Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi All, Your analysis of the tariffs this week has been really valuable. I liked that you kept reminding us to look beyond the headlines. My question relates to Uranium. I am wondering if the push to greater manufacturing in the US and presumably other high-cost locations as tariffs bite is a positive for AI because it has the capacity to reduce labour costs. Does this make sense? If so, does that bode well for Uranium?
Hi Michael,
There are lots of ways this could play out, as you know we are carrying uranium exposure and it’s been an extremely tough gig of late with Cameco (CCJ US), the largest listed company in the space which focuses on uranium, down ~37% from its mid-2024 high.
We were disheartened to read on Friday morning that Microsoft (MSFT) has reportedly stopped or delayed data centre projects across the globe, possibly signalling a reassessment of its AI ambitions. The tech giant has pulled back on developing data centre sites in countries such as Indonesia, Australia, and the U.K., as well as in the U.S. As always this can be interpreted in different ways but none of them read well for data centres and Small Modular Reactors (SMRs).
However, the news often follows the moves in stock prices and this could be the case here, we believe that CCJ is still good value back around its 2024 lows but it may take time to turn as Trump and OPEC+ help push the price of oil ever lower.
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