What We Learned This Week

Meta Bets Big on Nuclear: Meta this week signed a 20-year deal with Constellation Energy to purchase nuclear power—a notable move as tech giants increasingly look to nuclear to meet the surging power demands of their data centers. Beginning in 2027, Meta will buy roughly 1.1 gigawatts of energy from Constellation’s Clinton Clean Energy Center in Illinois—effectively the entire output of the plant. While the energy won’t flow directly to Meta’s data centers, it will continue to support the broader grid. The deal also includes plans to boost the plant’s output by an additional 30 megawatts.

This is a significant signal. Without Meta’s commitment, the Clinton facility was at risk of closure once government clean energy credits expired. Instead, it’s now a flagship example of nuclear’s resurgence as a viable, long-term clean energy solution. Meta joins a growing list of tech firms making similar moves: Microsoft signed a 20-year deal last fall to buy power from a restarted Three Mile Island facility, and Google is working with Kairos Power to develop next-gen modular nuclear sites. The Trump administration is also aiming to quadruple U.S. nuclear output by 2050. For all its baggage, nuclear remains one of the safest, most efficient forms of carbon-free energy when done right—and with the growing power needs of AI and cloud infrastructure, it’s increasingly hard to ignore.

Wells Fargo is Back: After nearly seven years, the Fed this week officially removed the asset cap it placed on Wells Fargo back in 2018. The move marks a turning point for the bank, which has been operating under significant regulatory constraints for the better part of a decade. The cap—an unprecedented action at the time—was implemented following a series of scandals, most notably the fake accounts debacle that led to over $3 billion in fines and a major reputational hit.

Since then, Wells Fargo has undergone a substantial rebuild under new leadership, investing heavily in its risk management, compliance infrastructure, and internal controls. And despite the cap, the bank has delivered solid performance relative to peers over the past several years. With the restriction now lifted, Wells is finally in a position to grow again and deploy its improved systems more broadly. If we enter a period of renewed business investment and economic expansion, this could position the bank to regain meaningful market share.

Amazon Doubles Down on AI Infrastructure: Amazon announced plans this week to invest over $10 billion in new data center infrastructure in North Carolina, part of the company’s broader $100 billion capex budget for the year—much of which is being directed toward AI initiatives. For anyone anticipating a slowdown in AI-related spending, this certainly doesn’t suggest one. The race to build out capacity remains in full swing among the major tech players.

One of the more interesting things to watch going forward will be where these investments land geographically. Amazon’s new project is expected to create over 500 direct jobs and bring meaningful economic lift to the surrounding region. But data center siting is complex—it requires strong infrastructure, reliable power, logistics access, and water for cooling. As AI continues to scale, there’s real potential for new geographic tech hubs to emerge, especially in regions like the Midwest that offer cost advantages and underutilized industrial infrastructure.