Goldman Names "Top Tactical Play" In Nuclear Theme Ahead Of Uranium Structural Deficit Explosion

We first outlined our bullish thesis on the uranium industry—and Cameco (CCJ) in particular—4.5 years ago in our late-December 2020 report, "Buy Uranium: Is This the Beginning of the Next ESG Craze." At the time, we highlighted Cameco's strategic positioning, including its control of the world's largest high-grade uranium reserves, low-cost operations, and status as a top global supplier of nuclear fuel.

Fast-forward to today, the bullish case for nuclear power has materially strengthened. With structural underinvestment in supply, surging demand because of AI data centers and other electrification trends, and a global push for stable, clean power to achieve decarbonization in the decades ahead, we believe the nuclear theme is poised to outperform well into the 2030s and likely through 2040.