Equities Update: Nuclear, AI, Nvidia, AO World, Trustpilot, Kier Group…

Trump’s Visit: Nuclear + AI as Growth Engines

Lale Akoner, global market analyst, says: “This week’s UK state visit by President Trump is anchored by major announcements: a ~£50 billion nuclear pact and a “ground-breaking” tech agreement, alongside billions in UK data-centre investment from Nvidia, OpenAI, CoreWeave, and BlackRock. The UK government calls this the start of a “golden age of nuclear,” with projects expected to create thousands of jobs and cut licensing timelines in half. For markets, the signal is clear: governments and capital are doubling down on nuclear power and AI infrastructure as the growth engines of this decade. The UK’s closer alignment with the US strengthens its role in critical technologies, setting up direct competition with China and the EU.

“For retail investors, the implications are concrete. Centrica, Rolls-Royce, X-Energy, and Holtec stand to benefit from nuclear expansion, while data centre operators, REITs, cloud providers, and chipmakers capture upside from AI demand. The convergence of energy and technology exemplified by Holtec, EDF, and Tritax linking SMRs to data centers, creates multiple entry points. Despite weak UK growth, global inflows are making UK-linked assets an attractive play on energy security and digital infrastructure.”

AO world raises guidance ahead of AGM

Adam Vettese, market analyst for eToro says: “AO World’s AGM today is a key event as the group celebrates a record year, with adjusted pre-tax profit expectations rising to £45-50 million while core B2C sales jumped 12%. Investor scrutiny will focus on the resilience of AO’s margins and operational discipline, especially as management reiterates its ambition for greater than 5% PBT margin and a robust balance sheet supported by the musicMagpie acquisition.

“A major area of attention will be the future of AO’s mobile contract business, which posted an 11 percent revenue decline amid mounting competition and market headwinds. With goodwill impairments taken and the business under strategic review, shareholders will be alert to any announcement on pivoting toward SIM free and refurbished devices, leveraging recommerce capabilities introduced by musicMagpie.

“Additionally, AO’s pivot into lifestyle including fitness, health, beauty, and sustainable tech is likely to be highlighted as an avenue for future growth and enhanced customer retention. The AGM is set to test whether management’s transformation strategy, product diversification, and focus on cash generation can sustain AO’s turnaround and unlock further shareholder value.”

Trustpilot’s first half gets 5 stars

Adam Vettese, market analyst for eToro says: “Trustpilot’s latest results show some impressive momentum, with bookings up 19% and revenue climbing 21% in the first half of 2025. Strong demand from enterprise clients and robust cash generation, with net cash standing at $67 million even after $23 million in share buybacks, demonstrating the resilience and scalability of its SaaS model.

“The company has upgraded its full year EBITDA margin guidance to 14%, reflecting operating leverage and improving profitability. However, there are signs that bookings growth may slow in the second half, particularly as the company annualises last year’s product repackaging, and macroeconomic uncertainty in core markets could weigh on future performance.

“Importantly, regulatory scrutiny around review authenticity is intensifying, with the CMA’s crackdown on fake reviews putting greater responsibility on platforms like Trustpilot to ensure transparency and integrity. While this brings additional compliance costs, Trustpilot’s focus on review verification could reinforce its competitive position. Overall, Trustpilot remains a compelling growth story, but given the recent share price volatility investors will need to monitor market headwinds and regulatory developments closely as the landscape continues to evolve.”

Kier Groups earnings suggest the UK economy may be about to turn

Mark Crouch, market analyst for eToro, says: “Kier Group has built more than just roads this year, it’s laid foundations for significant upside momentum. Today’s full-year results were a solid blueprint of resilience, with revenue and margins both climbing, even as sentiment around the UK economy falters under the weight of a delayed budget and broader economic lethargy.

“Cynics will point to the usual risks, UK spending jitters, cabinet reshuffles, the ever-shifting sands of policy. But there’s a growing sense that Kier is building towards something. The shares are already up over 35% this year, but today’s numbers suggest there’s more to come. Kier’s £10.8bn order book is nicely aligned with the UK Government’s £700bn 10-year infrastructure pipeline, which, delayed budgets or not, still has to get built.

“Yes, questions remain around public sector spending, and Westminster dithering hardly helps. But Kier’s order book, discipline, and clear operational progress should give long-term holders a solid footing, while the dividend boost signals real confidence. For once, this is a UK contractor whose foundations look firmer than the politics it’s built upon.”