4th Wealth Window Set to Open by November 30

Two names at the center of the AI power trade report before the open this morning, and neither result will be the story. The story is what management says next.

Shares of TeraWulf fell about 14% on Thursday, extending Wednesday’s 6.6% decline, as investors sold off crypto-linked and AI data center stocks after the midterm elections. Thursday’s drop sent TeraWulf to an intraday low of $9.51, a new 52-week low, with the stock having lost roughly two-thirds of its value since hitting a 52-week high of $29.84 in late June. Oklo’s slide is steeper by duration. The stock made a 52-week high around $120.95, and was trading near $19 by Thursday’s close.

What Changed This Week

On November 4, TeraWulf announced the execution of credit support agreements with Google in connection with debt financing supporting approximately $19 billion of contracted lease commitments with Anthropic at its Justified Data Campus in Hawesville, Kentucky. Under the Anthropic lease, TeraWulf will provide approximately 401 MW of critical IT load, with an initial term of 20 years commencing upon delivery. That is about as creditworthy a counterparty stack as the sector has ever assembled, a 20-year tenant backed by one of the largest companies in the world.

The market sold the stock anyway. Good news from Google was not enough to keep TeraWulf out of the broader selloff in AI data center stocks, even after Google’s support for Anthropic’s leases at its Kentucky campus. That disconnect is the real question entering this morning’s earnings call.

The Political Variable

The midterm results introduced something the sector has not had to price before: organized voter resistance to the buildout itself. Ashville voters overturned a resolution allowing for an EdgeConneX data center with 82% of the vote, and Chouteau Township in Madison County, Illinois, voted 83% against an advisory question on allowing data centers. An NPR/PBS News/Marist poll of registered voters conducted October 19-20, 2026 found 74% of independents oppose a data center in their community.

The bull case is that none of this touches paper already signed. Under the Justified Data Campus lease, Anthropic’s payment obligations are expected to be supported by credit support from Google, and rent commences upon delivery of the leased premises for a 20-year term. Signed contracts with investment-grade backstops do not dissolve because a township in Illinois held a vote. The bear case is that the political climate complicates permitting, utility cooperation, and financing for everything that is not yet signed.

Analysts expect TeraWulf to report a loss of about 19 cents per share on revenue of $61.8 million, and the company has missed EPS estimates in its last four quarters. The numbers are almost beside the point. What the investment committee needs is management’s read on whether the Google-backed Anthropic contract is proceeding on the delivery timeline, and whether the broader political environment has changed any utility or financing conversation.

Oklo: Pre-Revenue in a Post-Enthusiasm Market

Oklo enters its call in a different place. Consensus expects Q3 revenue of roughly $1 million and a loss of $0.24 per share. The company develops the Aurora Powerhouse small modular reactor and intends to sell electricity and radioisotopes produced by those reactors. No Aurora is operating yet. At current prices the company carries roughly a $3.6 billion market valuation despite generating little revenue.

The split between nuclear operators with signed offtake agreements and those still seeking customers is sharpening across the sector. Google’s move to lock in decades of Finnish nuclear capacity illustrates exactly the divide Oklo must cross to justify its valuation.

The question for Oklo is whether the regulatory path and the AI customer pipeline it has been assembling remain intact as enthusiasm in the sector cools. Full-year 2026 revenue estimates have climbed from $1.7 million to $3.95 million over the past 90 days, suggesting analysts are building in acquisitions rather than reactor output. The earnings call this morning will be the first chance to hear management respond directly to the political noise around data center power demand.

Stocks to Watch

TeraWulf (WULF). The core holding for investors who believe contracted power demand is insulated from political backlash. Morgan Stanley, which boosted its price target to $65, argues the recent pullback does not match TeraWulf’s contract value or its growth catalysts. Bernstein cut its target from $36 to $20 but kept an Outperform rating, reflecting the same disagreement about whether the discount is opportunity or warning.

Oklo (OKLO). Higher risk, longer duration. The stock needs regulatory progress on the Aurora reactor and a demonstration that its AI customer pipeline is not purely speculative. This morning’s call is where management either builds that case or fails to.

BWX Technologies (BWXT). Management has described demand in its end markets as unprecedented, complementing strong government revenue streams. Institutional infrastructure funds and clean energy portfolios are increasingly recognizing nuclear as a necessary component of the energy transition, and as data center operators sign long-term purchase agreements for nuclear baseload power, businesses that produce core reactor components are positioned to capture significant value chain share. BWXT generates real earnings, holds government contracts that do not depend on data center sentiment, and offers exposure to the same theme with far less binary risk than either OKLO or WULF.