Uranium Term Prices Hit A Record... So Why Is Nuclear Getting Nuked?
Summary
Long-term uranium contract prices have hit an all-time record of $96/lb, up about 12% year-to-date, with spot following to roughly $90/lb. Yet nuclear-linked equities, SMR darlings and even the IPO pipeline are moving in the opposite direction. TD Cowen attributes the short-term disconnect to buyers balking at record prices, with term contracting volumes down about 15% year-on-year.
Bubble analysis
This item is only tangentially related to the AI investment bubble question. It touches the 'AI will need infinite power' part of the AI narrative and shows investors starting to ask 'who's paying for all this capex,' which hints at cooling enthusiasm for AI infrastructure. But the article is fundamentally about uranium and nuclear markets and provides no concrete AI capex or AI revenue figures, so it is not direct evidence either way on an AI bubble.
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