According to Reuters, utilities across the U.S. are now projecting electricity sales growth far beyond what analysts expected just months ago. 

Data centers are a key driver of nuclear energy demand. In fact, nine of the top ten U.S. electric utilities have identified data centers as a primary source of customer growth, forcing them to revise both capital expenditure plans and long-term demand forecasts upward. 

Big Tech is Going Nuclear

Meta Platforms (NASDAQ: META) made a decisive move to meet nuclear energy demand. The company recently announced agreements to secure approximately 6.6 gigawatts of nuclear power capacity by 2035 to support its growing network of AI-driven data centers. One of those agreements involves Vistra Energy, which will supply electricity from three existing nuclear power plants.

Meta’s strategy reflects a broader reality: renewable sources like solar and wind, while essential, can’t always provide the consistent, around-the-clock power that AI infrastructure requires. Nuclear energy, on the other hand, offers reliability, scalability, and zero-carbon output—making it uniquely suited for this new era of demand.

Meta isn’t stopping there. It’s also partnering with Oklo to help develop a 1.2-gigawatt power campus in Ohio. The agreement includes a mechanism for Meta to prepay for energy, helping fund development and accelerate the deployment of Oklo’s next-generation nuclear technology.

Why Nuclear Energy is Back in Focus

For years, nuclear energy was largely sidelined due to high costs, regulatory hurdles, and public perception concerns. But the AI boom is changing that narrative.

Today, nuclear checks several critical boxes:

• Reliability: Unlike intermittent renewables, nuclear provides consistent baseload power
• Scalability: New reactor designs promise faster and more flexible deployment
• Clean Energy Goals: Nuclear produces virtually no carbon emissions
• Energy Security: Domestic nuclear power reduces reliance on foreign energy sources

As governments and companies race to secure stable power for AI, nuclear power is quickly becoming a priority.

How Investors Can Gain Exposure

For investors looking to capitalize on this trend, exchange-traded funds (ETFs) offer a diversified and accessible entry point into the nuclear energy space.

Global X Uranium ETF (URA)

The Global X Uranium ETF, with an expense ratio of 0.69%, provides broad exposure to companies involved in uranium mining and nuclear component production. Its portfolio includes around 50 holdings across the nuclear supply chain—from extraction and refining to equipment manufacturing. Top holdings include major industry players like Cameco (NYSE: CCJ), NexGen Energy (NYSE: NXE), Uranium Energy Corp. (NYSEAMERICAN: UEC), Paladin Energy (OTCMKTS: PALAF), Denison Mine (NYSEAMERICAN: DNN), and NuScale Power (NYSE: SMR).

VanEck Uranium and Nuclear ETF (URNM)

Another strong option is the VanEck Uranium and Nuclear ETF, which carries a slightly lower expense ratio of 0.56%. This ETF tracks an index focused on companies involved in uranium mining, nuclear facility construction, reactor engineering, and nuclear-based electricity generation. Its holdings include Cameco, Constellation Energy (NASDAQ: CEG), Oklo (NYSE: OKLO), Denison Mines, Uranium Energy Corp, and PG&E (NYSE: PCG).

The Bottom Line

In short, what we’re witnessing these days is the early stage of a major shift in how power is generated, distributed, and consumed. As hyperscalers like Meta lock in nuclear supply and utilities scramble to meet growing demand, we’re seeing a multi-year growth opportunity.

As the world leans further into AI and electrification, invest in nuclear energy with well-diversified, lower-cost exchange-traded funds.

President Donald Trump wants to quadruple nuclear power by 2050, according to BMO Capital Markets. And, according to an order from U.S. Secretary of Energy Chris Wright, “The long-awaited American nuclear renaissance must launch during President Trump’s administration. As global energy demand continues to grow, America must lead the commercialization of affordable and abundant nuclear energy. As such, the Department will work diligently and creatively to enable the rapid deployment and export of next-generation nuclear technology.”

We also have to remember that nuclear energy could be used to fuel the energy-intensive demands of data centers and artificial intelligence. 

