After decades of dormancy, nuclear energy is re-emerging as a critical pillar of global power security and technological progress. Russia’s invasion of Ukraine exposed the fragility of energy dependence in Europe, while the explosive growth of data centers and artificial intelligence has triggered a parallel surge in electricity demand. Big Tech firms—including Microsoft, Google, and Amazon—are now directly contracting for nuclear generation, signaling a structural shift toward long-duration, carbon-free baseload energy.

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The expansion of small modular reactors (SMRs) marks the next evolution in nuclear technology—offering scalable, lower-maintenance designs with early adoption led by GE Hitachi, Rolls-Royce, and NuScale. With over 67 new reactors under construction globally, the sector is poised for sustained capital inflows and policy support. Meanwhile, the uranium supply chain remains constrained, dominated by Kazakhstan and challenged by reduced production targets, setting the stage for tightening markets and elevated pricing power.

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SLG’s portfolio positioning includes Cameco (CCJ), the world’s leading uranium miner with extensive reserves and strategic assets in North America and Kazakhstan. With global decarbonization, AI energy intensity, and geopolitical rearmament converging, nuclear power represents one of the most durable investment themes of the next decade—a cornerstone in the race toward secure, scalable, and sustainable energy infrastructure.

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