Core Insights - Nuclear energy is experiencing significant growth in 2026, driven by strong government support, backing from Big Tech, and a global trend towards increasing carbon-free energy capacity [1] - The VettaFi Nuclear Renaissance Index has risen 14% year-to-date as of January 28, 2026, outperforming the S&P 500, which increased by approximately 2% during the same period [1] - The sector has received substantial capital investments, including a $2.7 billion award from the Department of Energy for uranium enrichment [1] Government and Private Sector Support - Nuclear energy benefits from unique bipartisan support in the U.S., leading to sustained policy momentum across different administrations [1] - Meta has signed a 20-year agreement with Vistra for over 2.6 gigawatts of power and partnered with Oklo to finance a 1.2 gigawatt small modular reactor project in Ohio [1] Index and ETF Performance - The VettaFi Nuclear Renaissance Index (NUKZX) aims to maximize risk-adjusted returns by diversifying across various sectors, including construction, services, utilities, fuel, and advanced reactors [1] - The Range Nuclear Renaissance ETF (NUKZ) provides a single-ticker solution for investors to capture the entire nuclear supply chain, with traditional asset allocators increasingly adding NUKZ to their portfolios [1] Market Trends and Future Outlook - Advisors are using NUKZ as a satellite allocation alongside AI investments, recognizing that the demand for AI will drive global energy demand [1] - The nuclear sector is transitioning from a traditional utility model to a high-growth technology enabler, indicating a shift in market dynamics [1]

Industry Overview - Uranium stocks have experienced significant growth, outperforming major tech stocks like Nvidia over the past year, with some U.S.-listed nuclear fuel stocks rising at least 150% [1][3] - The U.S. uranium industry, which had been nearly dormant for decades, is now projected to see demand outstrip supply as the country aims to quadruple its nuclear energy capacity by 2050 to support increasing electricity needs driven by the AI boom [2][4] Market Dynamics - The AI age is expected to increase U.S. electricity demand by 25% by the end of the decade and by 75% to 100% by 2050, prompting major tech companies to secure long-term power agreements with nuclear energy providers [4] - Nuclear energy has historically provided 50% of America's carbon-free electricity and is recognized for its reliability, operating at full capacity over 93% of the time [5] Investment Opportunities - Wall Street is increasingly viewing uranium stocks as the next major investment opportunity, akin to gold and silver, with expectations of substantial upside potential for both short-term traders and long-term investors [3][6] - Centrus Energy Corp. (LEU) and Uranium Energy Corp. (UEC) are highlighted as strong investment candidates, with LEU receiving a Zacks Rank 1 (Strong Buy) due to its role in the U.S. nuclear revival and significant earnings revisions [6][11] Company Highlights - Centrus Energy is pioneering new uranium enrichment technologies and has received $900 million from the U.S. government to enhance domestic enrichment capacity, which is critical for next-generation small modular reactors (SMRs) [12][14] - Uranium Energy is focused on environmentally friendly in situ recovery (ISR) mining and aims to build a vertically integrated uranium fuel supply chain, with projections indicating a significant revenue increase of 125% in FY27 [18][22] Price Trends and Projections - Uranium prices have surged approximately 170% since the start of 2021, reaching their highest levels in over 15 years, although there has been a recent pullback [7][8] - UEC shares have increased by 2,000% over the past decade, with a notable 920% rise in the last five years, indicating strong market confidence and potential for further growth [25]

Group 1 - NuScale Power shares have increased by 40% year-to-date in 2026, reflecting strong investor interest in the nuclear energy sector [1] - The stock's recent performance contrasts with the historical performance of NuScale Power shares over the past few years, indicating mixed results for long-term investors [2] - The nuclear energy industry received a boost in September 2024 when Constellation Energy signed a power purchase agreement with Microsoft, enhancing interest in advanced nuclear companies like NuScale Power [4] Group 2 - In May 2025, President Donald Trump signed executive orders aimed at revitalizing the nuclear energy sector, which positively impacted NuScale Power's stock performance [5] - Market interest in NuScale Power remains strong as the company approaches commercial operations, with a $1,000 investment three years ago growing to $2,000 by January 23 [6] - NuScale Power is recognized as a leader in next-generation nuclear reactors, offering significant growth potential for investors willing to accept higher risks [8]

