AI Has an Energy Problem
Here's a number that should get your attention: a single ChatGPT query uses 10x the energy of a Google search. Multiply that by billions of daily queries across all AI platforms, and you start to understand the problem. AI needs enormous amounts of power. Clean, reliable, 24/7 power. There's only one technology that checks all those boxes: nuclear.
Why Nuclear for AI
Solar and wind are intermittent — they can't guarantee 24/7 baseload power for data centers that must run continuously. Natural gas generates carbon emissions. Nuclear provides clean, continuous, high-density power with a tiny physical footprint. Microsoft, Google, and Amazon have all signed nuclear power agreements for their data centers. This isn't speculative — it's happening.
The Stocks
Constellation Energy (CEG): Largest nuclear fleet in the US. Signed a 20-year PPA with Microsoft to restart Three Mile Island Unit 1. Stock has 3x'd since the AI power narrative took hold.
Cameco (CCJ): World's largest uranium producer. Uranium prices have surged from $30/lb to $100+ as nuclear demand grows. Pure-play uranium exposure.
Vistra (VST): Operates nuclear plants in Texas. Benefits from both the AI power demand and the Texas grid's premium pricing during heat waves.
NuScale Power (SMR): Leading small modular reactor company. Higher risk (pre-revenue) but massive potential if SMRs achieve commercial deployment.
The Trade
Nuclear energy is a multi-year secular theme driven by AI power demand, decarbonization goals, and energy security concerns. This isn't a trade — it's a position. Build it on dips.
