Nuclear Stocks in Focus as NANO Nuclear Reports Tomorrow and Uranium Holds Near $86 on AI Power Demand

The nuclear theme has been one of the most powerful in 2026, driven by a structural shift in electricity demand from AI workloads, a US policy backdrop that favors new build reactors and tightening uranium fundamentals. Spot uranium is trading at roughly $86.30 per pound as of May 12, with TradeTech's long term uranium price indicator marked at $93.00 per pound at the end of the first quarter. Several names in the space are catching fresh catalysts this week.

NANO Nuclear Reports Q2 FY2026 Tomorrow

NANO Nuclear Energy (NASDAQ: NNE), the advanced micro modular reactor company developing the KRONOS MMR, LOKI MMR, ZEUS and ODIN reactor platforms, will host its second quarter fiscal 2026 business update webcast tomorrow, Thursday, May 14, 2026, at 5:00 p.m. ET, following the anticipated filing of its 10 Q for the quarter ended March 31, 2026. The stock is trading around $27.09 in Wednesday trade, well off its 52 week high of $60.87 but more than 40% above its 52 week low of $18.93.

One of the bigger drivers heading into the print is the strategic MOU NANO Nuclear announced with Supermicro on May 6, 2026, aimed at powering next generation AI data centers with advanced nuclear energy. The company has also said its KRONOS MMR is well aligned with the NRC's evolving advanced reactor frameworks under Part 53 and proposed Part 57, an important regulatory step for micro reactor deployment.

Oklo, Nvidia and Los Alamos Build the AI Nuclear Stack

Oklo (NYSE: OKLO) announced on April 23, 2026 a three way strategic agreement with Nvidia (NASDAQ: NVDA) and Los Alamos National Laboratory to advance nuclear fuel validation, AI enabled research and the development of nuclear powered AI factories. The collaboration brings together Oklo's sodium fast reactor platform, Nvidia's AI infrastructure and digital twin capabilities, and LANL's expertise in materials science and nuclear fuels.

The agreement is positioned as a key component of the federal government's Genesis Mission, a Department of Energy initiative launched in November 2025 to build an AI driven scientific platform aimed at doubling US R&D productivity. Work streams under the agreement cover integrated full stack solutions for nuclear powered AI factories, physics and chemistry trained AI models for nuclear fuel R&D, grid stabilization and reliability studies, and materials science work on plutonium bearing fuel for Oklo's Pluto reactor, which was selected under the DOE's Reactor Pilot Program.

Cameco Posts Strong Q1 on Uranium and Westinghouse

Cameco (TSX: CCO) (NYSE: CCJ), which reports in Canadian dollars, posted Q1 2026 results on May 5 that beat Wall Street expectations. Consolidated net earnings rose to C$131 million (about US$96 million), up 87% year over year, with adjusted net earnings of C$203 million (about US$148 million) and adjusted EBITDA of C$509 million (about US$372 million), up 44% from the prior year period. Revenue increased 7% to C$845 million (about US$616 million). Adjusted earnings per share of US$0.3377 beat the US$0.26 analyst consensus by nearly 30%.

The uranium segment did the heavy lifting, with first quarter uranium adjusted EBITDA of C$423 million versus C$286 million a year earlier, supported by higher sales volumes and an improved average realized price of US$66.21 per pound versus US$62.55 in the prior year. Cameco reaffirmed full year 2026 production guidance of 19.5 to 21.5 million pounds of U3O8 share, with average annual uranium delivery commitments of about 28 million pounds from 2026 through 2030. The company's 49% stake in Westinghouse contributed C$122 million in adjusted EBITDA share, and the quarter included a US$49 million cash distribution from Westinghouse. CCJ closed near US$116.93 on May 12.

NuScale Q1 Shows Lumpy Revenue, Strong Liquidity

NuScale Power (NYSE: SMR) reported Q1 2026 results on May 7 that highlighted the early stage nature of the SMR business. Revenue came in at $565,000, down from $13.4 million in the prior year quarter, primarily reflecting the completion of RoPower technology licensing revenue and Fluor engineering services in late 2025. The company posted a net loss of $46.7 million, or $0.14 per share, narrowly missing the $0.13 consensus loss estimate, and shares came under pressure in the after hours session that followed the report.

On the strategic side, NuScale ended Q1 with $1.0 billion in liquidity, rising to more than $1.2 billion by early May. NuScale's exclusive global strategic partner ENTRA1 Energy continues to progress planning with the Tennessee Valley Authority for what NuScale describes as the largest nuclear power deployment program in US history, with up to 6 gigawatts of NuScale SMR capacity. Shareholders of SN Nuclearelectrica SA approved the next phase of the RoPower project in Romania, which would deploy six NuScale Power Modules at a former coal plant site in Doicesti.

AI Power Demand Is the Central Catalyst

What ties the sector together in 2026 is the recognition among hyperscalers, utilities and policy makers that AI data center growth has fundamentally changed the long term electricity demand outlook. Tech giants have been signing nuclear capacity agreements, regulators have been streamlining permits for new reactor construction and uranium converters and enrichers, and developers have been advancing both traditional large reactor builds and the next wave of small modular and micro reactor technologies.

For investors, the cluster of catalysts this week including NANO Nuclear's report tomorrow, the digestion of Cameco's and NuScale's Q1 numbers, the ongoing Oklo and Nvidia collaboration, and uranium spot prices holding near multi month highs keeps the nuclear theme firmly in focus across uranium miners, fuel cycle names, SMR developers, large utility operators with nuclear fleets, and ancillary services and engineering firms.