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5:44 PM · 20 September 2024

⚡Uranium miners rebound amid Constellation Energy - Microsoft energy deal driven by nuclear for AI data centres 📈

Constellation
Stocks
CEG.US, Constellation Energy Corp
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Uranium Energy
Stocks
UEC.US, Uranium Energy Corp
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U.S.-listed companies linked to the uranium market (mining, processing) are trading up in the 4 to 6% range today. U.S. energy giant Constellation Energy (CEG.US) announced plans to restart Unit 1 at the Three Mile Island nuclear power plant by 2028 to ensure a sustainable, predictable energy supply for Microsoft's (MSFT.US) data centers (powering AI, among other things). Constellation Energy (CEG.US) shares are climbing to new historic highs today, trading up more than 20%. 

Shares of Uranium Energy Corp. (UEC.US) are trading up more than 4%, Centrus Energy, which specializes in the production of nuclear fuel for the U.S. market, are rebounding 5%, and the world's second-largest uranium miner after Kazatomprom (KAP.UK) Cameco (CCJ.US) are trading up more than 8%. As we can see below, UEC's shares have broken above the SMA50 and approached the upper boundary of the downtrend channel. A breakout above $6 (38.2 Fibo retracement, escaping the price channel) could herald a change in trend.

Source: xStation5

The euphoria on Constellation Energy shares supports better sentiment around energy companies, which may benefit from demand for electricity, related to the expansion of infrastructure and computing power for AI, installed in data centers.

Source: xStation5

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