A new uranium rally looks set to start soon. Per Goldman Sachs, uranium is another commodity bull market, driven by about 20 new US reactors over the next two decades, reactor restarts and longer reactor lives, while supply keeps disappointing and a 32% supply deficit is expected by 2045. x.com  x.com 

Uranium stocks remain attractive even in an equities bear because commodities and equities tend to alternate leadership over long cycles, while uranium's projected supply deficit extends into the 2040s. Commodities had reached historically undervalued levels against equities when last checked and are due for a major relative resurgence, probably as equities blow off then crash. Uranium is even more bullish than the broader commodity case: a major equity crash would not erase its deficit. x.com 

Uranium has been trading terribly, and many longs are true believers who need to be disappointed before it has its time, even as energy security grows more important. x.com 

Uranium and nuclear stocks look to have bottomed as AI drives record demand for nuclear power and carbon goals. Google signed a major power deal with Constellation Energy, adding 890 MW of nuclear capacity in PJM, and France expects EU approval to subsidize six new reactors totaling about 10 GW. The IEA sees global electricity use rising about 5,400 TWh by 2030, and Goldman Sachs estimates a 2.3 billion-pound uranium deficit through 2045. Fall seasonality and a double bottom add support. x.com  … Show more

Uranium is a conviction trade, so short-term price action should be ignored. Demand for new nuclear power keeps building: per @quakes99, Amazon signed a $3B, 20-year power purchase agreement with Constellation Energy that adds 190 MW of new nuclear generation at Calvert Cliffs in Maryland. x.com 

Nuclear stocks like Cameco, Centrus, BWX Technologies, Constellation, Vistra, Talen, Oklo and NuScale are exposed because pro-nuclear sentiment can reverse for a decade or two, and investors who started after Fukushima have only seen the pro phase. The US never built a central waste site, so spent fuel sits on-site in dry casks, at San Onofre barely 100 feet from the Pacific. An earthquake, corrosion or a disaster anywhere, under any design, could turn the public against nuclear again. x.com  … Show more

Uranium and its fuel supply chain look preferable to SMR developers because fuel demand continues throughout a reactor's operating life, while an SMR is largely a one-off build. Reliable fuel supply can be hard to secure, giving suppliers a strong position; SMR hardware carries manufacturing execution risk and thin margins. x.com 

The suppliers beneath the big nuclear deals going to Constellation Energy and Vistra get paid while the utilities get the headlines. GE Vernova supplies nuclear equipment, turbines and grid gear; Cameco uranium, fuel and Westinghouse technology; Centrus US enrichment and HALEU for the coming SMR boom; BWX Technologies nuclear components and reactor manufacturing. Oklo is an SMR developer and future fuel customer, while Fluor and Quanta Services add construction and power-infrastructure exposure. … Show more

Nuclear power is the long-term answer to AI's energy needs, best owned in tiers by risk. Constellation, with 20-year Microsoft and Google contracts, and BWX Technologies, a 2.6 book-to-bill reactor servicer, offer steady 15-30% a year. Cameco, Centrus, Oklo and X-Energy target 2-5x; Oklo and X-Energy are pre-revenue bets on 14GW and 5GW pipelines. Uranium Energy, US uranium independence, ASP Isotopes, HALEU enrichment for SMRs, and Ur-Energy, pure uranium leverage, are 10x-or-zero bets. x.com 

Cameco's CEO said in a recent fireside chat that the nuclear renaissance is still very early and that uranium prices do not reflect actual supply and demand. Cameco covers everything except enrichment, which it is watching closely. The stock has not closed a week below its 30-week moving average since last year, a strong trend that points to more upside, and indicators have reset near a breakout; a weekly close above resistance is the next step. x.com