The uranium trade continues. Nuclear stocks have been taking a break over the last two weeks as investors have turned their attention to the shiny object that is earnings season.

Names like Nano Nuclear Energy (NNE), Nuscale Energy (SMR), and Oklo (OKLO) have dropped 20% or more as traders rotate back into the Magnificent Seven and other large-cap technology names ahead of earnings.

That “buy the rumor” setup for tech will eventually turn into a “sell the news” event — and when it does, capital is likely to flow back toward nuclear and clean energy plays. One company is already paving the way for that rotation: Cameco Corp (CCJ).

Cameco: The Core of the AI Nuclear Trade
Cameco is one of the world’s largest and most established uranium producers, headquartered in Saskatchewan, Canada.

The company supplies roughly 20% of global uranium demand, with mining operations in Canada, Kazakhstan, and the U.S. The company also refines and converts uranium for reactor fuel, giving it vertical integration across the nuclear supply chain, from raw material to reactor-ready product.

Cameco’s reliability and experience make it a strategic asset for Western nations seeking to reduce dependence on Russian nuclear fuel.

The company’s partnerships with energy majors and its co-ownership of Westinghouse Electric Company through a joint venture with Brookfield Asset Management (BAM) position it as a centerpiece of the new global nuclear renaissance.

CCJ Shares Jump 20% on U.S.–Cameco–Brookfield Partnership
This morning, Westinghouse Electric Company, Cameco (CCJ), and Brookfield (BAM) announced a landmark deal with the U.S. Government to accelerate domestic nuclear power deployment under the President’s May 23, 2025 Executive Orders.

At the heart of this new partnership, at least $80 billion in new nuclear reactors will be constructed across the United States using Westinghouse reactor technology.

The goal: reinvigorate America’s nuclear industrial base and make nuclear energy a core pillar of U.S. leadership in clean power and artificial intelligence infrastructure.

The agreement includes a U.S. participation interest that could grant the government 20% of any distributions exceeding $17.5 billion once certain construction milestones are met.

If those projects are completed by 2029 and Westinghouse’s valuation surpasses $30 billion in a future IPO, the U.S. could require that IPO and convert its stake into a warrant for 20% of the public entity’s equity value.

Brookfield and Cameco originally acquired Westinghouse in November 2023, combining Cameco’s nuclear fuel expertise with Brookfield’s global leadership in energy infrastructure.

The new partnership effectively puts Washington’s financial, regulatory, and diplomatic weight behind Westinghouse, a clear signal that nuclear power is now an official cornerstone of U.S. industrial and AI policy.

AI and Energy: The Catalyst Behind the Move
The deal is more than an energy story, it’s a recognition that AI-driven data center expansion is creating enormous demand for clean, reliable baseload power.

Nuclear is the only scalable option that meets those needs while aligning with long-term decarbonization goals.

Cameco shares surged nearly 20% following the announcement, trading above $100 for the first time ever and setting a new all-time high. The stock has now gained over $70 since breaking above $60 in May, confirming its long-term uptrend.

Round-Number Resistance at $100
Pay attention. This is simple, which is why it works…

Psychologically significant price levels – like $100 – often act as natural resistance points.

Many investors place sell orders or take profits around round numbers, while new buyers hesitate to enter until a clear breakout occurs. That can temporarily stall a rally even in a strong uptrend.

In Cameco’s case, today’s 20% move may invite short-term selling, but any pullback toward the $100 mark should be viewed as healthy consolidation within a long-term bull market structure.

Earnings Approaching and Analyst Targets
Cameco is scheduled to report earnings on November 5.

Last quarter, the company beat expectations, posting a 46% year-over-year revenue increase as global uranium demand accelerated. With the new Westinghouse deal now in play, investors will be watching closely for forward guidance that reflects the company’s expanding role in the nuclear buildout.

Wall Street currently rates CCJ a “Buy,” with an average price target of $91, a figure now clearly outdated.

Expect analysts to begin raising targets above $100 in the coming days or directly after the earnings results hit the wire. This would spark renewed buying from retail investors and fund managers adding to nuclear exposure.

Cameco’s Bottom Line
Cameco (CCJ) is now the clear centerpiece of the AI–nuclear energy trade.

The U.S.–Westinghouse partnership is a generational catalyst that elevates Cameco from commodity producer to national energy partner.

Expect this week’s announcement to redirect attention back to the nuclear complex, including Nano Nuclear (NNE), NuScale (SMR), and Oklo (OKLO).

Oklo (OKLO) has emerged as the clear leader among the new AI-nuclear stocks. The company’s fuel-recycling facility in Tennessee is the key. It will recycle used nuclear fuel at scale, turning waste into gigawatts, cutting production costs, and strengthening a secure U.S. nuclear supply chain.

Cameco shares remain in a long-term bullish trend with a technical price target of $150, and any pullback toward $100 should be seen as a buy-the-dip opportunity in what could be the defining energy trade of the decade.

— Chris Johnson

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Source: Money Morning