URA and URNM fall sharply from highs as uranium spot prices weaken, contrasting with record electricity demand from AI data centers.
Uranium-focused ETFs URA and URNM have declined roughly 30 percent from their peaks, even as AI-driven data centers are projected to consume 12 percent of U.S. electricity by 2028. The selloff coincides with a weaker uranium spot price due to slower term contracting and increased production restarts.
URA trades at $45 after a recent 9 percent rebound, while URNM’s 52-week range spans $44 to $65. NLR, which holds nuclear utilities like Constellation Energy, remains near $117. The divergence reflects differing exposure to uranium spot prices versus power purchase agreements.
Despite the correction, demand signals from hyperscalers, small modular reactor developments, and utility load forecasts remain strong. URNM’s high concentration in Cameco, NexGen, and physical uranium positions it as the most volatile bet on a spot price recovery.