Google Signs 20-Year Nuclear Power Deal With Constellation

Alphabet has committed to a 20-year power purchase agreement for nuclear reactor output from Constellation Energy, Benzinga reported earlier today. The multi-decade pact sends dedicated baseload capacity to Google data centers to feed growing power demands from artificial intelligence infrastructure, pushing Constellation shares higher across the morning tape. Industrial tech consolidation and hyperscaler energy commitments have dominated the morning headlines. Investor's Business Daily noted the contract immediately propelled Constellation to the top of the S&P 500 leaderboard, reflecting relentless corporate demand for zero-carbon generation capable of running around the clock without intermittent supply disruptions. That corporate flow lands on an equity complex that is already firmly clamped by options dealers. On my board, SPY trades at 780.80, up 0.77% on the session, but sits directly beneath its 781 call wall. The index is positioned in positive gamma with the flip down at 768.62 and the put wall at 773. In positive gamma territory, dealers operate as mechanical shock absorbers, selling into strength and accumulating dips to keep their delta books hedged. When spot collides with a dense overhead call wall under those conditions, upward momentum typically stalls as hedging requirements actively drain session velocity. QQQ is navigating a nearly identical ceiling. Tech futures pushed higher following the energy deal, putting spot at 762.73, up 0.88% on the session. That run places the index within pennies of its 763 call wall. Like the broader market, tech dealers sit deep in positive gamma above a 750.98 flip line, with a put wall resting at 749. While long-dated commercial agreements confirm the scale of corporate capital expenditure into power generation, the intraday tape remains governed by dealer inventory. Both major indices are running straight into their primary overhead boundaries, where positive gamma hedging leaves little room for uncontained follow-through.