Cameco

World's largest uranium producer. UP 26% YTD — market now recognising nuclear thesis. Hit $135 high in Jan, pulled back to $116. Westinghouse stake delivering. Still a structural multi-year hold.

Cameco is the supply-side AI power trade. Uranium fuel for the nuclear renaissance. Less direct than CEG but multi-decade compounding thesis. Survives any AI capex pause because nuclear demand outlasts the cycle.

Uranium fuel — nuclear baseload becomes more strategic if Pacific energy supply disrupted. Compounds with AI Capex thesis.