Amazon Signs Long-Term Nuclear Power Deal; Cameco Positioned to Benefit
Amazon has signed a 20-year agreement to purchase electricity from Constellation Energy's Calvert Cliffs Clean Energy Center in Maryland. Alphabet also recently entered into a similar long-term deal with the same energy provider for nuclear power across multiple facilities. These agreements highlight growing interest among tech firms in securing reliable and scalable nuclear energy sources. Cameco, which supplies low-enriched uranium used by most modern nuclear plants, is positioned to benefit from this trend despite its stock being down 2.19% recently. The company owns a significant stake in Westinghouse, a major supplier of equipment for the global nuclear industry. Analysts suggest Cameco's current price remains below consensus target levels. The nuclear energy sector could see substantial growth as new plants come online by 2030 and beyond.
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Topics: AI data centers Alphabet Amazon Cameco Constellation Energy nuclear energy