According to Bloomberg Business, French nuclear-fuel producer Orano SA may seek minority investors to help finance a planned $5 billion uranium enrichment plant in Oak Ridge, Tennessee. The company was just awarded $900 million by the US government this week as part of a push to restart domestic production and reduce reliance on Russian supplies. Orano is still studying funding options for the rest of the massive project, which could include equity, debt, and those potential minority partners. The state-controlled company, which already supplies US utilities from France, aims to make a final investment decision in 2026, pending approvals. If it moves forward, production at the Tennessee facility wouldn’t begin until 2031.
The big bet on American nuclear fuel
Here’s the thing: this isn’t just a random corporate project. It’s a direct piece of the US government’s strategic energy policy. The Trump administration is throwing money at three different nuclear-fuel makers to build up a homegrown supply chain. Why now? Two huge reasons. First, there’s surging power demand from all those data centers powering AI and everything else. Second, politicians are under massive pressure to do something about energy bills. Building domestic capacity for enriched uranium—the stuff that powers reactors—is a long-term play for energy security and, theoretically, price stability. But $5 billion is a staggering sum. Even with nearly a billion in government cash, Orano needs deep pockets. Bringing in investors spreads the risk, but it also means sharing control and future profits. It’s a classic infrastructure dilemma.
Newsom’s 2028 tightrope walk
Now, the article pivots hard to California Governor Gavin Newsom, who’s ending 2025 as a frontrunner for the 2028 Democratic presidential nomination. His relentless trolling of Trump has worked wonders for his profile. But the easy part’s over. As he’s termed out and enters his final full year as governor in 2026, he has to actually define what he’s for. And Bloomberg outlines three brutal paradoxes he faces. First, he’s trying to be an “affordability champion” from a state that’s become notoriously unaffordable on his watch. He’s pointing to new laws on housing and energy, but those are long-term fixes. As a PPIC survey shows, cost of living is the top issue for Californians, and nearly a third have cut back on food to save money. That’s a tough record to run on nationally.
Billionaires and budget black holes
The second paradox is maybe even trickier. Newsom loves to brag about California’s “nation-state” economy, but the state is staring down a multibillion-dollar budget deficit. And there’s a proposed ballot measure for a one-time wealth tax on billionaires. Newsom, who’s tight with many of those billionaires, has rejected such ideas before. But with some of those same tycoons now cozying up to Trump, progressive Democrats are framing this as a values test. Who does he fight for? As Politico reports, being seen as a defender of billionaires is a major political liability in today’s climate. How he handles the upcoming budget will be a huge signal.
The “authentic chameleon” problem
The final paradox is about his very identity. Is he a progressive? A moderate? He defies labels. He performed same-sex marriages as San Francisco mayor when it was illegal, but as governor has questioned transgender athletes in women’s sports. He downplayed a high-profile deportation, then became a vocal critic of Trump’s immigration raids. He’s a product of privilege who talks about his modest upbringing. So which version is real? The slick California elite, the vicious Trump troll, or the dyslexic son of a single mom? Voters will start deciding in 2026. And his ability to navigate these contradictions—without looking like he’s just calculating—will determine if he stays the frontrunner. A recent poll shows him leading the 2028 Democratic field, but that’s before the real scrutiny begins.
