On Tuesday, shares of Australian uranium stocks continued the upward trend from yesterday, with $Paladin Energy Ltd (PDN.AU)$ rising 4.92%, $Boss Energy Ltd (BOE.AU)$ rising 7.76%, and $Deep Yellow Ltd (DYL.AU)$ rising 5.45%.
$Microsoft (MSFT.US)$ 's recent announcement to utilize nuclear power for its AI operations is sparking interest in uranium stocks. The tech giant has signed a 20-year power purchase agreement with $Constellation Energy (CEG.US)$, aiming to support the Crane Clean Energy Center and the reactivation of Three Mile Island Unit 1, a previously shut down nuclear plant known for its safety and reliability. Scheduled to be operational by 2028, the renewed plant will supply carbon-free energy to Microsoft's data centers, aligning with the company's environmental goals.
This move by Microsoft could significantly impact the uranium market. As AI and data centers' energy consumption has faced criticism, other tech companies may follow suit, leading to an increased demand for uranium and potentially driving up its prices.
See also: Uranium and Nuclear Stocks Surge on Constellation-Microsoft Deal. Who's Leading the Way?
Source: The Motley Fool, Bloomberg