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The uranium spot price regained momentum, rising 3.78% in September 2024, and uranium miners posted significant gains in September, with junior miners gaining 15.96%.Major tech companies, including Microsoft, Google and Amazon, are investing in nuclear energy, including Microsoft's deal to restart the Three Mile Island reactor, to meet the rising energy demands for AI data centers.
Big tech's groundbreaking deals to power AI data centers with nuclear energy underscores the urgent need to secure stable, carbon-free electricity as energy demand surges. As AI capabilities expand, there is a growing need for stable power sources in data centers that manage large volumes of data and complex computations. The big tech firms are in a race to lead the development and deployment of artificial intelligence technologies. The rapid advancement of these technologies and their potential revolutionary future stands out for its potentially immense economic and geopolitical considerations.
SMRs represent a burgeoning technology, with various innovative designs in development worldwide. The heightened uranium demand from SMRs is anticipated to manifest toward the end of the decade and intensify into the 2030s. The World Nuclear Association projected last year that SMRs might constitute up to 5% of the global nuclear capacity by 2040. However, given the infancy of the SMR industry, predictions differ. For instance, a forecast by BMO suggests a potential of 9%.
Additional announcements akin to this occurred more globally. A quintessential example is Japan, which has restarted 12 reactors since 2011. The country has another 13 reactors in the process of restart approval and is nearing the restart of the world's largest nuclear power plant. Japan is one of many countries that have engaged in a U-turn in its nuclear energy policy, which was put on hold after Fukushima, and the country planned to reduce its reliance on nuclear energy.
With global uranium mine production well short of the world's uranium reactor requirements, the supply deficit building over the next decade, and near-term supply inhibited by long lead times and capital intensity, we believe that restarts and new mines in development are critical.
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