Uranium prices surge as tech giants go nuclear

DF News Desk

print Pixabay File Photo. Uranium prices have soared to 15-year highs as major tech companies like Google, Amazon and Microsoft strike deals for nuclear power to meet the rising energy demands of artificial intelligence and data centers, reported Xinhua.

Nuclear fuel is trading at 83.30 U.S. dollars per pound (about 0.45 kilogram) as of Thursday, a level not seen since 2007, as miners struggle to keep pace with growing demand. The International Energy Agency (IEA) predicts nuclear electricity generation could nearly triple in North America by 2050.

"With global uranium supply lagging behind demand, the market will likely see higher prices," John Ciampaglia, CEO of Sprott Asset Management, told MarketWatch. Sprott operates a physical uranium trust and other funds that invest in miners.Kazakhstan, which typically supplies over one-third of the world’s uranium, has slashed production due to shortages of key mining inputs, Ciampaglia noted. Other major producers like […]

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