At MM, we believe nuclear power is the obvious clean energy source that works today, with US big tech agreeing, as they pour money into Small Modular Reactors (SMRs). Nuclear power accounts for ~10% of global electricity generation today with demand set to rise substantially over the coming years as AI usage ratchets up. With the uranium market transitioning into a structural tightening phase, and a high probability of deficit emerging later this decade, the URNM ETF should push higher in the coming years. A close above $12.60 would be a bullish technical trigger.
- We like URNM after its latest 29% pullback and remain constructive on the uranium sector until further notice.
MM is bullish towards the URNM ETF around $12.30
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