When I started buying into Denison Mines (DNN) and Cameco (CCJ) a year ago, I was taking what many would call a contrarian stance. Nuclear energy was still saddled with old baggage — Chernobyl, Fukushima — and investor interest was lukewarm at best.

What I saw then, and believe even more strongly now, is that nuclear is one of the few scalable answers to the world’s rapidly growing energy demands.

This is not just a “green energy” story. It is an infrastructure and digital economy story. I believe my investments are sitting at the front edge of an inflection point.

Why nuclear, why now

Governments are re-rating the sector

The policy winds have shifted. In September 2025, the US and UK signed a £40 billion nuclear energy deal, including £12 billion earmarked for the north east of England. That is government signalling nuclear as part of its long-term energy backbone. Private equity is following, with deals such as an £80 million investment in a micro modular reactor at London Gateway port.

When governments commit billions and de-risk regulatory hurdles, capital markets notice. Nuclear is moving from “politically toxic” to “politically necessary.” In the US, sweeping tax credits are flowing into the sector while new models are reducing project risk and making nuclear projects bankable in a way they have not been for decades.

China and South Korea have shown that nuclear can be built on time and on budget by standardising designs and building multiple reactors per site. If Western markets begin to adopt similar models, that could unlock even greater flows of institutional capital.

Data centres will be the demand catalyst

The real kicker, in my view, is AI and data-centre growth. Electricity demand from data centres is set to soar:

  • Deloitte estimates US data-centre demand could grow fivefold by 2035, to roughly 176 GW.
  • The IEA expects global data-centre demand to more than double by 2030.
  • Nuclear could realistically provide around 10% of this incremental demand — a huge figure when base-load requirements are considered.

Nuclear energy’s new backers are not just governments. Big Tech is being propelled by data centres’ demand for energy: Microsoft is restarting reactors, Meta is paying to extend them, and Amazon and Google are funding SMRs. Add Barclays’ forecast of a $1 trillion SMR market by 2050 and it becomes clearer why uranium suppliers such as DNN and CCJ may be positioned for structural upside.

Supply tightness means price support

On the supply side, uranium has been under-invested for years. Prices have more than doubled since 2020, but that may still be early relative to the scale of future demand. This is where my core positions — DNN and CCJ — come in.

My core positions

Denison Mines (DNN)

DNN is my leveraged bet. It is not the safest name in the sector — it is still a developer with heavy capital requirements — but that is exactly why I own it. Projects such as Wheeler River in Saskatchewan could become highly profitable if uranium prices stay elevated. Denison also holds physical uranium inventory, giving it optionality.

In short: if uranium enters a sustained bull market, DNN offers asymmetric upside. High risk, but potentially very high reward.

Cameco (CCJ)

Cameco is my stabiliser. It is one of the largest uranium producers globally, with established operations and long-term contracts. CCJ provides the steady exposure I need while DNN gives me the torque.

I have adopted a barbell approach — pairing a speculative developer with a proven producer. One name captures the upside; the other manages the risk.

Risks I acknowledge

  • Regulation and permitting: timelines can stretch.
  • Execution risk: nuclear megaprojects have a history of overruns.
  • Commodity volatility: uranium prices are thinly traded and can swing hard.
  • Public perception: waste disposal and “not in my backyard” resistance remain.

These are real. But they are also the reasons nuclear may still be under-priced. If it were risk-free, the re-rating would already have happened.

My conviction stands

When I bought into DNN and CCJ a year ago, my thesis was simple: demand is coming, supply is constrained and sentiment is wrong. A year later, I am more confident than ever. Governments are pouring billions into nuclear, technology companies are waking up to its potential and uranium prices are firming.

I believe this is still the early stage of a long-term revaluation.

DNN gives me the speculative torque; CCJ gives me the stability. Together, they position me for what I see as one of the most overlooked opportunities in the market today.

For me, this is not just an investment. It is a conviction call: nuclear is back, and the market has not caught up yet.

This article reflects personal holdings and opinions. It is for information only and does not constitute financial advice or a recommendation to buy or sell any security.