“Last year, both Amazon (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT) signed agreements to offtake power from nuclear power stations. Meta launched a request for proposals to identify potential nuclear energy developers to support 1.4GW of new nuclear generation capacity across the US. Data center operators have also backed small modular reactor (SMR) technology,” added Data Center Dynamics.

That being said, investors may want to consider stocks such as:

Nuclear Stocks to Buy: NexGen Energy (NXE)

NexGen Energy (NYSE: NXE), a company specializing in uranium exploration and development, is primarily focused on the Athabasca Basin. Its flagship project is the Rook I project, which includes significant discoveries such as Arrow and South Arrow.

Fueling momentum, the company just secured a new uranium offtake contract with a major U.S.-based utility company for the delivery of a million pounds per year of uranium for five years.

Nuclear Stocks to Buy: Cameco (CCJ)

Cameco Corp. (NYSE: CCJ) is a way to get to the source when it comes to buying nuclear stocks. The company is a leading producer of uranium and supplies the entire nuclear industry.

Since bottoming out at around $37 in April, Cameco is now up to $119. And there’s still plenty of upside remaining. Analysts at Bank of America and BMO Capital raised their price targets. Most recently, CLSA analysts just initiated coverage of CCJ with an outperform rating with a price target of $102 per share. 

The firm added that the firm, which is already “well-positioned with substantial high-quality assets and market share across the nuclear fuel cycle, could ‘give customers a one-stop shop for the entire nuclear value chain’ from mine to reactor, making it ‘the most comprehensive play for the nuclear rejuvenation theme,’” as quoted by Tip Ranks.

Nuclear Stocks to Buy: Global X Uranium ETF (URA)

Of course, exchange-traded funds (ETFs) are a way for you to get broad exposure to nuclear stocks without having the risk that comes from picking one or more individual stocks. The Global X Uranium ETF (NYSEARCA: URA) provides investors with access to a broad range of companies involved in uranium mining and the production of nuclear components, including those engaged in extraction, refining, exploration, or the manufacturing of equipment for the uranium and nuclear industries.

The fund has an expense ratio of 0.69% and holds about 50 related uranium stocks, including NextGen Energy and Cameco. From a technical standpoint, the fund is up about 22% in 2026 as of this writing, but is down about 10% after hitting its 52-week high around $62 in late January. That could set up a buyable dip for patient, risk-tolerant investors.

The Nuclear Renaissance Is Becoming an Investable Megatrend

Nuclear energy is rapidly shifting from a long-debated concept to a practical solution for the world’s growing power needs—especially as AI, electrification, and data center expansion demand reliable, carbon-free baseload energy. Government support, long-term utility contracts, and renewed private-sector investment are creating a powerful tailwind across the nuclear value chain, from uranium producers to reactor developers.

Companies like NexGen and Cameco, along with diversified exposure through URA, offer investors multiple ways to participate in this structural shift. While volatility is always part of commodity-driven themes, nuclear’s multi-decade growth runway is becoming increasingly difficult for markets to ignore.

CCJ stock is up more than 137% in the last 12 months and over 617% in the last five years as the world, and notably the United States, embraces nuclear energy. At the core of this interest is the energy demands being created by artificial intelligence (AI).  

The data centers being built require power 24/7, 365 days a year. That demand is colliding with two realities in the United States. First, there isn’t enough cheap, clean energy to go around. And second, our nation’s aging electrical infrastructure has to be addressed. 

That’s a high-level view of the need for nuclear power, which is powered by uranium. That brings me back to Cameco.  This is a multi-year and, more likely, a multi-decade buildout. It’s a neighborhood that many companies (i.e., customers) are trying to buy into, but in many cases, the foundations for the houses haven’t been poured yet.  

That may explain why CCJ stock fell 3% despite a solid earnings report. And it’s also why, if you believe that nuclear energy will rise to meet the moment, Cameco stock deserves a place on your radar. 

The Supply Gap Keeping Cameco Under Construction 

Understanding Cameco’s supply gap requires looking beyond simple geology. There’s technically enough uranium in the ground to meet global demand for centuries. The challenge isn’t scarcity—it’s accessibility. 

