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Energy Fuels Inc. and Other Uranium Stocks Rally on Meta's New Deal for Nuclear Power

Energy Fuels Inc., Uranium Energy Corp. and other uranium-related companies rose sharply Tuesday following word that Meta Platforms became the latest "Magnificent Seven" firm to sign a deal for nuclear power to run its big computer systems.

$Energy Fuels(UUUU)$   led the way higher, adding 13.5% shortly before 11 a.m. ET after $Meta Platforms, Inc.(META)$   announced a 20-year deal to buy nuclear power from $Constellation Energy Corp(CEG)$  .

Meta's deal represents Big Tech's latest move to use nuclear energy to run its data centers, which will all require vast amounts of electricity for artificial intelligence, cloud computing and other applications.

$Amazon.com(AMZN)$   got the ball rolling last year when it bought a $650 million nuclear-powered data-center site in Pennsylvania last year, although the project has since run into regulatory hurdles.

AMZN also agreed in October to spend more than $500 million working with $Dominion Energy Inc (DCUE.US)$ and other partners to build next-generation small modular reactors.

$Microsoft (MSFT.US)$ likewise signed a 20-year deal with Constellation to buy electricity from the currently closed Three Mile Island 1 plant. The deal calls for CEG to restart TMI 1, sister to the TMI 2 reactor that suffered the worst nuclear accident in U.S. history in 1979.

$Alphabet-A (GOOGL.US)$ also recently agreed to fund three advanced reactors' development, as well as to buy electricity from privately held Kairos Power, which is building next-generation small modular reactors.

Meta's new nuclear deal drove up the stocks of multiple firms involved in providing uranium to fuel reactors. Significant gainers as of shortly before 11 a.m. ET included:

-- $Uranium Energy (UEC.US)$, up 10%.

-- $Centrus Energy (LEU.US)$, better by 8.5%.

-- $NexGen Energy (NXE.US)$, which gained 6.1%.

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