A technological boost for nuclear power: AI, small reactors and the White House’s new vision

Cameco and NuScale Poised to Benefit Most From Trump’s Nuclear Orders, Says Goldman Sachs

The uranium mining giant Cameco and small modular reactor (SMR) developer NuScale are set to benefit the most from President Donald Trump’s latest executive orders on nuclear energy, according to Goldman Sachs.

Cameco and NuScale have already seen sharp increases following Trump’s orders, with their stocks rising by nearly 16% and 20% respectively since Friday. The executive actions aim to stimulate domestic uranium mining and enrichment, deploy advanced reactors at Department of Defense and Energy sites, and require the Nuclear Regulatory Commission (NRC) to approve new reactor licenses within 18 months.

Goldman analyst Brian Lee wrote in a note to clients that Cameco stands to gain from increased uranium demand if U.S. nuclear capacity expands as a result of the orders. The company also holds a 49% stake in reactor developer Westinghouse, which could see a further boost if its large-scale AP1000 reactor design is selected for new U.S. nuclear plants.

Trump stated Friday that his orders focus on small, advanced reactors, but also expressed support for building large-scale nuclear power plants.

“We’re talking about the big ones too — the very, very big ones, the biggest,” Trump said. “We’ll build those as well.”

NuScale stands to benefit if its SMR design receives NRC approval, according to Lee. The Department of Energy may select NuScale’s design to power an artificial intelligence data center. Trump has directed the Energy Secretary to identify government-owned sites where both data centers and advanced reactors can be co-located.

Goldman has a “Buy” rating on Cameco with a price target of $65, suggesting an 11% upside from Friday’s close of $58.69 per share. The investment bank is neutral on NuScale with a price target of $24, implying a 20% downside from its Friday close of $30.24.