Does NuScale Hold the Key to Clean Energy?NuScale Power announced a significant engineering milestone on September 1, 2026. Working with nuclear materials manufacturer MillenniTEK, the company fabricated first-of-a-kind boron-oxide pellets. These components serve NuScale's passive emergency core cooling system. The achievement is a manufacturing milestone, not a deployment milestone. No pellets are installed in an operating reactor. NuScale offers a distinct value proposition for energy markets. Investors must evaluate this innovator across multiple complex dimensions.
Geopolitics and Geostrategy
Energy independence drives modern national security protocols. NuScale capitalizes on this geopolitical shift. The company supplies technology to the RoPower project in Romania.
Nuclearelectrica shareholders approved the final investment decision on February 12, 2026. The plan covers six modules totaling 462 MWe at a former coal site in Doicești.
The approval carries explicit conditions. Nuclearelectrica listed mandatory requirements that condition project feasibility. The target is operation at the beginning of the next decade. Analysts project the first module online around 2033.
This placement helps Eastern Europe reduce reliance on hostile energy suppliers. Nations globally seek safe and scalable nuclear options. NuScale provides a vital geopolitical tool for allied countries.
Macroeconomics and Economics
The broader economic landscape presents both hurdles and opportunities. High interest rates stifle capital-intensive energy projects. The Federal Reserve raised its target range to 3.75% to 4.00% on September 16, 2026. NuScale experienced cost pressure directly when its Utah project collapsed in 2023. The Carbon Free Power Project with UAMPS ended amid escalating costs.
Macroeconomic demand for clean electricity remains explosive. Data centers and grid electrification require massive power outputs.
The Tennessee Valley Authority opportunity belongs to ENTRA1, not NuScale directly. TVA signed an agreement with ENTRA1 Energy on September 2, 2025. ENTRA1 would develop and own six plants across TVA's seven-state region. It would sell output to TVA under future power purchase agreements. NuScale supplies the reactors. The memorandum is non-binding and confidential, with no disclosed timeline or financial terms.
NuScale has already incurred a $495 million milestone payment to ENTRA1 under that arrangement. The company ended Q2 2026 with $1.9 billion in cash and investments.
Industry Trends and Business Models
Traditional nuclear construction suffers from severe cost overruns. NuScale attacks this industry trend directly. The company adopts a business model based on pre-fabrication.
Management has assembled a network of more than 60 specialized partners. It has executed over 30 agreements, covering more than half that network. NuScale awarded Paragon a contract for final design development of the Highly Integrated Protection System. Doosan Enerbility has completed two years of production on heavy forgings.
Components are manufactured before construction begins. This strategy targets the on-site engineering bottlenecks that sank earlier projects. It aims to transform nuclear plants into scalable and repeatable products.
Management, Leadership, and Company Culture
Effective leadership requires adaptability and strategic foresight. NuScale management learned painful lessons from the Utah cancellation. Executives now prioritize supply chain resilience and strategic partnerships. ENTRA1 Energy serves as the exclusive global commercialization partner. This partnership model reflects a culture focused on pragmatic execution. Leaders aim to avoid repeating past on-site construction mistakes.
Science, Technology, and High-Tech
NuScale advances nuclear science through passive engineering. Traditional reactors rely on active mechanical insertion of control rods. They also use powered chemical injection pumps during nonstandard events.
NuScale engineered a passive alternative. Boron-oxide pellets sit in baskets inside the containment vessel. On ECCS actuation, vent valves release steam into containment. The steam condenses on the containment wall and runs down. Some condensate routes into the baskets and dissolves the pellets. Recirculation valves then feed the borated water back into the core.
Boron absorbs neutrons efficiently. The boron-10 isotope does almost all the work. This reduces the neutrons available to sustain the reaction. The system controls core reactivity without operator intervention. MillenniTEK achieved production yields above 95%.
Patent Analysis and Regulatory Moat
Intellectual property forms a core part of NuScale's competitive position. The NRC certified the 50 MWe US600 design in 2022. The NRC granted a Standard Design Approval for the uprated 77 MWe US460 module in May 2025. Each module produces 77 MWe and scales to 924 MWe across twelve modules.
As of Q2 2026, the company states it holds the only NRC design certification in the SMR industry. That status is a genuine head start.
