Nuclear Energy Stocks Drop 19%-21% as $710 Billion AI CapEx Bolsters Power-Demand Thesis
Updated
Updated · 24/7 Wall St. · Jun 12
Nuclear Energy Stocks Drop 19%-21% as $710 Billion AI CapEx Bolsters Power-Demand Thesis
1 articles · Updated · 24/7 Wall St. · Jun 12
Summary
Constellation Energy, Cameco and VanEck’s NLR have fallen 19%-21% over the past month, a pullback the report says has reset entry points across nuclear-linked stocks.
$710 billion-plus in projected 2026 CapEx from Microsoft, Meta, Amazon and Alphabet underpins the case, while the EIA sees data-center server electricity use reaching 818 billion kWh by 2050—more than 16 times 2020 levels.
Constellation trades at $242.30 after a 19% monthly drop despite Q1 adjusted EPS of $2.74 beating estimates and long-term power deals with Microsoft, Meta and CyrusOne supporting its demand outlook.
Cameco is down 21% to $95.03 even as Westinghouse EBITDA rose 33% and 38 countries pledged to triple nuclear capacity by 2050; NLR offers diversified exposure but also mirrors weakness in major holdings.
The next catalysts are policy and execution: Cameco reports Q2 results on July 31, and PJM’s bilateral data-center contracting framework is set to start in March 2027.
Hailed as AI's power solution, can small nuclear reactors win their high-stakes race against bankruptcy and regulatory hurdles?
Is the answer to AI's energy crisis building more nuclear plants, or demanding more efficient code from Big Tech?
Can our aging power grid be upgraded fast enough to handle AI's explosive energy demand without causing widespread blackouts?
21% Sell-Off Hits Nuclear Energy Stocks in June 2026: What’s Behind the Drop and What’s Next?
Overview
In May and June 2026, the nuclear energy sector faced a sharp downturn, with the VanEck Uranium and Nuclear ETF dropping 21% in a month. This decline was mainly driven by Constellation Energy’s large share distribution, which increased the number of shares on the market and created selling pressure, leading to a fall in its stock price. At the same time, Cameco’s share price dropped nearly 30% from its peak. These combined pressures from major sector players caused the ETF’s significant decline, even though the industry’s long-term outlook remains strong.