Recent stock-market discussions highlight a growing concern: the energy and infrastructure demands of artificial intelligence, often referred to as “AI factories”, are enormous.
If we assess the situation strictly through traditional business metrics, the outlook appears challenging. For instance, HSBC recently warned that the AI sector could face sustainability issues in the near future, driven by the massive capital required for data centers and energy supply. However, rather than focusing exclusively on this pessimistic view, it is worth examining the other side of the equation, the structural and long-term value that AI technologies can generate.
At the end of the day, what do AI factories fundamentally require? Energy.
This leads to a crucial question: why are all major technology companies suddenly investing hundreds of millions of dollars in small modular reactor (SMR) technology?
The answer may be straightforward. To survive, not only in the AI race but also in their core businesses, big tech companies must secure energy that is reliable, affordable, and scalable. Producing energy internally, or securing long-term nuclear supply agreements, is one of the few viable ways to contain the rising energy costs associated with a business-as-usual approach.
I may be mistaken, but it increasingly appears that we are approaching a new nuclear renaissance. In practical terms, nuclear energy may be the only realistic way to combat climate change while preserving today’s level of technological advancement and digital growth.
This does not imply abandoning renewable energy. On the contrary, renewables remain essential—but they are not sufficient on their own. The near future will likely depend on a diversified energy portfolio, combining renewables with nuclear power.
It is no coincidence that renewed interest in nuclear energy coincides with the rise of small modular reactors. SMRs (Small Modular Reactor) are less expensive, more flexible in their applications, deliver strong performance, and require fewer personnel to operate. For energy-intensive, always-on digital infrastructure, this combination is particularly compelling.
A telling example is Newcleo, the Italian company founded by Stefano Buono, one of the leading figures in nuclear medicine. Years earlier, Buono founded AAA – Advanced Accelerator Applications, which became a global benchmark in radioligand isotopes for cancer radiotherapy. After selling the company to Novartis, it later became part of the Siemens Healthineers ecosystem.
What did Stafano Buono do next?
He founded another startup, this time focused on manufacturing small, flexible, and highly secure nuclear reactors, designed to be compact enough for installation close to where energy is consumed—even in urban or semi-urban environments.
