To recap, faced with an escalating energy crunch in response to AI energy demand, leading tech companies Microsoft, Amazon and Alphabet made a shift toward nuclear power in October 2024.
A shift to nuclear energy has been in place since the beginning of the electrification thematic began, as it became clear that a transition based around renewables only was not going to get us to net-zero before 2050. AI energy requirements were incremental to the demand for nuclear energy given baseload power requirements. The jury is still out on DeepSeek and the associated reduction in energy requirements, though it would be a major positive for all economies given the substantial boost to productivity at a lower cost. The supply/demand dynamic in the uranium market is out of balance regardless, so we remain bullish on the sector but are cognisant this is an evolving scenario.
MM remains bullish on Uranium – Todays moves do not change that
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