BetaShares Global Uranium ETF (ASX:URNM) $12.72

The URNM ETF rallied +5.7% on Wednesday, mirroring the move in the gold sector. Structural demand continues to build with utilities increasingly returning to the long-term contracting market after years of under-procurement, while supply growth remains constrained following a decade of underinvestment across the uranium industry. With demand rising on AI-driven power needs and the uranium market tightening toward deficit, we see continued upside for uranium exposure, including the URNM ETF.

• We like the URNM after its latest 29% pullback, targeting the $16 area through 2026/7.