Daily Nuclear & Uranium Market Recap
5/21/26
Daily Nuclear & Uranium Market Recap
Thursday, May 21, 2026
1. Market Overview
The nuclear and uranium complex staged its second consecutive day of broad gains, this time powered by last night’s massive Nvidia earnings beat. Nvidia reported Q1 FY2027 revenue of 81.62 billion dollars (beating the 78.86 billion estimate) and EPS of 1.87 dollars (beating the 1.78 dollar consensus by 6.25 percent), with profit tripling year over year. Jensen Huang predicted further revenue growth on the earnings call, confirming that AI data center infrastructure buildout is accelerating, not decelerating.
This is the catalyst the entire AI power complex was waiting for. Nvidia’s beat validates that hyperscaler capital expenditure is flowing at unprecedented scale, which directly supports the demand thesis for nuclear baseload power, SMR deployment, and “Bring Your Own Power” solutions like Bloom Energy.
The broader context: April was the S&P 500’s best month in five years, gaining 10.42 percent, while the Nasdaq surged 15.29 percent and the Dow added 7.14 percent. The May correction brought the S&P from its 7,412 high on May 11 down to 7,408 on May 15 (the Friday selloff), and today’s bounce likely pushes markets back toward those levels on the Nvidia tailwind.
2. Nvidia Earnings - The Read Through
The numbers that matter for the nuclear and power complex:
Revenue: 81.62 billion dollars versus 78.86 billion expected (plus 3.5 percent beat)
EPS: 1.87 dollars versus 1.78 expected (plus 6.25 percent beat)
Data Center revenue trajectory: Q1 FY2026 was 39.1 billion → Q3 FY2026 was 51.2 billion → Q4 FY2026 was 62.3 billion → Q1 FY2027 implied at roughly 74 to 76 billion based on the total revenue figure
Jensen Huang predicted further revenue growth, meaning AI capex is still accelerating
Q2 FY2027 consensus: Analysts expect EPS of 1.94 dollars for next quarter, implying continued sequential growth
The data center revenue line has gone from 39.1 billion (Q1 FY2026) to approximately 74 to 76 billion (Q1 FY2027) in just one year, roughly a 90 percent year over year increase. This is the most powerful capital cycle in history, and every one of those GPUs needs power. The read through to CEG, TLN, VST, BE, OKLO, SMR, and the entire nuclear stack is direct and immediate.
3. Equity Movers - Leaders
The rally was led by AI power proxies, SMR developers, and IPPs, with producers also participating.
Bloom Energy (BE) closed at 309.50 dollars, plus 9.63 percent on 13.8 million shares. BE is the most direct beneficiary of the Nvidia narrative: Oracle’s 2.8 GW fuel cell deal is explicitly for AI data center power, and Nvidia’s beat confirms those data centers are being built at accelerating pace.
NuScale Power (SMR) closed at 11.37 dollars, plus 9.43 percent on 30.5 million shares. SMR analysis from May 21 identified resistance at 11.50 dollars as the key level, with a break above targeting 13.62 dollars. Today’s close at 11.37 is testing that level directly.
NuClear (NKLR) closed at 6.00 dollars, plus 9.47 percent on 272.5 thousand shares.
Energy Fuels (UUUU) closed at 18.05 dollars, plus 7.54 percent on 9.2 million shares.
Lightbridge (LTBR) closed at 11.60 dollars, plus 5.65 percent on 663.3 thousand shares.
enCore Energy (EU) closed at 1.49 dollars, plus 5.67 percent on 2.3 million shares.
Centrus (LEU) closed at 177.40 dollars, plus 4.78 percent on 798.4 thousand shares.
Ur Energy (URG) closed at 1.54 dollars, plus 4.76 percent on 7.4 million shares.
Oklo (OKLO) closed at 65.48 dollars, plus 4.63 percent on 10.2 million shares.
Talen (TLN) closed at 360.45 dollars, plus 4.64 percent on 868.2 thousand shares.
SLX AT closed at 5.62 euros, plus 4.27 percent.
Vistra (VST) closed at 149.32 dollars, plus 3.69 percent on 4.5 million shares.
Nano Nuclear (NNE) closed at 25.19 dollars, plus 3.61 percent on 1.6 million shares.
Energy Fuels (UUUU) at 18.05 dollars, plus 7.54 percent on 9.2 million shares.
Uranium Energy (UEC) closed at 13.18 dollars, plus 3.39 percent on 7.8 million shares.
Curtiss Wright (CW) closed at 726.88 dollars, plus 0.03 percent, flat.
NuScale AI (NUAI) closed at 4.19 dollars, plus 2.95 percent on 3.6 million shares.
