Uranium
Bill Gates, Sam Altman, Mark Zuckerberg, and Jeff Bezos are all making the same bet. It's not AI chips. It's not crypto. It's uranium. Here's why — and what it means for your money with 583 days left on the clock.
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Centrus Energy is the only U.S.-owned uranium enrichment company and the sole domestic producer of HALEU fuel required for next-generation nuclear reactors — a strategic monopoly tollbooth as America races to rebuild its nuclear fuel supply chain independent of Russia. This analysis is part of Energy Macro’s Tollbooth
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NexGen Energy is developing the Rook I project in Canada's Athabasca Basin — the highest-grade undeveloped uranium deposit on Earth — offering transformative upside if the project reaches production in a market facing a structural uranium supply deficit. This analysis is part of Energy Macro’s Tollbooth Royalties research. For
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Denison Mines is a uranium exploration and development company in Canada's Athabasca Basin, advancing the Wheeler River project — one of the world's largest undeveloped high-grade uranium deposits — offering leveraged upside to uranium prices for investors willing to accept development-stage risk. This analysis is part of Energy
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Uranium Energy Corp is America's largest pure-play uranium producer, operating low-cost in-situ recovery (ISR) mines in Texas and Wyoming — positioned as the domestic supply solution as the U.S. seeks to reduce dependence on Russian and Kazakh nuclear fuel. This analysis is part of Energy Macro’s Tollbooth
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Sprott Physical Uranium Trust holds physical uranium oxide (U3O8) in storage, offering the most direct publicly-traded exposure to uranium spot prices without mining operational risk — effectively a uranium bullion vehicle that also removes supply from the market, tightening the physical balance. This analysis is part of Energy Macro’s ETF
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VanEck Uranium+Nuclear Energy ETF blends uranium miners with nuclear utilities and technology companies, providing the most defensive nuclear energy exposure by including stable utility cash flows alongside cyclical mining equities. This analysis is part of Energy Macro’s ETF Monitor research. For our complete infrastructure income framework, see The
etf-monitor
Global X Uranium ETF is the broadest uranium and nuclear energy ETF, combining uranium miners with nuclear technology companies and utilities — offering diversified exposure to the nuclear renaissance with lower volatility than the more concentrated URNM. This analysis is part of Energy Macro’s ETF Monitor research. For our complete
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Cameco is the Western world's largest uranium producer, controlling the McArthur River and Cigar Lake mines in Canada's Athabasca Basin — the tollbooth on nuclear fuel supply as reactor restarts, new builds, and AI power demand create a structural uranium supply deficit. The Business Cameco Corporation is
etf-monitor
Sprott Uranium Miners ETF is the purest-play uranium mining ETF, concentrating holdings in uranium producers and developers like Cameco, Kazatomprom, and NexGen Energy — providing direct leverage to the nuclear renaissance driven by AI data center power demand and global energy security concerns. What Is URNM? The Sprott Uranium Miners ETF