May 2026

Cameco Corporation (NYSE: CCJ)

The Nuclear Renaissance Has a Single, Indispensable Name

Every decade or so, a single sector undergoes a structural repricing so profound that it reshapes portfolios for a generation. In the 2000s, it was commodities. In the 2010s it was technology. This decade, it could well be nuclear power, and the story is still in its early stages.

Cameco Corporation (NYSE: CCJ), in our view, represents one of the most compelling long-duration opportunities currently available in global equity markets.

The Setup: Three Forces Colliding at Once

First, the world is running out of uranium.

Decades of underinvestment in mining, combined with mine closures, geopolitical disruption to Russian and Nigerien supply, and accelerating reactor build-outs across China, India, Eastern Europe and the United States, have created a structural supply deficit projected to approach 200 million pounds by 2040. Production cannot scale quickly enough. New mines take years, often decades, to permit and develop, and there is no substitute fuel.

Second, the artificial intelligence revolution has discovered it cannot run on solar panels alone.

Amazon, Microsoft, Google, Meta and Oracle have all signed major nuclear power agreements in recent months to support the immense electricity demands of AI data centres. Microsoft is restarting Three Mile Island. Amazon has committed more than US$20 billion to a nuclear-adjacent AI campus in Pennsylvania while backing five gigawatts of new small modular reactors. Google has signed the first US corporate SMR fleet deal, and Meta has issued requests for proposals covering up to 7.8 gigawatts of new nuclear capacity.

Global data centre electricity consumption is projected to nearly triple by 2035, and nuclear remains one of the few carbon-free energy sources capable of delivering stable, large-scale baseload power around the clock.

Third, policy support has shifted decisively in favour of nuclear.

Uranium has now been designated a critical mineral in the United States. The US administration has targeted a quadrupling of domestic nuclear capacity by 2050, while the Department of Energy has committed multi-billion-dollar funding packages to rebuild the Western fuel cycle. At the same time, sanctions and geopolitical tensions have accelerated the shift away from Russian enrichment within allied supply chains.

“In thirty years of advising clients across global markets, I have rarely seen three independent tailwinds of this magnitude align around a single industry at the same moment.”

Why Cameco Specifically

There are several ways to gain exposure to this theme, but many carry significant risk.

Junior uranium miners offer leverage to rising prices but often lack the operational stability and execution capability required for long-term compounding. Meanwhile, hyperscaler technology firms are effectively buyers of power rather than suppliers within the value chain.

Cameco stands apart as a fully integrated platform.

The company is the world’s second-largest uranium producer, operating tier-one assets in Canada and Kazakhstan. It also owns one of only four major Western uranium conversion facilities and holds a 49% stake in Westinghouse Electric, the intellectual property owner of the AP1000 reactor, currently being deployed across Poland, Bulgaria, Ukraine, Slovenia and the United Kingdom.

In addition, Cameco has exposure to Global Laser Enrichment, a third-generation enrichment technology with potentially transformative economics.

Its first-quarter 2026 results reinforced the scale of the opportunity. Adjusted net earnings nearly tripled year-on-year, while adjusted EBITDA rose 44%. The company’s contracted book extends beyond 28 million pounds annually through 2030, providing strong earnings visibility. Cameco also maintains a robust balance sheet with US$1.1 billion in cash against US$1.0 billion in debt.

Consensus analyst price targets currently range between US$140 and US$175 per share, compared with a current share price near US$117. The upside case could extend materially higher should Westinghouse continue securing reactor awards and Western strategic uranium policies continue to accelerate.

The Bigger Picture

This is not simply a short-term trading idea. It is a structural thesis.

For investors constructing diversified portfolios, Cameco offers exposure to three of the defining themes of the coming decade: the global energy transition, the expansion of artificial intelligence infrastructure, and the growing strategic importance of secure Western resource supply chains.

The world needs more power. It needs cleaner power. And it needs reliable power at industrial scale.

Nuclear energy increasingly appears to be one of the few solutions capable of delivering all three.

Cameco may prove to be one of the clearest ways to own that thesis.

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