Podcast
Uranium
Will Simpson and Greg Wise
July 18, 2025
Why nuclear is heating up as an investment theme.
As demand for AI soars and clean energy needs grow, tech giants are turning to nuclear power to meet their energy demands. The growing interest in nuclear energy and increasing AI-driven data centers are expected to boost the demand for uranium, while global supply remains tightly constrained.
Markets pushed higher again this week, with tech leading the charge and growth factors continuing to dominate. The Nasdaq climbed 1.7% in CAD, outpacing the broader S&P 500, which was up 0.8%, and the TSX added 1.1%. In sectors, Canadian Info Tech ripped 7.5% while Materials lagged. Down south, it was a rough go for Energy, which fell 3.9%, but strength in U.S. Tech and Utilities kept the broader market afloat.
S&P 500 Growth and Value have had quite the divergence the past 3 months, with the Growth Index up 27% and the Value Index up 12%. Diving into some of the attribution, Info Tech made up 16% of that 27% in the growth index. If you incorporate Meta, Amazon and Tesla into that, it’s more like 21% of the 27%. But this gap in style performance can be largely attributed to the insane 3-month run from Nvidia, up 70% over the last 3 months, and it carries a 15% weight in the growth index.
The same types of tariffs that sent markets into a tailspin back in April have been recently recycled with barely a shrug from investors. Even a fresh round of Fed drama and threats to Powell’s job security couldn’t derail things, with the S&P 500 hitting a new high on Thursday thanks to strong bank earnings and that significant push from Nvidia.
Back home, Canada’s CPI print came in about as expected, hovering around 3% on most core measures, not quite low enough for the Bank of Canada to pull the trigger this month. For now, the BoC looks set to stay on hold, with barely any cuts expected later this year. But unless something significant gives on the trade or inflation fronts, it’s hard to see anyone blinking in July.
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