Nuclear Stocks Surge as Meta Makes Gigawatt Bet on Atomic Power
Tech giant's massive power agreements to fuel AI data centers send shares of NuScale and Cameco soaring, signaling a pivotal moment for the sector.
The nuclear energy sector rallied sharply on Tuesday, ignited by news that Meta Platforms is making a substantial commitment to atomic power to meet the voracious energy demands of its artificial intelligence operations.
The move, seen as a landmark endorsement from Big Tech, sent shares of uranium producers and reactor developers climbing. Small modular reactor (SMR) developer NuScale Power (SMR) saw its stock jump by as much as 12.7%, while leading uranium miner Cameco (CCJ) surged over 6.2% in morning trading.
Driving the sector-wide optimism are a series of landmark agreements disclosed by Meta to secure a massive, long-term supply of carbon-free energy. The social media giant has reportedly partnered with multiple energy firms, including a deal with Vistra Corp. for up to 6.6 gigawatts (GW) of nuclear power by 2035 and another with SMR developer Oklo for a 1.2 GW nuclear-powered data center campus.
This pivot to nuclear power underscores a critical challenge facing the technology industry: the exponential growth in electricity consumption driven by AI and large-scale data centers. As tech giants race to build out their AI infrastructure, they are increasingly confronting the limitations of renewable sources like solar and wind, which cannot provide the constant, 24/7 baseload power required for these facilities.
“The scale of Meta's commitment provides a significant demand signal for the entire nuclear value chain, from uranium fuel to advanced reactor technologies,” said a sector analyst. “It’s a clear indication that major industrial consumers are viewing nuclear as an essential tool for decarbonization and energy security.”
NuScale Power, a prominent player in the development of SMRs, was a primary beneficiary of the renewed investor enthusiasm. The company’s 12.7% stock surge to over $22.17 a share was also bolstered by a recent analyst upgrade from Bank of America. NuScale is actively involved in a project with the Tennessee Valley Authority (TVA) that could see the deployment of up to 6 GW of SMR capacity, a project that gains credibility with Meta's industry-wide vote of confidence.
Meanwhile, Canada-based Cameco, one of the world's largest uranium producers, reached a price of $112.33. The company is positioned to benefit directly from the long-term demand growth for uranium fuel required by an expanding global fleet of nuclear reactors. The news from Meta reinforces expectations of a sustained bull market for uranium as utilities and now major corporations move to secure future supply chains.
The strategic shift from major tech companies represents a potential turning point for a nuclear industry that has faced headwinds from high costs, complex regulations, and public perception challenges. By providing a clear, large-scale commercial use case, the energy needs of the AI boom may be the catalyst that accelerates the deployment of next-generation nuclear technologies and solidifies atomic energy’s role in a low-carbon future.