Industry Overview - Nuclear energy is experiencing a resurgence in the United States due to increased demand driven by artificial intelligence, favorable government policies, and shifting public perception [1] - Investments in nuclear power are long-term commitments, as building new reactors takes years and their operational lifespan can extend up to 80 years [2] Company Analysis: Cameco - Cameco is the second-largest uranium miner globally, producing 17% of the world's uranium consumed in 2024 [4] - The company has a market capitalization of $49 billion and a current stock price of $116.38, with a gross margin of 26.65% and a net income margin of 15.18% [5][6] - Cameco's revenue has a three-year compound annual growth rate (CAGR) of 24.18%, and its stock has increased by 124% over the past 12 months, outperforming the S&P 500 [6] - The annual dividend is $0.17 per share, yielding 0.16%, which is considered low for a dividend stock despite a history of slight growth over the past two years [6][12] Company Analysis: Duke Energy - Duke Energy operates 11 nuclear reactors across six plants in the Carolinas and has a diverse energy production portfolio [8] - The company has a market capitalization of $92 billion and a current stock price of $119.22, with a gross margin of 32.12% and a net margin of 15.97% [9][10][11] - Duke Energy's revenue has a three-year CAGR of 5.29%, which is slower than Cameco's, but it maintains a strong dividend yield of 3.65% with an annual dividend of $4.26 per share [11][12] - The southern U.S. is experiencing significant population growth, which is expected to drive demand for Duke's power services [10]

Core Viewpoint - Centrus Energy stock has experienced a significant decline after a strong start to the year, influenced by an analyst's cautious outlook despite a raised price target [1][2]. Group 1: Stock Performance - Centrus Energy shares are down 10.4% today, reversing an earlier decline of 11.6% [1]. - The current stock price is $290.04, down $32.93 from the previous close [3]. - The stock has a market capitalization of $5.9 billion [3]. Group 2: Analyst Insights - Roth Capital analyst Joseph Reagor raised the price target for Centrus Energy from $117 to $125, maintaining a neutral rating [2]. - The new price target suggests a potential downside of over 61% from the previous closing price of $322.97 [2]. - Reagor's optimistic price target is based on the company's improved position following a $900 million award from the Department of Energy for expanding its uranium enrichment facility [4]. Group 3: Industry Context - Centrus Energy is well-positioned to produce high-assay, low-enrichment uranium (HALEU), which is essential for many advanced small modular reactors currently in development [4][5]. - The company is currently profitable, providing a less speculative investment opportunity in the context of the ongoing nuclear energy renaissance [5].

Core Viewpoint - Tortoise Capital Advisors is launching the Tortoise Nuclear Renaissance ETF (TNUK) to capitalize on a significant shift in global power markets towards nuclear energy, driven by policy changes and increasing demand for reliable power sources [1][9] Group 1: Policy Developments - The reconciliation bill establishing a nuclear power production tax credit has stabilized electricity prices from nuclear plants, while a 2025 executive order has reinforced government support for domestic nuclear development and supply chains [2] - The combination of these policies has transformed nuclear energy from a debated concept into a viable investment theme [2] Group 2: Demand Dynamics - Domestic electricity demand is experiencing growth for the first time in 20 years, driven by factors such as AI-driven data center demand and overall electrification, necessitating reliable baseload power, which nuclear energy can provide [3] Group 3: Investment Strategy - TNUK aims to provide diversified exposure across the nuclear value chain, including utilities, operators, equipment manufacturers, and service providers, rather than focusing solely on uranium miners [4] - The fund's strategy includes limiting direct commodity exposure to reduce volatility, as operators and reactor vendors typically exhibit lower volatility compared to upstream segments [5][6] Group 4: Active Management - Active management is a key component of TNUK's strategy, allowing the fund to adapt to changing policy signals, market sentiment, and project timelines, which is crucial in the highly regulated nuclear sector [7] - This flexibility enables the fund to reposition its portfolio to take advantage of prevailing market conditions and manage sentiment risk [7] Group 5: Long-term Outlook - The primary risks to the nuclear renaissance narrative include potential reversals in policy support or significant changes in electricity demand; however, TNUK is positioned for long-term investments due to its active management approach [8]

