Hey folks,
Uranium is still quietly making its move.
We’ve already talked about how power-hungry AI and it’s massive infrastructure needs are fueling this rally — but now there’s another layer.
UBS, the massive global investment bank with over $4 trillion under management, just upgraded its outlook on uranium prices — citing the same thing we’re seeing on the ground: power demand is spiking, and the grid can’t keep up.
If you live in the Northeast right now, you don’t need a news article to tell you that. You’ve felt it. Heat indexes are climbing — hitting over triple digits the last few days in some areas — as air conditioners are running full tilt, and energy demand is running hot.
The power grid is under pressure and everyone knows it.
Even the political class is falling in line. Nuclear, once a taboo topic, is suddenly on the table across the board. Why? Because it’s the only baseload energy that’s carbon-free, scalable, and already built in many places.
But the pressure isn’t just coming from AI anymore. It’s air conditioning, infrastructure, and political momentum — and it’s pushing uranium even higher.
Meanwhile, the S&P and Nasdaq both hit new all-time highs today — and that move came right on the heels of two Fed governors signaling support for a rate cut in July.
That’s a sharp shift in tone. Especially when you consider what we also got this morning: GDP came in at -0.50%.
That’s right — negative growth. A contracting economy.
When GDP turns negative, markets often pivot from worrying about inflation to hoping for stimulus. That’s likely why the rate cut talk heated up today — not just political pressure, but actual economic softness showing up in the data.
It’s not a full-blown recession yet, but it’s not the kind of number the White House wants right about now.
So now we’ve got political pressure on the Fed, grid strain across the country, and commodity markets starting to sniff it all out.
And uranium? It’s been quietly leading for weeks.
It’s not hope. It’s not hype. It’s a strong trend — and the forces that got it to this point are only growing in intensity.
Stay sharp,
— Geof