Investors should note the limits. The design approval does not eliminate site-specific licensing requirements. Construction and operating permits remain outstanding for any US project. NuScale protects its designs through patent filings.
Cybersecurity Imperatives
Digital threats pose critical risks to modern power grids. Attackers target digital control systems across the energy sector.
NuScale's passive design reduces the attack surface. The boron-oxide cooling system does not require powered injection pumps. The pellets dissolve and borate the coolant without operator commands. Fewer active components mean fewer remotely exploitable pathways.
The plant still runs a protection system. NuScale contracted Paragon to complete final design development of the Highly Integrated Protection System. Passive safety narrows cyber exposure. It does not eliminate it. 
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Potential short METAThe analysis shows three volume profiles:
The first profile, on the far left, covers the entire period from July 2023 to the present.
The second covers the period from July 2024 to the all-time high (ATH).
The third covers the period from the ATH to the present.
In the first and largest volume profile, we can see that the price is currently trading within a clear high-volume node. By studying the third profile, we can determine when this volume was built. Since it developed relatively recently, it suggests that aggressive sellers have been active around the current level. This increases my interest in looking for a potential short setup.
The analysis is based on the 70% rule. The price has already moved approximately 70% through the balanced area and could therefore rotate back into the balance, where the market has found acceptance since September 2025.
If I see clear absorption on a lower timeframe, such as the 10- or 15-minute chart, followed by sellers regaining control and beginning to push the price lower, I may consider entering a short position.
Could the price break above USD 676 and continue higher? Absolutely. There is never any guarantee that a level will hold simply because it has done so in the past. However, the area is becoming increasingly interesting from a risk-to-reward perspective for anyone looking for a potential short entry. 
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LVMH, after the fall, an opportunity?LVMH’s share price has lost 55% since its all-time high in spring 2023, with the price falling from more than €900 to €400. LVMH is by far the world’s leading company in the luxury sector, so after such a sharp stock market decline, could the stock once again soon represent an opportunity?
To answer this question analytically, I suggest looking at stock market valuation ratios and technical analysis signals from the financial markets.
· Stock market valuation ratios: forward P/E, traditional P/E and Price-to-Sales
· Medium- and long-term technical analysis signals based on the weekly Japanese candlestick chart
But first, let us recall why LVMH’s share price has lost more than 50% since its 2023 record high.
The main reason is the sharp reversal in the luxury cycle after several exceptional years of growth. From 2023 onwards, demand gradually normalized, with a particularly pronounced slowdown in luxury consumption in China, a strategic market for LVMH. The group also suffered from the consequences of the very significant price increases implemented in recent years, which gradually pushed part of its so-called “aspirational” customer base away. In 2024, LVMH’s revenue therefore declined by 2%, followed by another 1% decline in 2025, while recurring operating profit suffered more significantly.
This was compounded by a less favorable macroeconomic environment, geopolitical and trade tensions, as well as uncertainties surrounding consumer spending in the United States and Asia. The stock market primarily penalized the decline in earnings expectations: LVMH was valued at very high multiples at its 2023 peak, based on growth that appeared capable of continuing for a prolonged period. When that growth reversed, the contraction in the valuation multiple amplified the decline in earnings.
The question now is whether this sharp decline has sufficiently priced in the current difficulties to once again offer an attractive entry point.
First piece of good news: from a stock valuation perspective, LVMH is once again an opportunity, especially compared with its competitors.
The table below shows the global top 5 listed companies in the luxury sector, together with their forward P/E ratios. After a 55% decline from its all-time high, LVMH now trades at a significant discount to its competitors in terms of stock market valuation.
However, before returning to a buying position, the technical trend needs to stop being bearish, and the Ichimoku system can be useful in identifying this. The bearish trend will be over when the market is able to move back above the weekly Kumo of the Ichimoku system.
The chart below shows LVMH’s weekly Japanese candlesticks, together with the traditional P/E, forward P/E and Price-to-Sales valuation ratios. The stock remains in a bearish trend as long as the price trades below the weekly cloud of the Ichimoku system.