Core Insights - Foremost Clean Energy Ltd. has experienced a transformative year in 2025, achieving significant milestones in exploration projects and emerging as a financially robust entity in the clean energy metals sector [2][3]. Company Achievements - The company has strengthened its foundation with a fortified balance sheet, landmark exploration discoveries, and a share price increase of over 100% year over year [3]. - Foremost has successfully executed diamond drilling programs on three core projects: Hatchet Lake, Murphy Lake South, and Jean Lake, demonstrating a dual-commodity exploration strategy [6][10]. Uranium Market Dynamics - The U.S. has declared nuclear energy a national security priority, leading to a ban on Russian uranium imports and significant investments to revive domestic production, which are expected to drive demand for uranium [4][7]. - Global uranium demand is projected to surge nearly 30% by 2030, with the U.S. nuclear capacity mandate requiring 2.5 times more uranium than the current global supply [7]. Exploration Highlights - At the Hatchet Lake Uranium Project, the maiden winter drill program exceeded expectations, discovering a new uranium zone with assay results showing 0.87% U₃O₈ over 0.45 meters, which is two times higher than earlier estimates [6][8]. - The Jean Lake Project has reported multiple gold intercepts, including 10.7 g/t Au over 5.6 meters, indicating potential for significant gold discoveries [14]. Financial Position - The company has reduced its debt by almost 40%, more than doubled its assets, and significantly increased shareholders' equity, positioning itself for future growth [12]. - Capital infusion from warrant and option exercises provided approximately $5.65 million in fresh capital [15]. Strategic Partnerships and Developments - A strategic spin-out of non-core assets to Rio Grande Resources Ltd. has unlocked value for shareholders, with Foremost retaining a 19.95% interest [15]. - The company has formed a strategic alignment with Denison Mines, which has provided technical support and financial backing [15]. Future Outlook - Foremost plans to execute an aggressive exploration program in 2026, focusing on high-priority uranium targets and expanding the Jean Lake Project [16][17]. - The company is well-positioned to capitalize on the growing demand for uranium and clean energy metals, particularly in the context of increasing power requirements from AI and data centers [18].

Core Viewpoint - The nuclear energy sector is experiencing a significant resurgence, driven by rising electricity demand, energy security concerns, and climate goals, leading to increased investment and supportive government policies [2][3][5]. Industry Overview - Nuclear energy is being re-embraced as a reliable, carbon-free power source, with around 65 reactors currently under construction worldwide [4]. - Governments have committed to tripling global nuclear capacity by 2050, with estimates suggesting that capacity could reach 1,428 GWe, exceeding the target of 1,200 GWe [5]. - The U.S. is focusing on nuclear independence to enhance national security and reduce reliance on foreign nuclear fuel supplies, involving significant legislative actions and public-private investments [6]. Company Highlights Cameco Corp. (CCJ) - Cameco is one of the largest global uranium providers, with a licensed capacity to produce over 30 million pounds of uranium concentrates annually and 457 million pounds of proven and probable mineral reserves [10]. - The company has entered a strategic partnership with the U.S. Government, which includes an investment of at least $80 billion to accelerate nuclear reactor technology deployment [11]. - The Zacks Consensus Estimate projects a 96% year-over-year growth in fiscal 2025 earnings and a 55% growth for fiscal 2026, with the stock gaining 26.7% in the past six months [13]. Uranium Energy (UEC) - Uranium Energy is advancing low-cost in-situ recovery (ISR) uranium mining projects, transitioning from developer to producer with the restart of the Christensen Ranch ISR mine [14][15]. - The acquisition of Rio Tinto's Sweetwater Complex added approximately 175 million pounds of historic resources, increasing its total licensed annual production capacity to 12.1 million pounds, the largest in the U.S. [16]. - The Zacks Consensus Estimate for fiscal 2025 indicates a loss of 10 cents per share, a narrower loss than the previous year, with the stock gaining 84.6% in the past six months [18]. Centrus Energy (LEU) - Centrus Energy supplies nuclear fuel components and is the only licensed producer of High-Assay, Low-Enriched Uranium (HALEU) in the Western world, which offers improved efficiency and lower waste [20]. - The company plans to expand its uranium enrichment plant in Piketon, OH, contingent on securing funding from the U.S. Department of Energy [21]. - The Zacks Consensus Estimate for Centrus Energy's 2025 earnings indicates a 2.46% year-over-year growth, with shares gaining 37.1% in the past six months [24]. Conclusion - The nuclear energy sector is poised for steady, policy-backed expansion, with Cameco, Uranium Energy, and Centrus Energy providing diversified exposure across uranium mining, fuel services, and advanced enrichment technologies [25].

