Daily Nuclear & Uranium Market Recap
4/29/26
Daily Nuclear & Uranium Market Recap
Wednesday, April 29, 2026
1. Market Overview
The nuclear and uranium complex had a sharply negative session with the sole exception of Bloom Energy (BE), which exploded higher on Q1 earnings. The rest of the coverage universe was broadly and heavily red, as broader markets weighed the Fed meeting, rising oil, and tech earnings uncertainty. The Trading Economics Nuclear Energy Index recently touched a four week low of 48.69, down 10.64 percent over the past four weeks even while still up 104.55 percent over the past 12 months. This kind of drawdown within a secular uptrend is consistent with the sector digesting the massive April 9 to 22 rally.
Uranium was last quoted at 86.55 dollars per pound on April 27, down 0.29 percent from the prior day, up 3.16 percent over the past month, and 28.99 percent higher year over year. CarbonCredits describes the market as in “consolidation” where flat spot trading is balanced by structurally bullish fundamentals: Kazatomprom production constraints, Western sanctions on Russian nuclear fuel, and aggressive long term contracting by tech giants for AI data center capacity. Uranium Spotlight confirmed last week’s close at 86.45 dollars per pound, with the April long term price unchanged at 90 dollars per pound, and noted that “spot pricing remains resilient even when day to day activity softens”.
2. The Bloom Energy Earnings Breakout
Bloom Energy (BE) closed at 288.50 dollars, plus 27.45 percent on 19.7 million shares. This is a landmark session driven by the Q1 2026 earnings report released last night.
For context on the BE story in 2026:
Oracle deal (announced April 14): A definitive agreement for Oracle to procure up to 2.8 gigawatts of solid oxide fuel cell systems, with 1.2 GW already contracted for immediate deployment across “AI sovereign” data center sites in the US and Europe. Financial analysts estimate the contract value at 4.0 to 4.5 billion dollars.
Q1 expectations heading in: Zacks projected EPS of 0.09 dollars (a 200 percent year over year increase) and revenue of 498.11 million dollars (plus 52.79 percent year over year). The actual report appears to have materially exceeded these expectations, given today’s 27 percent move.
Year to date: BE is now up roughly 166 percent year to date, with a 52 week range of 16 to 288 dollars. The stock has effectively become the flagship AI data center power play in the coverage universe.
TIKR’s DCF model had a target of 262 dollars, which the stock blew through today.
BE’s earnings confirm that the AI power demand narrative is converting into real revenue and backlog at scale, which has read through implications for the entire nuclear and power generation complex.
3. Equity Movers - Red Prints
The rest of the coverage universe sold off broadly, with the heaviest losses in high beta names.
XE (likely NexGen or another name) closed at 30.82 dollars, minus 9.65 percent on 12.2 million shares.
Lightbridge (LTBR) closed at 11.39 dollars, minus 9.17 percent on 778.3 thousand shares.
Centrus (LEU) closed at 191.11 dollars, minus 7.04 percent on 1.1 million shares, falling back well below 200 dollars.
Uranium Energy (UEC) closed at 13.50 dollars, minus 6.62 percent on 10.0 million shares. UEC remains anchored by 818 million dollars in liquid assets, no debt, and 1.456 million pounds inventory. Zacks’ updated April 28 table shows UEC with 43.14 percent projected EPS growth and a minus 18.81 percent 12 week price change.
ASP Isotopes (ASPI) closed at 4.91 dollars, minus 6.30 percent on 3.2 million shares, dropping back below 5 dollars.
NuClear (NKLR) closed at 5.97 dollars, minus 5.85 percent on 534.0 thousand shares.
Oklo (OKLO) closed at 65.47 dollars, minus 5.24 percent on 16.0 million shares. From its peak of 76.82 dollars on April 23, Oklo has pulled back roughly 15 percent.
Energy Fuels (UUUU) closed at 19.55 dollars, minus 5.05 percent on 8.6 million shares.
Nano Nuclear (NNE) closed at 22.60 dollars, minus 4.68 percent on 2.2 million shares.
NuScale Power (SMR) closed at 11.30 dollars, minus 4.40 percent on 26.2 million shares.
Vistra (VST) closed at 154.24 dollars, minus 4.27 percent on 5.0 million shares.
BWX Technologies (BWXT) closed at 207.08 dollars, minus 4.21 percent on 947.6 thousand shares. BWXT reports earnings on May 4, less than one week away. Zacks’ updated table shows 14.73 percent projected EPS growth, 16.16 percent projected sales growth, and a forward PE of 46.99.
Talen (TLN) closed at 348.00 dollars, minus 3.65 percent on 487.3 thousand shares.
NuScale AI (NUAI) closed at 3.70 dollars, minus 3.40 percent on 3.7 million shares.
