Uranium prices are trending higher as a wave of demand collides with structurally constrained supply, according to Betashares senior investment strategist Cameron Gleeson. He notes that the rapid expansion of artificial intelligence and data centres will require a substantial increase in electricity generation, with nuclear power expected to play a significant role in meeting this demand, especially in countries like the United States. Betashares is an Australian investment management company offering a range of exchange-traded funds (ETFs). They focus on providing investors with access to diverse investment strategies.
Gleeson said that unlike renewable energy sources, nuclear power provides reliable, round-the-clock baseload power with zero emissions, making it particularly suitable for energy-intensive data centres. The market is beginning to factor in a more extended supply-demand imbalance and a restocking cycle for US nuclear utilities, given the limited new uranium supply coming online.
Uranium miners are also likely to benefit from US-led, state-based capitalism in 2026. A presidential proclamation in January indicated potential price support for critical minerals, including uranium, through minimum import prices. This further strengthens the outlook for the uranium market, with both demand-side factors and potential government support contributing to the positive sentiment.
