In early December, U.S. Energy Secretary Chris Wright gave a speech at the Idaho National Laboratory, the Idaho Falls research and development facility that in the early 1950s generated the first usable electricity from atomic power.
He was there to underscore President Donald Trump’s backing of nuclear power, which is expected to contribute to the burgeoning number of data centers needed to power artificial intelligence, which uses more computing power than other traditional information technology services.
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“Most of the nuclear reactors operating on the planet today are descendants of reactors first built right here,” Wright said, according to local media. “So this is ground zero for the nuclear energy renaissance that the Trump administration is passionate to make happen. It has been talked about for 20 years, but it’s actually happening now, literally now.”
It’s the AI-powered future, as well as expectations for the electrification of much of the transportation sector and other industries, that has investors excited about nuclear stocks, from miners to reactor companies to utilities. The MVIS Global Uranium & Nuclear Energy Index is up about 50% over the past 52 weeks, which means caution is warranted as bargains may not abound right now, but also indicates the anticipation that might serve long-term investors well.
For years after a 2011 disaster at a nuclear reactor in Japan, governments around the world turned their backs on reactors. Between 2011 and 2020, 65 nuclear reactors worldwide were either shut down or did not have their lifespans extended, according to the International Atomic Energy Agency. Now, about that same number are under construction globally, and dozens of others are planned, the World Nuclear Association says.
The buildout comes as the tech industry, including Microsoft Corp. (ticker: MSFT), Alphabet Inc.’s (GOOG, GOOGL) Google, Meta Platforms Inc. (META) and Amazon.com Inc. (AMZN), wants nuclear power for data centers.
One of the key selling points for nuclear power is that, unlike natural gas and coal, it doesn’t produce greenhouse gas emissions even while being able to generate stable baseload power for homes and businesses when intermittent solar and wind power can’t.
“Nuclear is more than just a backup plan in global decarbonization goals,” says Paul Holmes, an analyst at BrokerListings.com. “It’s a clear central pillar.”
Here are some nuclear energy stocks and exchange-traded funds, or ETFs, to buy as nuclear takes a key role in the energy transition:
— Cameco Corp. (CCJ)
— Constellation Energy Corp. (CEG)
— Centrus Energy Corp. (LEU)
— VanEck Uranium and Nuclear ETF (NLR)
— Range Nuclear Renaissance ETF (NUKZ)
Cameco Corp. (CCJ)
During the slump after 2011, the uranium mining industry cut back on investment and is now playing catch-up.
“Uranium supply is structurally tight,” according to Holmes. “We generally see uranium mine supply grow by only 1% to 2% per year, and some years it doesn’t grow at all. Demand is rising faster than supply at around 3% to 4% per year.”
While many small mining companies have been ramping up uranium production and exploration, they can be quite risky, although their upside can be substantial. In contrast, Cameco is the world’s second-biggest uranium miner, which means the company is less risky than exploration companies that aren’t yet in production.
Cameco has investments across the nuclear fuel cycle, including ownership interests in a nuclear technology equipment manufacturer and a laser uranium enrichment technology company. Like other mining companies, Cameco is subject to price movements of the commodity it produces, which can be volatile.
“Cameco is still the purest institutional-grade uranium exposure, and finally its contract books are catching up with the new pricing reality,” Holmes says.
Constellation Energy Corp. (CEG)
There are two main ways investors can play the nuclear theme through utilities. One is by owning utilities with nuclear plants that can charge premiums to tech companies. The other is with nuclear utilities that could benefit if regulators decide they want to prioritize nuclear development.
Constellation falls into the first bucket. With the biggest fleet of nuclear plants in the United States, Constellation is an obvious choice as a source for Big Tech to turn to for its nuclear energy needs. Meta has a 20-year nuclear agreement with Constellation. And Microsoft has agreed to purchase energy from a Constellation-revived unit at the Three Mile Island nuclear power plant in Pennsylvania.
Centrus Energy Corp. (LEU)
Current large reactors use low-enriched uranium to produce electricity. Advanced reactors and more than half of the designs for small modular reactors in development use a more concentrated form of uranium called high-assay, low-enriched uranium (HALEU), according to the World Nuclear Association.
Centrus is the only company in the U.S. with a license to make HALEU, and it has been producing small quantities. With this license and manufacturing experience, Centrus is well positioned to make the fuel for a growing number of advanced reactors, small modular reactors and micro reactors. HALEU can also be used in conventional reactors.
VanEck Uranium and Nuclear ETF (NLR)
Investors who want to spread out the risk with a more diversified investment than single stocks can consider ETFs, which trade under a single ticker symbol but contain a basket of equities.
This ETF invests in uranium mining companies; companies that build, engineer and maintain nuclear power facilities and reactors; companies involved in the production of electricity from nuclear sources; and companies that provide equipment, technology or services to the nuclear power industry.
This fund has an expense ratio of 0.56%, or $56 per year for every $10,000 invested.
Range Nuclear Renaissance ETF (NUKZ)
ETFs can also be a good idea for investors who want exposure to development-stage companies that have a high potential for reward but are also very risky, such as AI executive Sam Altman-backed advanced nuclear fission startup Oklo Inc. (OKLO), which has garnered headlines after going public via a special-purpose acquisition company, or SPAC.
Like the VanEck ETF, this fund has Oklo as one of its holdings and is diversified along the nuclear supply chain, giving investors exposure to companies involved in advanced reactors, utilities, construction, services and fuel.
Both of these funds include utility companies, which can give them a defensive tinge. Utilities are unlikely to outperform growth stocks during times of economic expansion and stock market optimism. But when the tide turns and economic uncertainty increases, utilities can act as a portfolio cushion because houses and businesses need electricity year-round, regardless of economic conditions.
That stability comes with the downside that these ETFs won’t likely perform as well as a single stock that hits it big.
NUKZ has an expense ratio of 0.85%.
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5 Best Nuclear Energy Stocks and ETFs to Buy originally appeared on usnews.com
Update 12/11/25: This story was published at an earlier date and has been updated with new information.