The supply deficit exists because of industry-wide underinvestment following the 2011 Fukushima disaster. During Cameco’s recent Q4 2025 conference call, management emphasized their intentional discipline, stating they are “simply not prepared to satisfy that demand at today’s economics, which do not support sustainable supply.” 

This creates an interesting dynamic. Cameco and other producers have some production capacity they could expand, but they’re choosing not to commit at current price levels. The company is preserving “significant uncommitted volumes to be priced when more demand comes to the market.” They’re betting that utilities will eventually be forced to accept substantially higher prices rather than abandon nuclear power.

The company’s presentation shows projected demand through 2045 with roughly 65% of utility requirements still uncovered. Even with planned production increases across the industry, a substantial supply gap remains. This gap exists not because uranium is rare, but because Tier 1 deposits (low-cost, high-grade) are limited, permitting can take 10-15 years in developed countries, and new mines require billions in capital investment. 

Compounding the challenge, secondary supply sources—stockpiles from decommissioned weapons and utility inventories—are being depleted. This cushion that masked supply deficits for decades is disappearing, forcing utilities back to the primary market at a time when production capacity is constrained. 

CCJ Stock: A Bullish Uptrend Remains in Place  

Despite the 3% pullback after the earnings report, CCJ stock remains in an uptrend. This began about five years ago but has become more pronounced in the three years beginning in March 2023.  

In the last year, that upward move has become more pronounced, with Cameco stock hitting a record high of over $133 per share in late January. That’s a lot of growth priced into a stock that’s trading at around 89x forward earnings as of this writing. At that level, CCJ stock is expensive to itself, to the Materials sector, as well as to many gold mining stocks.  

A bullish case can be made that Cameco will grow into that valuation. However, in the short term, it seems more likely with the current market volatility that CCJ stock may have further to drop.  

A good place to watch would be the current 50-day simple moving average of around $105. That would align with a level of resistance the stock reached in October 2025. That would also align with the lower Bollinger Band.  

At that level, you’d be getting about 15% upside from the current consensus price from 20 analysts of around $123.79. But keep in mind that Cameco just reported on Feb. 12. There will likely be new ratings and price targets coming in over the next one to two weeks, which could change investor sentiment in a positive or negative way.  

Risks to the Bull Case for Cameco 

It’s tempting to lump all mining stocks into a single bucket. And there’s one reason why that holds. Whether it’s oil, precious metals, or copper, companies like Cameco need higher prices to cost-effectively get it out of the ground.  

However, the uranium story is quite different than that of gold and silver. In those cases, the bull case is anchored by a lack of supply. There simply isn’t enough known supply of either metal to fill the demand coming from central banks, government agencies (i.e., the U.S. Department of Defense) and private sector companies. 

With uranium, there’s plenty of supply, but there’s not enough economically developed, permitted, and financed production capacity to meet the projected demand at prices below approximately $80 to $100 per pound.  

The risk to the bull case is twofold. First, even at higher prices, it will take years for the new supply to come online. But data centers and other projects need to have power right now.  

Another risk is that, if uranium prices spike too high (e.g., above $200 per pound), it could trigger demand destruction as potential customers look for other technologies for their power.  

CCJ Stock: A Long-Term Play with Short-Term Volatility 

Cameco represents a compelling but complex investment thesis. The fundamentals—growing nuclear demand driven by AI data centers, depleting secondary supply, and structural production deficits—support a multi-year bull case. However, the premium valuation and inherent timing risks mean this isn’t a stock for the impatient investor. If you believe nuclear energy is essential to meeting modern power demands, Cameco deserves serious consideration. But approach it with realistic expectations about volatility and a time horizon measured in years, not quarters. This neighborhood is being built—just slower than some might hope. 

For investors, this isn’t just a political headline trade. It’s a structural supply-and-demand setup that could support higher uranium prices and stronger equity performance across the mining and nuclear fuel value chain.

Three Major Catalysts Are Aligning for Uranium Stocks

Uranium stocks could benefit from three key catalysts, all of which are gaining momentum in early 2026.

