With the Iran war once again drawing attention to the world’s oil and natural gas trade, energy as a national security priority is at the fore. It doubles down on the theme that flared after major natural gas supplier Russia invaded Ukraine in 2022.
As a way to lessen dependence on fossil fuels and supply from unstable parts of the world, nations are once again looking to nuclear power.
“An uptick in geopolitical conflicts has put energy independence into focus for many countries across the globe,” says Alex Riedel, head of client portfolio management at Advyzon Investment Management.
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Another key driver for nuclear demand is the age of artificial intelligence and its convergence with the desire for energy generation that doesn’t emit planet-warming greenhouse gases.
The green aspect of nuclear energy is particularly attractive to Big Tech companies who want to burnish their sustainability credentials. Microsoft Corp. (ticker: MSFT), Alphabet Inc.’s (GOOG, GOOGL) Google, Meta Platforms Inc. (META) and Amazon.com Inc. (AMZN) have all indicated they want nuclear-powered data centers.
“There is huge demand for zero-carbon loads that wind and solar can’t really provide,” says Mark Pacitti, founder and CEO with Woozle Research.
And politicians are getting on board. In the U.S., executive orders from President Donald Trump have added to Biden-era support in the Infrastructure Investment and Jobs Act and the Inflation Reduction Act on top of other congressional action. While support for nuclear is mixed in Europe, Asia has about 55 nuclear reactors under construction, and there are firm plans to build another 60 to 70, according to the World Nuclear Association.
“I think nuclear is the one energy trade where you have genuinely supportive policy tailwinds, a significant supply constraint and a demand catalyst cycle driven by AI data centers that is all showing up at the same time,” Pacitti says. “That combination is compelling and doesn’t happen often.”
With that in mind, here are five stocks and exchange-traded funds (ETFs) that allow you to invest in the nuclear energy renaissance:
| Stock/ETF | Market capitalization | Year-to-date return as of May 28 |
| Cameco Corp. (CCJ) | $48.4 billion | 21% |
| Constellation Energy Corp. (CEG) | $103 billion | -19% |
| GE Vernova Inc. (GEV) | $260 billion | 53% |
| VanEck Uranium and Nuclear ETF (NLR) | $4.9 billion* | 7.3% |
| Range Nuclear Renaissance ETF (NUKZ) | $881 million* | 14% |
*Denotes assets under management, for ETFs.
Cameco Corp. (CCJ)
Uranium is the key fuel to power nuclear reactors.
“Uranium itself is in a supply deficit after more than a decade of underinvestment, with long-term contract prices higher than they’ve been in about 20 years,” Pacitti says.
For financial exposure to the radioactive metal, Pacitti likes this mining company.
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.
The company also has a stake in nuclear equipment and services company Westinghouse, giving it exposure in the full nuclear supply chain, from uranium mining to fuel refining and nuclear plant construction.
Constellation Energy Corp. (CEG)
For the power-supply side of the nuclear story, Pacitti says Constellation is “the clearest expression of the trade.”
This utility company owns nuclear plants that can charge premiums to tech companies, which are emerging as a huge demand driver for power for data centers that crunch the numbers behind AI computations.
With the biggest fleet of nuclear plants in the U.S., Constellation is an obvious choice as a source for Big Tech’s 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.
Constellation added to its status as an AI titan with its recent acquisition of natural gas and geothermal energy utility Calpine.
GE Vernova Inc. (GEV)
This company is a play on small modular reactors, or SMRs. These reactors represent the next generation of nuclear power generation alongside micro reactors, advanced enrichment methods and new fuel types.
GE Vernova and Hitachi are working on an SMR design, with construction on the first unit expected to be complete by 2029 and commercial operation by the end of the following year.
In the future, SMR companies aim to build these small-scale reactors directly at AI data center sites or other industrial areas that need lots of power, rather than having more centralized electricity production that is then transmitted by a large power grid.
GE Vernova also provides nuclear turbine technologies and services for traditional reactors, giving it another valuable business line amid traditional reactor upgrades and construction.
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.
“These ETFs offer a diversified basket of companies involved in all stages of uranium production, including exploration, mining and enrichment,” Riedel says.
NLR 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.
The fund tracks the performance of the MVIS Global Uranium & Nuclear Energy Index and is up around 37% over the past 52 weeks.
This fund has an expense ratio of 0.52%, or $52 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 advanced nuclear fission startup Oklo Inc. (OKLO).
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 economic performance falters, 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%. The fund is up around 42% over the past 52 weeks.
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5 Best Nuclear Energy Stocks and ETFs to Buy originally appeared on usnews.com
Update 05/29/26: This story was previously published at an earlier date and has been updated with new information.
