We’ve previously written about the attractive investment opportunity in uranium driven by a persistent supply deficit and the nuclear power industry’s return to growth after 20 countries pledged to triple capacity by 2050 at COP 28 in December 2023. Last week the Department of Energy announced new deployment targets of adding 35 Gigawatts (GW) of new nuclear capacity by 2035 and a sustained pace of 15GW per year by 2040.
Recent macro and political events have been the dominant drivers of near-term returns in Emerging Markets (EM). This month’s commentary discusses the strategy’s positioning and outlook in the aftermath of the US election and recent China stimulus.
Hyperscalers with generative AI needs are particularly interested in converting to bitcoin mining data centers due to the substantial power requirements and the urgency of deployment timelines. Generative AI applications demand immense computational power and energy, often ten times more than standard operations.