Nuclear power comeback narrative gains traction with SMR developers (NuScale, Oklo) emerging as AI data center power solutions.
Nearly every nuclear reactor brought online will need the same fuel, and Cameco is one of the few suppliers. GE Vernova isn't doing much nuclear-related business right now, but that's likely to change shortly after 2030. Technically speaking, Vistra is a utility stock, but the company certainly doesn't look or act like a typical utility.
Just a few years ago, the nuclear power industry seemed on its deathbed. The echoes of Fukushima lingered, and renewables like solar had finally become cost-effective enough for mainstream adoption. Much has changed—or not—in the meantime.
Solar is the United States' fastest-growing electricity source, yet accounts for only about 4% of total power production. Wind and solar combined make up just 17% of U.S. power generation, while nuclear holds at nearly 19%. A similar mix, though hardly identical, applies globally.
The reason is straightforward: reality is setting in. Solar and renewables aren't scaling fast enough to meet the accelerating electricity demand from artificial intelligence data centers. The proven near-term solution is nuclear power, which the International Atomic Energy Agency predicts could more than double capacity by 2050. The nuclear power comeback is real.
**Cameco: The Integrated Fuel Play**
Some investors fixate on next-generation reactor technology and miss the obvious opportunity: uranium-235, the fuel these reactors perpetually consume. Few companies actually mine and prepare this material. Canada-based Cameco (NYSE: CCJ), though not the largest, stands out as an integrated, soup-to-nuts player with mining, refining, enrichment operations, and spent fuel storage. It's even co-owner of Westinghouse, which manufactures and services nuclear reactors.
Cameco generated $3.5 billion in revenue last fiscal year with similar projections for this year. Per-share profits are expected to grow modestly, from $1.44 to $1.63 over two years—not dramatic, but the tailwind is real. S&P Global Market Intelligence projects worldwide annual uranium revenue will more than double by 2033, driven by a measured but measurable rise in prices. Uranium required for a nuclear resurgence isn't in infinite supply and must be mined and enriched, with no readily accessible alternative available in sufficient abundance.
**GE Vernova: Small Modular Reactors**
GE Vernova (NYSE: GEV), General Electric's energy-focused offshoot, built its reputation on wind turbines, natural gas turbines, and grid solutions. Nuclear isn't its calling card—yet. Through a partnership with Japan's Hitachi, the company is quietly expanding its nuclear footprint, focusing on nuclear fuel technology improvements, reactor services, and small modular reactors (SMRs).
GE Vernova's BWRX-300 SMR can be built on-site to support localized uses—desalination, refining, smelting, AI data center power. Installation work has begun, with service expected around 2030. A Pacific Northwest National Laboratory outlook commissioned by the U.S. government predicts the world will have nearly 500 SMRs built by 2050, versus essentially none in operational service today. While GE Vernova won't manufacture all of them, its established brand positions it to capture significant market share.
**Vistra: The Utility Pivoting to Nuclear**
Vistra (NYSE: VST) is a utility company, though not a household name. It doesn't serve consumers under the parent company's name; its core business is energy wholesaling. With 44,000 megawatts of generation capacity serving Texas, the northeastern United States, and some West Coast exposure, about 60% of its electricity output comes from natural gas, with one-fifth from nuclear.
That balance is shifting rapidly. Vistra has inked power purchase agreements with Meta Platforms and Amazon specifically calling for new nuclear capacity development. The company expects to deepen its nuclear footprint substantially in the near term.
Unlike most utilities, Vistra emphasizes growth over dividends, plowing nearly all profits back into operations or share buybacks. Since authorizing a $5.9 billion repurchase in 2021, it has reduced outstanding shares by roughly 30% while maintaining $1.8 billion in authorized repurchase funding through next year. Simultaneously, it has invested in new capacity, growing annual revenue from $12.1 billion to $17.7 billion over four years—hallmarks of capital discipline and operational excellence.