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Conway Gittens: I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching today on TheStreet.
There was little movement on Wall Street on Friday after big gains earlier in the week. All eyes were on Apple on the first day of sales of the new iPhone 16. Nervousness abounded after online pre-sales failed to meet expectations.
Watch ICYMI this week:
- Huawei responds to Apple's iPhone 16 with the first foldable phone
- crypto criminals are stealing more money than ever before
- bitcoin could hit $420,000 by 2030, says crypto bull
- Most state attorneys general agree that social media is a problem
Next week, investors will receive quarterly updates from Costco and Micron Technologies, summarizing data on home prices, home sales and consumer inflation.
In other news: The site of the worst nuclear accident on US soil will be reopened to provide exclusive nuclear power for Microsoft's artificial intelligence business.
The Three Mile Island nuclear reactor in Pennsylvania was shut down completely in 1999, but one of its nuclear reactors will be restarted in 2028, according to plans that must first be approved by the Nuclear Regulatory Commission. There are no plans to restart the other reactor, which suffered a partial meltdown in 1979.
Joe Dominiguez, chief executive of Constellation Energy, which owns the nuclear facility, said in a statement: “Powering industries critical to our nation’s global economic and technological competitiveness, including data centers, requires a wealth of reliable, carbon-free energy every hour of every day, and nuclear plants are the only energy sources that can consistently deliver on that promise.”
While nuclear power is capable of generating vast amounts of energy without carbon emissions and is not limited like wind or solar power, it has several drawbacks. The biggest, of course, is the long life of the toxic waste it produces, which must be stored safely to prevent leaks and contamination.
tech giants like Microsoft are hungry for new sources of energy to keep data centers and artificial intelligence operations running without interruption and see nuclear power as a viable source.
Financial terms of the 20-year contract were not made public, but Constellation says it will add 3,400 jobs and boost Pennsylvania's economy by $16 billion.
That's it for the daily roundup. From the New York Stock Exchange, I'm TheStreet's Conway Gittens.
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