Over the last 24-hours global uranium stocks have surged higher, with most of the ASX sector gaining ~10% as enthusiasm for nuclear energy returned with vengeance – Paladin (+10.9%) and Deep Yellow (+10.6%) both caught the eye. In the US, overnight strength was ongoing, with heavyweight Cameco (CCJ US) closing +5.5% higher, helped by Paradigm Capital upgrading the Canadian uranium heavyweight to a Buy with a PT implying almost 30% upside – we hold Cameco in our International Equities Portfolio.
Interestingly, the uranium rally over the last 24 hours was equity-led rather than commodity-price-led, driven by a combination of signed UEC utility supply contracts (validating demand), the mentioned Cameco upgrade, Constellation Energy’s raised guidance reinforcing nuclear power demand from data centres, and a broad risk-on market backdrop. The structural AI/data-centre nuclear demand thesis remains the dominant long-term driver of the sector. The performance shouldn’t be a major surprise considering the uranium price has ground higher in 2026, yet the related stocks have unwound aggressively – it was a matter of when, not if, the elastic band would snap.
- We are looking for the uranium price to test US$110/lb through 2027/8 as AI/data-centre nuclear demand ramps up.
