Aussie uranium miners jump as Trump's AI investment, Canada tariff plans augur well
Stocks of Australian uranium miners rose between 3% and 10% on Wednesday, propelled largely by a planned $500 billion private sector investment to fund AI infrastructure and US President Donald Trump's plans for tariffs on major uranium exporter Canada.
Nuclear energy has become a compelling low-carbon source to run power-guzzling data centres behind AI, with Big Tech firms striking multiple billion-dollar deals with utilities.
Australia, which houses around one-third of global uranium resources, supplied nearly 15% of the United States' imports in 2021 - more than half of Australia's total exports - according to data from the World Nuclear Association.
"Nuclear is gaining traction globally as a source of reliable energy for the future that meets energy security requirements and decarbonisation goals," Regan Burrows, equity research analyst at Bell Potter Securities, said.
Boss Energy's shares surged more than 14% to end the session at its highest price since early November. Deep Yellow's shares jumped roughly 8% and ended at a near three-month high.
Paladin Energy, which owns 75% of the Langer Heinrich uranium mine in Namibia, gained 10% to end the day at its highest since mid-November last year.
Paladin's stock was also bolstered by a strong quarterly output report.
Lotus Resources advanced 4.3% and ASX-listed shares for Canada's NextGen Energy added 3.2%.
George Ross, a senior analyst at Argonaut, said, "Uranium miners are up today on positive macro news out of the US on Trump's planned $500-billion "Stargate" AI infrastructure project."
"The planned data centres and computing infrastructure will have significant electricity requirements and there is a better than good chance that nuclear energy will be part of the project's power solution."
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