Uranium has experienced a volatile three-year journey which is shown on the chart below. The nuclear material has moved through three distinct phases over the past three years: a powerful rally driven by the nuclear renaissance, AI-related power demand and supply disruptions, a sharp correction as speculative excess unwound, and a recovery supported by renewed energy security concerns and structural demand from AI and nuclear power. While prices have eased from the January 2026 peak, the long-term demand outlook continues to provide a solid floor.
Nuclear power currently accounts for ~9% of global electricity generation, and by 2030, its projected to reach 17% according to the IEA but that would require near-perfect policy execution. Either way, the structural direction is clearly upward, but uranium supply constraints risk becoming a binding bottleneck before the end of the decade, i.e. bullish for the underlying price.
- We believe uranium is vital to both the worlds AI driven energy needs and clean energy ambitions. This current consolidation in price is bullish.
MM is bullish towards uranium around the US$86 level
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