Nuclear Energy Stocks Retail Investors Are Watching For AI Power Demand

Rising energy price swings, renewed inflation worries, and a fresh focus on energy security are pushing many investors to look more closely at nuclear energy stocks. With central banks talking tougher on interest rates and global trade still heavily tied to energy costs, companies across the nuclear value chain are gaining attention as potential sources of reliable power exposure. This Nuclear Energy Stocks screener filters that broad universe into a focused starting list, from uranium supply to reactor operators. In this article, you will see three stocks from the screener that stand out for further research.

Cameco (TSX:CCO)

Overview: Cameco is a Saskatoon based company that supplies uranium and related nuclear fuel services to power utilities in the Americas, Europe and Asia, and also owns a large stake in Westinghouse, which provides reactor technology and services to commercial and government clients.

Operations: Cameco generates most of its revenue from uranium at about CA$3.0b and nuclear services through Westinghouse at about CA$3.6b, with additional contributions of roughly CA$0.6b from its Fuel Services segment and minor segment adjustments.

Market Cap: CA$59.2b

Investors looking at nuclear energy often start with Cameco because it combines uranium production, fuel services and a major stake in Westinghouse in one company, giving exposure to both fuel and reactor projects as governments support more nuclear capacity. Earnings and margins have been improving, analysts expect earnings growth and higher future returns on equity, yet the stock trades on a very high P/E and above some fair value estimates, which introduces valuation risk if expectations cool. Operational issues such as temporary suspensions at Cigar Lake and higher cost supply could also pressure results if uranium prices do not cooperate. Overall, Cameco presents a combination of potential opportunities and concentrated risks that may warrant closer examination.

Cameco’s mix of uranium, fuel services and Westinghouse exposure provides a broad nuclear story, but the tension between high expectations and valuation is easy to miss. Before assuming the market has fully priced this in, review the analysis report for Cameco

NuScale Power (SMR)

Overview: NuScale Power develops small modular reactor technology, offering compact 77 MWe light water reactors and a full suite of services that covers licensing, plant design, construction support, training, operations, maintenance and fuel management for nuclear power projects.

Operations: NuScale currently generates about US$18.7m in revenue, almost entirely from electric utility related services in the United States.

Market Cap: US$3.3b

NuScale Power stands out in nuclear because it is the only U.S. company with an NRC approved small modular reactor design, which gives it a head start as energy hungry data centers and utilities search for reliable low carbon power. The company is tied into projects like Romania’s RoPower plan and ENTRA1 Energy, and revenue is forecast to grow much faster than the broader U.S. market. However, NuScale remains loss making and relies on external funding, which raises dilution and financing risks. Volatile trading, insider selling and the lack of binding long term contracts underline how early this story still is. For investors comfortable with higher risk, the combination of regulatory lead, experienced board and large potential end markets makes NuScale worth closer inspection.

NuScale Power’s approved SMR design gives it a rare lead, but the real story is how growth ambitions stack up against funding needs and contract risk, which is why the analyst forecasts for NuScale Power could change how you see its runway

Oklo (OKLO)

Overview: Oklo is a Santa Clara based company developing compact Aurora Powerhouse fission plants that are designed to supply 15 to 75 megawatts of electricity for customers such as data centers and remote sites. The company is also working on recycling used nuclear fuel into new fuel for its reactors.

Market Cap: US$8.5b

Oklo is attracting attention because it sits at the intersection of nuclear power and AI driven electricity demand, aiming to sell long term power contracts rather than one off reactor hardware. On one side, it has cash and marketable securities of roughly US$2.2b, major agreements such as Switch’s 12 GW deal through 2044, fuel supply partnerships for HALEU with Centrus, and collaborations with companies like Meta and Nvidia, along with fresh progress on NRC and Department of Energy approvals. On the other side, revenue is still near zero, losses are widening, the board is relatively new, insider selling has picked up, and full licensing plus first Aurora deployment remain unproven. This leaves investors to weigh a large potential opportunity against significant execution and funding risks.

Oklo’s model of turning long term power contracts and fuel recycling into a full nuclear service story is still taking shape, which makes the full narrative for Oklo even more important for spotting what most investors might be missing.

The three nuclear stocks in this article are only a starting point, with the full Nuclear Energy Stocks screener surfacing 297 more companies with equally compelling nuclear energy narratives across fuel supply, enrichment and reactor projects. Use Simply Wall St to identify, filter and analyze the exact catalysts, business models and risk profiles that matter to you so you can focus on the highest conviction ideas in this theme.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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