Uranium Royalty (UROY) closed at 3.52 dollars, plus 2.33 percent on 2.4 million shares.
Denison (DNN) closed at 3.23 dollars, plus 1.89 percent on 18.7 million shares.
Cameco (CCJ) closed at 105.70 dollars, plus 1.62 percent on 2.9 million shares.
Constellation (CEG) closed at 285.50 dollars, plus 1.51 percent on 2.3 million shares. Analyst consensus remains at 383.69 dollars (34 percent upside).
Skyline Builders (SKBL) closed at 3.32 dollars, plus 1.53 percent.
X-Energy (XE) closed at 28.94 dollars, plus 0.94 percent on 3.2 million shares.
4. Equity Movers - Red Prints
Only four names closed red, all with minor losses.
Mirion (MIR) closed at 17.30 dollars, minus 4.10 percent on 6.8 million shares, with the characteristic wide intraday range of 17.31 to 19.53 dollars.
ASP Isotopes (ASPI) closed at 5.19 dollars, minus 1.31 percent on 5.1 million shares.
SILXY closed at 19.32 dollars, minus 0.93 percent.
BWX Technologies (BWXT) closed at 201.00 dollars, minus 0.82 percent.
NexGen (NXE) closed at 10.58 dollars, minus 0.09 percent, essentially flat.
5. Uranium Market Backdrop
Spot: Uranium was last at 85.25 dollars per pound on May 18, down 1.90 percent over the past month but up 19.57 percent year over year. CarbonCredits confirms the global spot at approximately 86.10 dollars with structural support from Kazatomprom constraints, Russian sanctions, and tech driven SMR demand.
Long term: TradeTech at 93 dollars per pound, Cameco at 91.50, Uranium Spotlight at 90 dollars. Near multi decade highs.
The Nvidia connection to uranium demand: Every data center GPU requires approximately 1 to 1.5 kW of power. Nvidia’s data center revenue of approximately 75 billion per quarter at an average selling price of 30,000 to 40,000 dollars per chipimplies 1.9 to 2.5 million GPUs shipped per quarter, requiring roughly 2 to 3.75 GW of incremental baseload power demand per quarter. Over 4 quarters that is 8 to 15 GW of new power demand annually, which is exactly why utilities, SMR developers, and IPPs are being bid.
6. SEQH Desk View
The correction is over. The Nvidia print changes everything.
Nvidia’s 81.62 billion dollar quarter (beat by 3.5 percent), 1.87 dollar EPS (beat by 6.25 percent), and Jensen Huang’s prediction of further revenue growth validate the single most important assumption in the nuclear and power investment thesis: AI data center demand is real, massive, accelerating, and requires unprecedented amounts of baseload power.
Today’s tape confirms the market is reconnecting with this thesis:
SMR names (SMR plus 9.4, OKLO plus 4.6, NNE plus 3.6, NKLR plus 9.5) surging on the demand validation
IPPs (TLN plus 4.6, VST plus 3.7, CEG plus 1.5) resuming their bid
BE (plus 9.6) breaking to 309.50 dollars, a new post-earnings high, as the most direct Oracle AI power play
Producers (UUUU plus 7.5, UEC plus 3.4, LEU plus 4.8, URG plus 4.8) participating broadly
The two day rally from Monday’s lows:
OKLO: 55.90 → 65.48 (plus 17 percent)
SMR: 10.12 → 11.37 (plus 12 percent)
UEC: 11.96 → 13.18 (plus 10 percent)
TLN: 317.35 → 360.45 (plus 14 percent)
BE: 261.80 → 309.50 (plus 18 percent)
CEG: 260.67 → 285.50 (plus 10 percent)
The structural thesis anchors:
Nvidia data center revenue roughly 90 percent year over year growth, accelerating
Jensen Huang predicting further growth
Uranium at 85 to 86 dollars, long term at 90 to 93 dollars
CEG analyst target at 383.69 dollars (34 percent upside from today)
BofA targeting uranium at 130 dollars per pound by Q4 2026
SMR resistance at 11.50 dollars, with a break targeting 13.62 dollars
Positioning framework (unchanged):
Core: CCJ, UEC, LEU, DNN, UUUU, UROY, BWXT, CEG, VST, TLN, MIR, CW, NXE
Satellites: SMR, Oklo, BE, NNE, ASPI, NUAI, NKLR, EU, SILXY, URG, LTBR, XE, SKBL
The Nvidia earnings call confirmed that the AI infrastructure buildout is the largest capital cycle in history and it is accelerating, not peaking. Every GPU needs power. Every data center needs baseload. Nuclear is the answer. The correction was a gift for those with conviction.