Industry Overview - Nuclear energy is experiencing a resurgence due to rising electricity demand from data centers, AI workloads, and large-scale electrification, alongside energy security concerns and climate goals [1][2] - Governments are committing to tripling global nuclear capacity by 2050, with the World Nuclear Association estimating that global nuclear capacity could reach 1,428 GWe, exceeding the target of 1,200 GWe [4] Uranium Market - The U.S. Geological Survey's inclusion of uranium on its 2025 Critical Minerals List underscores its strategic importance for national security and domestic supply chains [2] - Stocks such as Cameco Corp. (CCJ), Uranium Energy (UEC), and Centrus Energy (LEU) are positioned as key beneficiaries of the nuclear revival [2] Cameco Corp. (CCJ) - Cameco is one of the largest global providers of uranium, with a licensed capacity to produce over 30 million pounds annually and 457 million pounds of proven and probable mineral reserves [8] - The company has entered a strategic partnership with the U.S. Government to accelerate the deployment of nuclear reactor technologies, benefiting from the U.S. government's energy security goals [9] - The Zacks Consensus Estimate for Cameco's fiscal 2025 earnings projects a 96% year-over-year growth, with a stock gain of 26.7% in the past six months [11] Uranium Energy (UEC) - UEC is advancing low-cost, in-situ recovery (ISR) uranium mining projects, transitioning from developer to producer with the restart of the Christensen Ranch ISR mine [12][13] - The acquisition of Rio Tinto's Sweetwater Complex has increased UEC's total licensed annual production capacity to 12.1 million pounds, the largest in the U.S. [14] - The Zacks Consensus Estimate for UEC's fiscal 2025 earnings indicates a narrower loss of 10 cents, with a stock gain of 84.6% in the past six months [16] Centrus Energy (LEU) - Centrus Energy supplies nuclear fuel components and is the only licensed producer of High-Assay, Low-Enriched Uranium (HALEU) in the Western world, which offers improved efficiency and lower waste [18] - The company plans to expand its uranium enrichment plant in Piketon, OH, contingent on securing funding from the U.S. Department of Energy [19] - The Zacks Consensus Estimate for Centrus Energy's 2025 earnings indicates a 2.46% year-over-year growth, with a stock gain of 37.1% in the past six months [22] Conclusion - The nuclear energy sector is poised for steady, policy-backed expansion, with Cameco, Uranium Energy, and Centrus Energy providing diversified exposure across uranium mining, fuel services, and advanced enrichment technologies [23]

Industry Overview - Nuclear power is gaining momentum globally as governments seek sustainable energy sources to meet rising electricity demands, particularly with the growth of AI data centers [1] - The U.K. government is investing £18 billion (approximately $24 billion) to foster a "Golden Age" of nuclear investment, while Poland has begun construction on its first nuclear plant with EU funding of €14.2 billion (about $16.7 billion) [2] - The U.S. has passed the ADVANCE Act to streamline nuclear reactor construction, reflecting bipartisan support for nuclear energy [4][5] Company Focus: Cameco - Cameco controls mining operations capable of producing 30 million pounds of enriched uranium annually and holds 457 million pounds of proven and probable uranium reserves [7] - The company is positioned to address a portion of the 180 million pounds of global uranium demand, although the U.S. still relies on Russian imports, amounting to $624 million in 2024 [8][9] - Cameco's production of enriched uranium increased by 33% in 2023, reaching 23.4 million pounds, with forecasts of 32 to 34 million pounds in 2025 [10] Government Relations - The U.S. government has partnered with Cameco and Brookfield Asset Management to invest $80 billion in nuclear reactor construction, indicating strong governmental support for the company [11][12] Market Dynamics - The uranium market is experiencing a bullish trend, with prices rising from approximately $42 per pound in mid-2021 to $75.8, with projections of reaching $135 per pound by 2026 [13][14] - Despite a significant increase in Cameco's stock price by 86% this year, it is viewed as a buy due to potential growth in the uranium market and robust earnings growth of 33% year over year [15]