The nuclear renaissance has gained new momentum in the United States, with Google announcing plans to restart a nuclear facility to help power its artificial intelligence infrastructure.
Cameron Gleeson, senior investment strategist at Betashares, said the move reinforces one of the most significant structural trends in global energy.
“The news that Google and Microsoft are restarting nuclear power plants to support AI data centre demand reinforces one of the most important structural trends in global energy, that the nuclear renaissance is alive and well,” Gleeson said.
“While these US projects are still some way off, as Google’s restart is not expected until around 2029, it’s expected that US government-supported deals will likely extend well into the 2030s – providing a long-term tailwind for the sector in North America.”
However, Gleeson argued the rollout of nuclear power across Asia has been far more impactful. “China already accounts for over 40 per cent of global nuclear capacity under construction and continues to approve new reactors at a rapid rate,” he said.
“While US utilities focus on life extension programs and AI-linked power-purchase deals, Asia’s construction-led expansion will dominate uranium consumption growth through the 2030s.”
He added that uranium remains essential to global energy generation and that there is “no alternative” to uranium, pushing utilities to purchase the metal to keep reactors running.
“The fact that the world’s largest technology companies are now seeking to secure nuclear-powered energy supply underlines that reality.
“These deals highlight the growing role of nuclear energy as a dependable, low-carbon power source capable of supporting high-intensity industries such as artificial intelligence and data processing,” Gleeson said.
On the supply side, Gleeson warned that uranium production could struggle to keep pace.
“Bringing on new uranium production is not easy. This is a story of supply and demand, and given the long lead times required for mine development, the market could remain tight if nuclear demand continues to build at this pace,” he added
Bloomberg has forecast global uranium supply to rise 23 per cent by 2031 but warned of potential deficits beyond 2032 as Asian reactors ramp up.
ETF impact
In Australia, uranium exchange-traded funds (ETF) currently manage $323 million in funds under management, having attracted $31 million in inflows so far this year, according to Betashares data.
The Betashares Global Uranium ETF has returned 41.63 per cent over the past year.
“Investors should remember to keep any allocation to uranium right sized as a thematic opportunity within a diversified portfolio,” Gleeson said.
“Moreover, given that many ASX-listed uranium companies remain pre-production, investors should take a global view, diversifying their exposure across both individual names and countries.
“Investing in a globally diversified basket of uranium names remains the most compelling way to play the so-called nuclear renaissance.”
Uranium has been one of 2025’s strongest-performing commodities, surpassing gold as global nuclear energy expansion and AI-driven electricity demand accelerate.
According to Global X, uranium-focused and related thematic ETFs have outperformed gold ETFs this year, reflecting a structural market shift towards the physical infrastructure supporting artificial intelligence.
Global X senior investment strategist Billy Leung said capital is moving from software to the hardware, grid, and power systems that enable AI operations.
Leung noted global spending on AI infrastructure is surging, with capital expenditure expected to reach US$500 billion in 2026 and exceed US$2.5–3 trillion by 2030, adding more than 50 GW of new electricity capacity.
This growing power demand is driving interest in nuclear energy as a low-carbon, reliable source.
ETF flows mirror this shift: the Global X Artificial Intelligence Infrastructure ETF (AINF) has attracted $27 million this year and the Global X Uranium ETF (ATOM) $22 million.
Holdings tied to grid and nuclear infrastructure – including AMD, Siemens Energy, Vertiv, Amphenol, Centrus Energy, Cameco, and NexGen Energy – have posted large gains, with Centrus surging 248 per cent.
The uranium resurgence has coincided with a global nuclear renaissance backed by major government commitments to low-carbon baseload power.
To capture this trend, VanEck announced its Uranium and Energy Innovation ETF (ASX: URAN), launching 30 October, offering exposure to the broader nuclear energy value chain.
VanEck CEO Arian Neiron said nuclear energy is entering a new growth phase, supported by advances such as small modular reactors. He described it as a “structural growth opportunity” spanning mining, technology, and infrastructure rather than a single-commodity story.