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EMICO ELICON## Emico Elicon Ltd. (CMP ₹2,277.00, NSE: EMICOELICON)
**The SmartWay Research Desk | 17 September 2026**
A Rajkot‑based engineering company, incorporated in 1964. Emico Elicon Ltd. is engaged in manufacturing **industrial gears, gearboxes, material handling equipment, and precision engineering components**, catering to industries such as cement, steel, power, mining, and infrastructure.
**Promoter Holding (Jun 2026):** **Patel Family & Associates — ~73.4% stake (no pledges)**
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### FY22–FY26 Snapshot
- **Revenue Growth:** FY26 revenue ₹1,142 Cr vs ₹982 Cr in FY25 (+16.3% YoY). → **Good**
- **Net Profit:** FY26 PAT ₹142 Cr vs ₹118 Cr in FY25 (+20.3% YoY). → **Good**
- **Operating Margin:** FY26 EBITDA ₹242 Cr, margin 21.2% vs 20.4% last year (+80 bps). → **Good**
- **Equity Capital:** Stable, face value ₹10. → **Good**
- **Dividend Policy:** Dividend ₹4.00/share declared for FY26. → **Good**
- **Asset Building:** Investments in **gearbox technology upgrades and export expansion**. → **Good**
- **Sales:** Strong demand from **cement, steel, and mining industries**. → **Good**
- **Expense:** Raw material cost pressures (steel, alloys) remain. → **Neutral/Good**
- **EPS:** FY26 EPS ₹28.25 vs ₹23.50 last year (+20.2%). → **Good**
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### Institutional Interest & Ownership Trends (Jun 2026)
- **Promoter Holding:** ~73.4% (no pledges)
- **FII Holding:** ~2.8%
- **DII Holding:** ~4.6%
- **Retail & Others:** ~19.2%
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### Strategic Moves & Innovations
- Expansion in **precision gearboxes for heavy industries**.
- Focus on **exports to Europe and Middle East markets**.
- Partnerships with **OEMs for long‑term supply contracts**.
- Diversification into **material handling and automation solutions**.
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### Cash Flow & Balance Sheet Strength
- Market cap ~₹2,800 Cr.
- Debt‑to‑equity ratio ~0.32 (low leverage).
- Book value per share ₹182.00; P/B ~12.5.
- EPS (TTM) ₹28.25; P/E ~80.6.
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### Risk Factors
- Very high **P/E ratio ~80.6**, valuations extremely expensive.
- Dependence on **industrial demand cycles (cement, steel, mining)**.
- Exposure to **commodity price volatility (steel, alloys)**.
- Competition from Elecon Engineering, Premium Transmission, and Flender India.
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### Investor Takeaway
Emico Elicon has delivered **robust FY26 performance**, supported by demand in cement, steel, and mining industries, alongside export expansion. With strong promoter backing (Patel Family, 73.4% stake), dividend payouts, and leadership in industrial gearboxes, Emico Elicon remains a **small‑mid cap engineering play**. At CMP ₹2,277.00, valuations are **extremely expensive (P/E ~80.6, P/B ~12.5)**, reflecting high growth expectations but also significant valuation risk. 
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Nvidia (NVDA) Bounce Likely Fails, Downside Targets $160–$188The Elliott Wave outlook for Nvidia (NVDA) indicates that the stock is undergoing a larger three‑swing correction from its all‑time high of $236.54, recorded on May 14, 2026. From that peak, wave (A) concluded at $189.8 as a five‑swing decline. A corrective rally in wave (B) followed, terminating at $234.78. The subsequent wave (C) is now unfolding lower and subdivides into a five‑wave impulsive structure, confirming that the correction remains active.
From the wave (B) high, wave ((i)) ended at $229.43, while wave ((ii)) retraced to $233.71. The decline continued with wave ((iii)) finishing at $217.2. A modest rally in wave ((iv)) reached $222. The final leg, wave ((v)), dropped to $208.93, completing wave 1 of a higher degree sequence. At present, wave 2 is advancing as a double three corrective pattern. From the wave 1 low, wave ((w)) rose to $216.76, followed by a pullback in wave ((x)) that ended at $212.5. This structure implies that the stock is likely to continue higher, aiming to complete a seven‑swing double three formation with a potential target zone between $220 and $225. As long as the pivot at $234.7 remains intact, rallies are expected to fail after completing the corrective sequence. This outlook favors further downside once the seven‑swing structure is complete. 
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