expected through 2026. Trump Media eyes fusion firm for AI data center expansion. KB Homes...

Andrew Jackson

Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain

AI-driven power demand, decarbonisation, and energy security are boosting nuclear in Asia, with Kazatomprom, Mitsubishi Heavy, and Doosan...

Rahul Jain

NOV Enters the SMR Race—And It Could Reshape the Energy Future!

While Natura did not acquire NOV itself, the transaction marks the first time an advanced nuclear developer has strategically aligned with NOV’s...

Baptista Research

Palantir Just Landed A $448M Navy Deal—What It Means for U.S. Shipbuilding!

The U.S. Navy just signed a $448 million contract with Palantir Technologies to overhaul how it maintains and repairs nuclear submarines. This...

Baptista Research

INDIA NUCLEAR — SHANTI BILL 2025: From Liability Paralysis to a $550–750bn Private-Build Pipeline

​SHANTI transforms nuclear energy into a bankable asset class in India, with a shift towards a 100-GW build mandate and focus on SMRs and...

Rahul Jain

Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

​Micron struggling to meet memory demand, supply crunch expected through 2026. Trump Media eyes fusion firm for AI data center expansion. KB Homes...

Andrew Jackson

Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain

​AI-driven power demand, decarbonisation, and energy security are boosting nuclear in Asia, with Kazatomprom, Mitsubishi Heavy, and Doosan...

Rahul Jain

NOV Enters the SMR Race—And It Could Reshape the Energy Future!

While Natura did not acquire NOV itself, the transaction marks the first time an advanced nuclear developer has strategically aligned with NOV’s...

Baptista Research

Palantir Just Landed A $448M Navy Deal—What It Means for U.S. Shipbuilding!

The U.S. Navy just signed a $448 million contract with Palantir Technologies to overhaul how it maintains and repairs nuclear submarines. This...

Baptista Research

SHANTI transforms nuclear energy into a bankable asset class in India, with a shift towards a 100-GW build mandate and focus on SMRs and...

Micron struggling to meet memory demand, supply crunch expected through 2026. Trump Media eyes fusion firm for AI data center expansion. KB Homes...

AI-driven power demand, decarbonisation, and energy security are boosting nuclear in Asia, with Kazatomprom, Mitsubishi Heavy, and Doosan...