Nuclear’s global share fell from 17.5% (1996) to ~9% (2024) and is flat outside China. That’s not a golden age. Of the 63 reactors under construction worldwide, all but four are backed by China or Russia. No country has an operating repository yet, not even Finland. France had more than half its fleet down in 2022 from corrosion, and had to throttle reactors again this year from heat. And unlike renewables — ~40% of German renewable capacity is literally owned by private citizens and farmers through energy co-ops — nuclear requires the kind of capital and secrecy that only states or utilities can provide. 19 EU reactors are still fully fuel-dependent on Russia’s Rosatom right now, which bundles its reactor exports with political influence programs. That’s not a coincidence, it’s structural.