First, the Trump Administration has expanded its critical minerals list to include uranium. This move is designed to strengthen domestic supply chains and reduce reliance on foreign, and often geopolitically unstable, sources of nuclear fuel. The United States currently imports the majority of the uranium it consumes, with meaningful exposure to countries such as Russia, Kazakhstan, and Uzbekistan.

By designating uranium as a critical mineral, the administration is signaling that domestic mining, processing, and enrichment capacity is now a national priority. That opens the door to faster permitting, government incentives, long-term purchasing agreements, and increased investment across the sector. Historically, when Washington designates a resource as “critical,” capital tends to follow.

Second, President Trump has publicly embraced nuclear power as a cornerstone of U.S. energy policy. During his recent speech at the World Economic Forum in Davos, Trump delivered some of his strongest remarks yet in favor of nuclear energy.

“I’ve signed an order directing and approval of many new nuclear reactors. We’re going heavy into nuclear,” Trump said. ” I was not a big fan, because I didn’t like the risk, the danger, but…the progress they’ve made with nuclear is unbelievable, and the safety progress they’ve made is incredible. We’re very much into the world of nuclear energy…”

That shift matters. Nuclear power had long been politically controversial, but sentiment has changed dramatically as energy security, grid reliability, and decarbonization have moved to the forefront. A pro-nuclear White House increases the odds of reactor approvals, life-extension programs for existing plants, and investment in next-generation reactor designs such as small modular reactors (SMRs).

Third, artificial intelligence is driving a surge in energy demand that renewables alone cannot meet. AI-driven data centers require massive, always-on power. Solar and wind are intermittent by nature, while natural gas faces emissions pressure and infrastructure constraints. Nuclear, by contrast, offers reliable baseload power with zero carbon emissions.

Major tech companies are increasingly turning to nuclear energy to fuel their AI ambitions. Meta Platforms (NASDAQ: META) recently announced plans to use nuclear power to run its AI data centers, partnering with Vistra (NYSE: VST), TerraPower, and Oklo Inc. (NYSE: OKLO). Those projects are expected to add roughly 6.6 gigawatts of power by 2035. Meta also signed a 20-year agreement last year with Constellation Energy (NASDAQ: CEG) to purchase nuclear power, underscoring the long-term commitment.

This trend isn’t limited to Meta. Across the tech sector, nuclear power is emerging as one of the few scalable solutions capable of supporting the next wave of AI infrastructure.

A Tight Uranium Market Adds Fuel to the Fire

These demand-side catalysts are arriving at a time when the uranium market is already structurally tight. Years of underinvestment following the Fukushima disaster left global supply constrained just as reactor restarts, new builds, and life extensions picked up pace. Bringing new uranium mines online is capital-intensive, heavily regulated, and time-consuming, which limits how quickly supply can respond to rising demand.

As a result, uranium prices tend to move in sharp cycles when demand accelerates. That dynamic can create outsized gains for well-positioned miners and uranium-focused investment vehicles.

ETFs Offer Diversified Exposure to the Theme

While investors can buy individual uranium stocks such as Cameco Corp. (NYSE: CCJ), one of the most efficient ways to gain exposure is through exchange-traded funds (ETFs). ETFs help diversify single-asset and geopolitical risk while still capturing upside from higher uranium prices.

Global X Uranium ETF (URA)

With an expense ratio of 0.69%, the Global X Uranium ETF (NYSEARCA: URA) provides broad exposure to companies involved in uranium mining, exploration, refining, and nuclear component manufacturing. The fund holds roughly 50 uranium-related stocks, offering diversification across geographies and business models.

Top holdings include Cameco Corp., NexGen Energy (NYSE: NXE), Uranium Energy Corp. (NYSEAMERICAN: UEC), Paladin Energy (OTCMKTS: PALAF), Denison Mine (NYSEAMERICAN: DNN), and NuScale Power (NYSE: SMR). After a period of consolidation, URA appears oversold relative to the improving fundamentals, which could make it attractive to investors looking to position ahead of renewed momentum.