Denison (DNN) closed at 3.63 dollars, minus 3.21 percent on 20.6 million shares. Zacks still lists DNN with 560.70 percent projected one year sales growth from Phoenix ISR.
enCore Energy (EU) closed at 1.85 dollars, minus 3.14 percent on 1.4 million shares.
Constellation (CEG) closed at 296.14 dollars, minus 3.13 percent on 2.7 million shares, pulling back from the 313 dollar high.
SLX AT closed at 6.13 euros, minus 2.39 percent.
Cameco (CCJ) closed at 113.96 dollars, minus 2.02 percent on 2.3 million shares.
Curtiss Wright (CW) closed at 695.63 dollars, minus 1.48 percent.
NexGen (NXE) closed at 11.89 dollars, minus 1.17 percent on 5.2 million shares.
Ur Energy (URG) closed at 1.70 dollars, minus 1.16 percent on 5.5 million shares.
Uranium Royalty (UROY) closed at 3.63 dollars, minus 1.09 percent on 1.5 million shares.
Mirion (MIR) closed at 18.68 dollars, flat on 10.0 million shares, with the usual wide intraday range of 17.50 to 20.62 dollars.
Small green prints: SILXY at 22.60 dollars, plus 0.18 percent; SKBL at 4.05 dollars, plus 10.66 percent.
4. Uranium Market Backdrop
Spot: Uranium at 86.55 dollars per pound on April 27, up 3.16 percent over the past month and 28.99 percent year over year. CarbonCredits describes the global spot at 86.9 dollars per pound, flat but structurally supported by Kazatomprom constraints, Russian sanctions, and tech driven SMR contracting. Uranium Spotlight reported last week’s close at 86.45 dollars with the April long term price at 90 dollars per pound and noted that “demand is now real” while “producers add pounds but not enough”.
Long term pricing: Cameco’s March long term at 91.50 dollars, TradeTech’s quarterly at 93 dollars. The upward grind in term pricing continues.
ETF context: Yahoo’s April 29 article highlights that Sprott URNM is up 26 percent year to date and 119 percent over the past year, while VanEck NLR is up 18 percent year to date and 98 percent over the past year. The piece frames URNM as ideal for direct uranium price exposure through miners, while NLR offers broader diversification across utilities and reactor manufacturers for investors positioning around AI and data center power demand. VanEck NLR’s historical data shows a close of 133.67 dollars on April 2versus around 130 on April 1, reflecting the kind of daily volatility the nuclear ETFs have exhibited throughout this period.
IEA and structural backdrop: CNBC reported on April 27 that the International Energy Agency told CNBC that the energy crisis will boost nuclear power, with investor interest surging as supply deficits, AI power demand, and government policy converge. Leverage Shares’ March 2026 report emphasizes that structural supply deficits from prolonged mine underinvestment, stronger policy backing for nuclear across major economies, and increased institutional participation are all contributing to tight supply demand balances and firm prices.
5. SEQH Desk View
Today was a painful session for the nuclear complex but one that fits neatly into the consolidation pattern that has been developing since April 22. The Trading Economics Nuclear Energy Index is now at a four week low, down over 10 percent from highs, while still up 104 percent over 12 months. This is the kind of drawdown that shakes out weak hands while the structural thesis remains completely intact.
Three things keep the thesis firmly on track:
Uranium is holding the high 80s. At 86.55 dollars per pound, up roughly 3 percent in a month and 29 percent year over year, the commodity refuses to confirm the equity pullback.
BE’s earnings confirm the AI power demand story is real. A 27 percent one day move on what appears to have been a major earnings beat proves that the nuclear and clean energy power demand from AI data centers is converting to revenue, not just narrative. That read through supports the entire thesis for CEG, VST, TLN, Oklo, SMR, and BWXT.
ETF flows remain massive. URNM up 26 percent year to date and 119 percent over 12 months, NLR up 18 percent year to date and 98 percent over 12 months. Institutional money continues to flow into the nuclear theme broadly.
From the April 9 lows to today, the coverage universe still shows significant gains despite this week’s pullback. The sector ran roughly 30 to 65 percent in two weeks and is now giving back 10 to 15 percent of that in the subsequent week. That is normal, healthy, and expected.
Positioning framework remains:
Core: CCJ, UEC, LEU, DNN, UUUU, UROY, BWXT, CEG, VST, TLN, MIR, CW, NXE
Satellites: SMR, Oklo, BE, NNE, ASPI, NUAI, NKLR, EU, SILXY, SKBL, URG, LTBR
Near term catalysts:
Fed decision (likely today or tomorrow, will move risk sentiment broadly)
BWXT earnings May 4
IEA publicly calling for nuclear expansion and investor interest surging is a powerful institutional tailwind
If you were looking for re-entry levels in the core, today offers CCJ at 113.96, UEC at 13.50, LEU at 191.11, DNN at 3.63, UUUU at 19.55, NXE at 11.89, all meaningfully cheaper than last week’s highs while the uranium price and structural fundamentals remain fully supportive.
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