Shares of Cameco (TSX: CCO) jumped over 20% this morning to $145.54 apiece, pushing its year-to-date gains to nearly 97%. The jump followed a major announcement that puts the Saskatoon-based uranium giant at the heart of a global energy transition. Let’s take a closer look.
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New nuclear deal signals big opportunity for Cameco stock
In a major development, Cameco, along with Brookfield Asset Management (TSX: BAM), has struck a strategic deal with the U.S. government to accelerate the construction of Westinghouse nuclear reactors. Backed by an estimated US$80 billion investment, the deal aims to expand nuclear power across the U.S. — with many of these new reactors expected to help power artificial intelligence (AI)-driven data centres and other high-demand infrastructure.
This Cameco-Brookfield partnership is expected to drive a major boost in demand for uranium, the core fuel used in nuclear power generation. As one of the world’s most reliable uranium suppliers and a co-owner of Westinghouse, Cameco is likely to benefit across the entire value chain — from supplying fuel to long-term servicing.
Investors are betting on the nuclear comeback
The U.S. government’s involvement adds financial and regulatory support, making it easier to move projects forward. That clarity has energized investors who see Cameco as a key player in the next phase of nuclear-powered growth. And with strong fundamentals, rising global energy needs, and growing momentum behind clean, reliable power, Cameco stock may be just getting started.
