Why Cameco Stock Exploded Nearly 11% Today—And What It Means for Uranium’s Future

Cameco just pulled off a nuclear-grade rally—surging nearly 11% in a single session. Here’s the breakdown.

Supply Squeeze Sends Shockwaves

Uranium’s supply chain is tighter than a trader’s stop-loss. Production constraints, geopolitical friction, and soaring demand from next-gen reactors lit the fuse.

Institutional FOMO Hits Critical Mass

Hedge funds and ETFs are piling in—classic “buy the rumor, buy the news” behavior. Because nothing moves markets like fear of missing out on the next energy revolution.

The Green Energy Play

Nuclear’s back in vogue as governments ditch fossil fuels. Cameco’s sitting on the uranium equivalent of digital gold—scarce, essential, and suddenly very fashionable.

Short Squeeze or Sustainable Rally?

Traders love a good gamma squeeze—but this feels bigger. Uranium’s fundamentals haven’t looked this strong since pre-Fukushima. Then again, Wall Street’s always happy to repackage old commodities as “disruptive tech.”

Strategic goals

At the annual conference of the International Atomic Energy Agency (IAEA) in Vienna, Austria, U.S. Energy Secretary Chris Wright made those remarks about the uranium stockpile. He indicated two key goals in this regard -- to boost confidence in the nuclear industry, which is a cornerstone of the administration's energy policy, and to reduce dependence on supplies from Russia (that country supplies roughly 25% of the enriched uranium needed in the U.S.).

Image source: Getty Images.

In an interview with Bloomberg, Wright said, "We hope to see rapid growth in uranium consumption in the U.S. from both large reactors and small modular reactors."

He added that "The size of that right buffer WOULD grow with time. We need a lot of domestic uranium and enrichment capacity."

A Central European deal

Separately, Cameco announced after market close Friday that it finalized a long-term uranium supply deal with Slovakia's Slovenské elektrárne (Slovak Electricity, or SE). The fuel will be used in the utility company's nuclear power plants in the small central European country, in an arrangement that lasts through 2036.

Cameco said the terms of the deal are confidential; it did not provide any financial details.