Uranium Prices Just Broke a 19-Year Record, but Nuclear Stocks Are Collapsing Anyway

Impact · against what's priced in

The record uranium spot price is a non-event for nuclear stocks because the market already prices in a disconnect between spot peaks and realized contract revenue. The primary catalyst remains the conversion of interest into binding power purchase agreements, which hyperscalers are currently deprioritizing in favor of near-term capacity.

SMR−0.10

Already priced in

The price assumes

The signing of a definitive, multi-gigawatt power purchase agreement with the Tennessee Valley Authority