Uranium prices could surge to $135 per pound by late 2026 as artificial intelligence and data centers drive unprecedented demand. Tech giants Microsoft, Amazon, and Google are bypassing traditional utilities to directly invest billions in nuclear facilities and small modular reactors for reliable baseload power. Meanwhile, geopolitical supply constraints including the US ban on Russian enriched uranium and production limits from major suppliers create a structural deficit unlikely to resolve quickly. Bank of America forecasts tightening supply and enrichment bottlenecks will converge with tech-driven demand to push prices higher. ASX-listed uranium companies offer investors potential leverage to this emerging energy transition driven by AI infrastructure requirements.
