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Greetings! Big tech has well and truly gone nuclear. Amazon's announcement today that it has signed three deals for the development of nuclear power reactors—including leading a $500 million funding round for a reactor developer called X-energy (not related to the X-obsessed Elon Musk)—demonstrates clearly how the tech industry is helping to revive nuclear power in the U.S. after years of decline. Yes, some of us have gotten over the trauma left by "The China Syndrome." Two days ago, Google signed a power purchase agreement with a California nuclear energy startup, Kairos Power, while last month Microsoft agreed to a similar purchase agreement with energy firm Constellation. Microsoft's deal got headlines because it will lead to Constellation restarting part of the Three Mile Island nuclear power plant in Pennsylvania, although—we add hastily—not the part that scared millions of people out of their wits in 1979 by nearly melting down. The TMI reactor to be restarted was shut down just five years ago because it was losing money, a major factor in many closures of nuclear power plants in recent years, according to this Congressional Research Service report on the subject. That report, from 2021, said 12 U.S. reactors had closed since 2012 and another seven were slated to close by next year. As of last year, 93 reactors were still operating in the U.S., according to the Energy Information Administration. But the share of U.S. electricity supplied by nuclear plants declined to 18.2% in 2022 from 20.2% in 2009. Tech's desperate need for new sources of power to feed the hungry data centers that drive artificial intelligence products could turn things around. (See our deep dive on that subject from January.) Amazon is leading the way. In March, it agreed to pay Talen Energy $650 million to buy land for a new data center next to Talen's Susquehanna, Pa., nuclear plant. At the same time, Amazon Web Services entered into a power purchase agreement with Talen. Today's deals are in addition to that one. (Here's our early story on the Talen drama, which is still undergoing a regulatory review.) None of these deals will lead to power anytime soon. Most involve funding the development of new nuclear reactors, which will take many years to come online. Even Microsoft's agreement with Constellation for TMI won't be quick: That reactor isn't scheduled to come back online until 2028, after Constellation has spent money upgrading the plant and after it gets regulatory approvals to restart. But hey, if big technology companies don't think ahead, who will? Apple is going through some high-level management turnover. Bloomberg's Mark Gurman broke the news today that Carol Surface, Apple's HR chief—or as the company calls it, chief people officer—is departing. Surface had joined only in March of last year, so her stint there was short. (Perhaps she should switch to Microsoft where her last name would fit better with the product lineup). Surface was the first chief people officer at Apple, whose HR function was previously overseen by Deirdre O'Brien. O'Brien held the job while also running Retail, a role she still occupies. Bloomberg said O'Brien will resume the HR job now. Some other longtimers to leave lately include Dan Riccio, a 26-year veteran who used to run hardware engineering but most recently was vice president of headset products. And in August, Apple said its longtime CFO, Luca Maestri, would step down from that role but stay at Apple with a smaller job overseeing corporate services such as IT and real estate. • Data center startup Crusoe Energy is raising an equity financing, coinciding with a $3.4 billion deal it announced on Tuesday to finance construction of a data center in Texas. • Morgan Stanley reported 56% growth in investment banking revenue, thanks to more mergers and acquisitions advisory work, higher underwriting fees as the IPO market reopened, and an increase in fixed income fees. • Instacart appointed an Uber engineering executive, Anirban Kundu, as chief technology officer, Bloomberg reported. Dealmaker was named the "Best in Business" newsletter for its insightful coverage of private technology and the AI hype cycle. Start receiving the newsletter here. | 
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