The Nuclear Trade Is Entering Phase 2 and These 3 ETFs Own Everything From Uranium Miners to Reactor Restarts

Impact · against what's priced in

The shift toward multi-decade nuclear PPAs provides a tailwind for utilities like CEG and TLNE by securing long-term revenue, while for hyperscalers, it reinforces the scale of AI power requirements. However, for Amazon, these deals are secondary to the primary market debate over whether its massive AI capex will actually yield a return on capital.

AMZN+0.10

Already priced in

The price assumes

second derivative: that $200-220bn/yr of AI capex earns its cost of capital