NuScale Power shares fell approximately 9.4% during regular trading after UBS downgraded the stock to Sell from Neutral and cut its price target to $6 from $10. The decline followed earlier gains tied to speculation that artificial-intelligence infrastructure could drive demand for additional electricity. UBS analyst Jon Windham cited NuScale’s five-year-or-longer construction schedule and lack of binding customer agreements, while assuming only one facility reaches groundbreaking by 2028. UBS forecasts about $700 million in cumulative cash outflows from 2026 through 2028 and does not expect positive net income before 2030. Revenue is projected to rise from $185 million in 2028 to $924 million in 2030, while UBS estimates 2028 EBITDA of $29 million versus $124 million implied by the current valuation. Limited progress involving the Tennessee Valley Authority and complications with the RoPower initiative add to concerns over NuScale’s commercial execution. The company has regulatory approvals and completed substantial design engineering, but still needs major contracts and project financing to convert that position into revenue-generating projects.