Sprott Uranium Miners (URNM)

With an expense ratio of 0.75%, the Sprott Uranium Miners ETF (NYSEARCA: URNM) offers a more concentrated and leveraged play on uranium prices. The fund invests primarily in uranium miners but also holds physical uranium, giving investors direct exposure to the commodity itself.

Top holdings include Cameco Corp., Paladin Energy, Denison Mines, Uranium Energy Corp., Deep Yellow Ltd., Yellow Cake PLC, and Ur-Energy. For investors who are bullish on uranium prices and comfortable with higher volatility, URNM provides a more aggressive way to express that view.

Bottom Line for Investors

Between policy support, rising AI-driven energy demand, and a structurally tight supply market, uranium is re-emerging as one of the most compelling long-term energy investment themes. President Trump’s renewed push for nuclear power could act as an accelerant, drawing fresh capital into the space and reshaping how the market values uranium stocks.

For investors willing to tolerate volatility, uranium ETFs like URA and URNM offer diversified exposure to a sector that may be entering the early stages of its next major upcycle.

At the moment, more than 80 global companies are developing nuclear reactors to satisfy the growing demand for nuclear energy.

Plus, President Donald Trump wants to quadruple nuclear power by 2050, according to BMO Capital Markets.

And according to an order from U.S. Secretary of Energy Chris Wright, “The long-awaited American nuclear renaissance must launch during President Trump’s administration. As global energy demand continues to grow, America must lead the commercialization of affordable and abundant nuclear energy. As such, the Department will work diligently and creatively to enable the rapid deployment and export of next-generation nuclear technology.”

We also have to remember that nuclear energy could be used to fuel the energy-intensive demands of data centers and artificial intelligence.

“Last year, both AWS and Microsoft signed agreements to offtake power from nuclear power stations. Meta launched a request for proposals to identify potential nuclear energy developers to support 1.4GW of new nuclear generation capacity across the US. Data center operators have also backed small modular reactor (SMR) technology,” added Data Center Dynamics.

That being said, investors may want to consider these nuclear stocks to buy:

Nuclear Stocks to Buy: NexGen Energy (NXE)

NexGen Energy (NYSE: NXE), a company specializing in uranium exploration and development, is primarily focused on the Athabasca Basin. Its flagship project is the Rook I project, which includes significant discoveries such as Arrow and South Arrow.

Fueling momentum, the company just secured a new uranium offtake contract with a major U.S.-based utility company for the delivery of a million pounds per year of uranium for five years.

NXE stock is up 34.9% in 2025. However, analysts have a consensus price target of $10.86 on the stock, which would be a 21% gain from its closing price on November 28.

Nuclear Stocks to Buy: Cameco (CCJ)

Since bottoming out at around $37 in April, Cameco Corp. (NYSE: CCJ) is now up to $86. And there’s still plenty of upside remaining. How much? Analysts have a consensus price target of $113.75 on CCJ stock, which would be a gain of over 28% from its closing price on November 28.

Over the last few weeks, analysts at Bank of America and BMO Capital raised their price targets. Most recently, CLSA analysts just initiated coverage of CCJ with an outperform rating with a price target of $102 per share.

The firm added that the firm, which is already “well-positioned with substantial high-quality assets and market share across the nuclear fuel cycle, could ‘give customers a one-stop shop for the entire nuclear value chain’ from mine to reactor, making it ‘the most comprehensive play for the nuclear rejuvenation theme,’” as quoted by Tip Ranks.

Nuclear Stocks to Buy: Global X Uranium ETF (URA)

The Global X Uranium ETF (NYSEARCA: URA) is an attractive way for investors to get exposure to this sector without having to take on the risk of any individual stock.

That’s been a great tradeoff in 2025 as the URA ETF is up an impressive 69%, which is much higher than many of the individual stocks in the sector.

With an expense ratio of 0.69%, the oversold Global X Uranium ETF (URA) provides investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those in extraction, refining, exploration, or manufacturing of equipment for the uranium and nuclear industries. It holds about 50 related uranium stocks.

That includes Cameco, NexGen Energy, Uranium Energy, Paladin Energy, Denison Mines, and NuScale Power to name a few.