Three Things (4/19)
Apr 19, 2022
The below content and projections are the opinion of the authors. Any conclusions or takeaways are their own. This should not be considered as investment advice. Investing involves the risk of loss and returns are not guaranteed.
1) Energy Department set to announce $6 billion program to extend nuclear plant life as alternative energy plans take shape
- The program is expected to offer credits to keep operational nuclear power plants that are set to close due to economic reasons.
- The U.S. currently has 93 operational nuclear reactors, providing about 20% of electricity nationwide.
- The Biden administration is targeting a carbon-free electric grid by 2035.
Titan’s Takeaway: As Titan clients have been aware for some time, we’re constructive on nuclear power’s role in the future of clean energy and have expressed this view through our investments in uranium miners. The recent surge in energy prices has only heightened the focus from elected officials on what power sources might help nations achieve their ambitious emissions goals.
2) Rivian warns of massive supply shortages as electric vehicle transition ramps in the coming years
- The EV-maker said the current chip shortage is a “small appetizer” compared to the materials shortage facing car battery supplies.
- Last month, Rivian said it would produce just 25,000 vehicles this year, less than the 40,000 analysts had expected, citing materials shortages.
- Rivian, which raised $12 billion in an IPO last year, sold 1,227 vehicles in the first quarter.
Titan’s Takeaway: Auto manufacturers have emphasized a push to electrify their fleets in the coming years, and invested billions to see these plans through. Financial resources making bigger plans than physical resources can make happen, however, has become a recurring theme in the modern economy.
3) Apple expected to win NFL’s “Sunday Ticket” rights as push into live sports deepens
- The new “Sunday Ticket” package is expected to cost up to $2.5 billion per year, up from the $1.5 billion DirecTV currently pays.
- Apple began streaming MLB games on TV+ this year, its first foray into live sports.
- Reports say the deal is “done” but being kept quiet per a request from Apple; the company reports its next quarterly results on April 28.
Titan’s Takeaway: The world of sports has migrated onto streaming platforms at a modest pace, to say the least. The NFL bringing a package targeting its most dedicated fans to Apple TV+ would mark a step-change in this relationship, in our view.
Cash Management
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