Why is Paladin Energy (ASX: PDN) up more than 4%?
Paladin Energy (ASX PDN) and the ASX uranium sector is rallying today following a fresh catalyst from the US, where Google parent Alphabet signed a power agreement with Constellation Energy supporting 890MW of additional nuclear capacity. Constellation surged 12% overnight as the deal reinforced the increasingly important role nuclear power is expected to play in meeting the enormous electricity demands of AI and data centres.
- The deal supports 890MW of additional nuclear capacity, roughly enough to power a city the size of Adelaide.
The enthusiasm has flowed directly into Australian uranium names, with Bannerman Energy (BMN) +8.1%, Deep Yellow (DYL) +6.7%, Lotus Resources (LOT) +6.1%, and Boss Energy (BOE) +5.5%.
The broad-based rally reflects the market’s view that accelerating nuclear commitments from hyperscalers provide another structural tailwind for uranium demand, AI needs power, big tech is increasingly turning to nuclear, and uranium sits at the front end of that supply chain.
- MM remains bullish towards Paladin (PDN) and the uranium sector over the coming years.
