Nuclear stocks surge on report of Trump executive orders to boost industry (updated)

Cameco

23/05/2025 13:11

Adds details on executive order in paragraphs 1, 2 and 5; updates shares to closing price throughout

By Vallari  Srivastava  and Medha Singh

May 23 (Reuters) - Shares of nuclear power companies closed higher on Friday after U.S. President Donald Trump signed executive orders seeking to jumpstart the industry.

The orders direct the nation's independent nuclear regulatory commission to cut down on regulations and fast-track new licenses for reactors and power plants.

U.S. power consumption is estimated to reach record highs in 2025 and 2026, after stagnating for nearly two decades, as power-hungry data centers dedicated to artificial intelligence and crypto miners plug into the grid.

"Our confidence in the AI revolution data center buildout is increasing under the Trump administration, with nuclear energy ultimately playing a key role in powering data centers," Wedbush analysts said.

The orders also seek to reinvigorate uranium production and enrichment in the U.S. to help meet surging power demand.

Shares of uranium mining companies Uranium Energy UEC.A, Energy Fuels UUUU.A and Centrus Energy LEU.A jumped between 19.6% and 24.2%. Canadian miner Cameco CCO.TO was up nearly 10%.

The Global X Uranium ETF URA.P, which invests in a broad range of uranium-linked stocks, rose more than 11.6%.

Nuclear utilities Constellation Energy CEG.O, Vistra VST.N, GE Vernova GEV.N all added more than 1.2%.

Nuclear energy has garnered renewed interest from investors and companies, as it is considered to be a cleaner source of fuel and more reliable than wind or solar energy.

The industry is also expected to benefit from Trump's sweeping tax and spending bill, which rolled back many green-energy subsidies but preserved tax credits for nuclear energy.

"We are clearly witnessing the billowing of tailwinds behind the broader nuclear industry," H.C. Wainwright analysts said.

Nano Nuclear Energy NNE.O led the gains for companies involved in developing new nuclear technology, with its shares surging more than 30%. Sam Altman-backed nuclear startup Oklo OKLO.N gained 23.1%, while NuScale Power SMR.N soared 19.6%.

 (Reporting by Medha Singh and Vallari Srivastava in Bengaluru, additional reporting by Pooja Menon; Editing by Tasim Zahid and Shilpi Majumdar)

 ((Medha.Singh@thomsonreuters.com; +91 80 6210 0592; X, formerly Twitter: @medhasinghs;))