Constellation's big power play

0:00Welcome to Seeking Alphas Wall Street Breakfast, where we cover the top news for investors every morning. Good morning! It's good to be here with you on this Thursday, the 1st of October. I'm Julie Morgan. Constellation Energy and Amazon have signed a 20-year power agreement. The agreement will support more than $3 billion of investment in Constellation's Calvert Cliffs Nuclear Plant in Maryland, including an expansion of the facilities generating capacity. The company is also entered into a retail electricity supply agreement, covering Amazon operations in the 13th state PJM electricity market. The power generated at Calvert Cliffs will continue to flow into the regional grid rather than being delivered directly to Amazon facilities. For investors, the agreement gives Constellation a long-term customer commitment, supporting capital investment and the continued operation of an existing nuclear asset at a time when electricity demand is rising, in part because of data center expansion.

1:05For Amazon, the contract provides a long-term source of electricity for its regional operations, while helping the company manages exposure to power costs. Tencent has signed a five-year lease with Oracle for access to about 100,000 advanced AI chips. According to the Financial Times report, the agreement covers multiple Oracle data centers in Southeast Asia and is estimated to be worth about $7 billion with roughly 30% paid up front. The deal gives the company access to advanced chips that are not available in China. Tencent and Oracle did not immediately respond to seeking Alpha's request for comment. Tencent has been accelerating its AI infrastructure spending. Its capital expenditure jumped 176% year-over-year in Q2. For Oracle, the deal helps to diversify its AI customer base beyond open AI. Now an update on Micron technology, MU was our main topic on Wednesday's edition of Wall

2:09Street launch. The memory giant reported fiscal fourth quarter results and guidance after the bell on Wednesday that topped Wall Street's expectation. For the period ending September 3rd, Micron said it earned an adjusted $33.42 per share, as revenues saw $379.1 per cent year-over-year to $54.23 billion. Analysts had expected the company to earn an adjusted $31.72 per share on $51.49 billion in revenue. Revenue from its cloud memory business unit nearly doubled sequentially. Shares have jumped more than 237 per cent year-to-date and more than 536 per cent over the past year. According to the first quarter of fiscal 27, Micron said it expects adjusted earnings between $37.15 and $39.15 per share above the $35.47 per share estimate.

3:10Sales are forecast to be between $60 and $63 billion, which is well above the $57.4 billion estimate. Now for a trending search topic on seeking alpha, Trump ACA refund checks. You may remember that we gave you a heads up about this last month. Nearly 1 million individuals who receive healthcare coverage through their affordable care-act exchange plans will receive a $500 refund due to user fees passed on to them through higher premiums. According to the White House, the check start going out this month. The refunds will be provided to those who did not receive any federal subsidies and only in the 30 states where exchanges are run by the federal government. I have a couple of items for you on our catalyst watch. The ticking fee on the Paramount Skydance purchase of Warner Brothers Discovery begins. Every day until closing, we'll add $7 million to the final deal price.

4:10Quarteva will officially spin off its seed and genetics business into a new company called Vyloor. For every Quarteva share held at the close of the September 24th record date, a shareholder is due one Vyloor share. Quarteva says the split will let each business set its own investment priorities and operating strategy. On Wall Street Stock Index futures are in mixed territory. Crude oil is up 2.4% at 92 Bux-A-Berro. Brent Crude is up 2.4% at $100 a barrel. The FTSE 100 is down 1.8% and the DAX is down 1.2%. And the markets in China and Hong Kong were closed today for a holiday. Alphabet is on our biggest movers list up 4%. Shares edge tire after Google provided a first look at Gemini 4 Argon. Its latest frontier AI model. And a couple of items to look out for on the calendar today at 8.30am jobless claims

5:13and at 10am construction spending. That's it for today's Wall Street breakfast. Thanks for listening. To take full advantage of Seeking Alpha with coverage on significant stocks and ETFs, become a premium subscriber. Check out SeekingAlpha.com slash subscriptions. I'm your host Julie Morgan. Go out and make it a great day.