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1. Japan versus US.

Japan's forward P/E ratio is 13.5, or a 7.4% earnings yield. That is a 609bps premium to the 1.31% yield in 10-year Japanese government bonds.

For context, the S&P 500 trades for 20.6 times forward earnings, for an earnings yield of 4.87%. That is just 0.56% over 10-yr T-Notes.

Source: Jeff Weniger

2. Renewable technologies are growing exponentially.

The energy transition is at a global tipping point, driven by the exponential growth of renewable energy. This decade will be disruptive, as renewable technology sales race up the S-curve.

Solar and batteries will start to rapidly replace coal and gas this decade, and EVs will displace millions of barrels of oil a day.

This is just the beginning.

3. Batteries are booming.

They were the biggest energy transition story of 2024 and growth continues to outpace all other clean energy technologies.

An almost continuous cost decline has seen demand soar, and over the past three years it is the stationary battery storage segment that has been leading the way, growing 52% last year compared to 25% growth for EV battery demand.

Overall, battery capacity in GWh in the top 20 countries is expected to grow by a whopping 289% between 2024 and 2027, based on planned capacity additions.

Batteries offer grid flexibility and pair well with the growing buildout of wind and solar.

Europe’s largest battery storage facility is now officially operational at Blackhillock, Scotland—a major milestone in the UK’s push for a net-zero power grid by 2030.

Capacity: 300MW/600MWh – enough to power 3.1 million homes for two hours.

4. Uranium comes back to life.

Uncertainty around US tariffs kept utilities sidelined through Q1, with contracting activity down 9% YoY and US purchases halving. However, with uranium exempt from reciprocal tariffs, procurement has picked up, the extent of any uptick may be held back by the ongoing tightness in conversion capacity.

Nuclear renaissance is intact with China leading global nuclear growth, approving 10 new reactors in April, making 2025 the fourth consecutive year of 10 or more approvals. Elsewhere, Google has agreed to provide early-stage development capital for 3 sites for advanced reactors, underscoring how AI will continue to drive long-run demand.

5. Alphabet is worth $260 per share according to Barron's.

However, Apple executive Eddy Cue revealed that the iPhone maker is exploring adding AI-powered search to its browser, after search activity in Safari declined for the first time ever in April. Apple is now considering alternatives to Google—including OpenAI, Perplexity, and Anthropic. "Today could mark a historic turning point in sentiment toward Alphabet," says Melius’s Reitzes.

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