CCO:CC - URA: Major Power Demand Growth Strong Momentum In Uranium And Nuclear Stocks
2024-05-26 06:50:10 ET
Summary
- Record high mentions of "AI" on corporate conference calls during the first quarter earnings season buttress increasing data-center power demand.
- I am upgrading the Global X Uranium ETF from a hold to a buy due to bullish momentum developments and potential long-term growth in uranium and nuclear power sources.
- URA is a concentrated bet on the energy sector with a high allocation to uranium and nuclear companies and the fund has shown positive technical trends.
- With a reasonable valuation, I highlight key levels on the chart to monitor.
There’s no let-up in the AI theme. As the first quarter earnings season wraps up on Wall Street, FactSet notes that there was a record high in mentions of “AI” on corporate conference calls. Then just last week, NVIDIA (NVDA) reaffirmed the durability of artificial intelligence, beating top and bottom-line estimates while raising its dividend and announcing a 10:1 stock split. ...
URA: Major Power Demand Growth, Strong Momentum In Uranium And Nuclear Stocks