Can Nuclear Energy's Second Wind Fuel a Uranium Revival?

After a volatile decade of busts and rallies, uranium is back in the headlines. Shares in uranium miners across the world have surged as a new Presidential order signalled the potential revival of the U.S. nuclear industry. At the heart of this potential renaissance? Artificial Intelligence (AI). As AI-driven energy needs soar and geopolitical tensions rise, nations are rethinking nuclear, and the uranium sector is once again in the spotlight. 

The uranium market has always been cyclical, but few commodities are as sensitive to public policy and sentiment. After the 2011 Fukushima disaster, nuclear development slowed dramatically, dragging uranium prices down with it. Producers shuttered mines, and demand forecasts crumbled. 

Recovery began tentatively in 2021, accelerated by post-pandemic energy inflation and Russia’s 2022 invasion of Ukraine, which disrupted global energy markets. Uranium peaked in early 2024 amid supply concerns before dipping on the back of new energy efficiency claims from generative AI models. Yet, the long-term energy implications of AI remain largely misunderstood — and likely underestimated. 

The latest spike in uranium equities was triggered by reports, followed by official confirmation of new Executive Orders that declare an energy emergency and prioritize U.S. nuclear development.  

The draft orders aim to: 

But there’s more than hype driving the recent spike in uranium stocks. AI is set to become one of the biggest incremental energy consumers in decades. The exponential growth of data centres, coupled with rising interest in AI applications such as ChatGPT and Claude, is already pushing utility demand upward for the first time in 20 years. In the U.S., Chris Wright, the U.S. Energy Secretary, has called this “Manhattan Project 2”. 

Nuclear energy offers base-load capacity, zero-carbon output, and scalability — all critical in meeting future AI-related electricity loads without derailing climate goals. 

Even as demand strengthens, uranium supply remains tight. Years of underinvestment have left the sector vulnerable to price shocks. Only a handful of miners, such as Cameco, Kazatomprom, and a few Australian juniors, have near-term capacity to scale up. 

Long permitting timelines, environmental opposition, and geopolitical risks are slowing new supply projects. President Trump’s nuclear-focused reforms are aimed at speeding up infrastructure timelines and improving access to financing. 

While the recent rally was triggered by news-driven speculation, the broader case for uranium is increasingly compelling: 

The Global X Uranium Index ETF (HURA) provides exposure to companies that are primarily involved in the uranium mining and exploration industry and to the price of the underlying commodity. 

HURA looks to copy the performance of the Solactive Global Uranium Pure-Play Index. This index is designed to provide exposure to the performance of a group of global stock exchange-listed companies involved in uranium mining and exploration, or invest and participate directly in the physical price of uranium. 

Additionally, the Global X Artificial Intelligence Infrastructure Index ETF (MTRX) targets AI infrastructure, diversifying exposure to electric utilities, data center equipment manufacturing, and energy commodities like uranium and copper, positioning investors for potential long-term growth in AI’s backbone. 

The uranium market may still be a rollercoaster, but the structural tailwinds appear to be aligning. As AI reshapes the global economy and energy demand soars, nuclear power’s role in the future energy mix is hard to ignore. Whether or not the latest rally has legs, the long-term outlook for uranium appears brighter — and more essential — than it has in years. 

Related ETFs 

HURA – Global X Uranium Index ETF 
MTRX – Global X Artificial Intelligence Infrastructure Index ETF 

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Published May 27, 2025.