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U308 markets remain becalmed into year end, while the nuclear and AI industries make a move to develop frameworks for collaboration.
- IAEA hosts first ever AI and nuclear symposium
- U308 spot market stalls into year end as buyers stay sidelined
- ASX200 index uranium reshuffle and broker updates highlight shifting sentiment
By Danielle Ecuyer
AI needs nuclear, and nuclear needs AI
The International Atomic Energy Agency’s .(IAEA) first International Symposium on Artificial Intelligence and Nuclear Energy in Vienna on 3 to 4 December 2025 entailed the launch of a new, formal collaboration agenda between two industries that are rapidly growing and converging.
The central message from opening sessions and Panel 1 was AI’s explosive growth is turning electricity supply into a strategic constraint, and nuclear power is being pitched as one of the few proven, scalable sources of 24/7 low carbon electricity capable of meeting data centre demand without destabilising grids.
Coming on the back of the symposium, Jensen Huang, CEO of Nvidia stated on Joe Rogan’s podcast that the ability for AI to be brought online is directly tied to the supply and access for energy (power).
Speakers from governments, utilities, reactor vendors and major tech firms focused on practical pathways for pairing the sectors. One of the central themes was co locating large data centres with existing nuclear plants or contracting dedicated output to provide firm power for AI workloads to reduce exposure to volatile power markets and support national decarbonisation goals.
Co location has already featured with recent deals struck with US hyperscalers.
Amazon Web Services acquired a data centre campus next to Talen Energy’s 2.5GW Susquehanna Steam Electric Station. Amazon also announced around US$20bn in two new data centre complexes in Pennsylvania with one to be built beside the Susquehanna nuclear plant and will source power directly from it. This represents an expansion of the initial acquisition.
Microsoft has signed a long term nuclear power purchase agreement with Constellation Energy to restart Three Mile Island Unit 1 (around 835MW) and commit its output to Microsoft’s data centre.
Small modular reactors and other advanced designs were highlighted as future fit for these arrangements because their smaller footprints and siting flexibility make them more compatible with industrial loads like data campuses.
The US Department of Energy announced last week it will provide up to US$6800m to support the development of SMRs by the Tennessee Valley Authority (TVA) via GE Vernova and Holtec, which plans to build two SMRs at its Palisades, Michigan site. Holtec is also aiming to reopen the 800MW conventional Palisades nuclear reactor, which was shut in 2022 after more than fifty years of operation.
Running in parallel was the second track of the symposium: AI as a tool to modernise the nuclear industry itself. Panels on AI in the nuclear sector, project management, and supply chains emphasised near term use cases that raise productivity without compromising conservative safety cultures, including predictive maintenance, advanced monitoring, digital twins, outage planning optimisation, inspection automation, and smarter fuel cycle and asset management. The tone was that AI is already useful in non safety critical domains and is moving steadily into decision support roles.
Westinghouse is using Google Cloud’s AI stack with its WNEXUS digital plant platform to automate and optimise modular construction work packages for AP1000 reactors.
Microsoft and the Idaho National Laboratory announced they will use Microsoft’s AI technology to speed up the process of compiling documents to facilitate permits for new nuclear power plants.
Regulators and safety experts were clear that adoption must be bounded by accountability.
Human oversight remains mandatory for safety critical decisions, and any AI systems integrated into plant operations must be explainable, validated, and auditable under existing nuclear safety, security and safeguards frameworks. The symposium repeatedly stressed that early and continuous engagement with regulators is essential if nuclear for data centres is going to move from concept to licensable projects.
Cybersecurity and data governance landed as shared issues, not side notes. AI increases the digital attack surface in both sectors, so the view from multiple sessions was that nuclear grade cyber standards, secure data pipelines, and rigorous model lifecycle controls have to be designed in from day one, particularly where data centres are tied to critical national infrastructure.
Finally, the IAEA used the symposium to position itself as the convener and standard setter for this new intersection. The closing emphasis was on joint pilot programs between utilities, technology companies and governments, with the Agency acting as a bridge on best practice, international guidelines, and knowledge sharing. The overall takeaway was AI demand could become a structural tailwind for nuclear new builds and life extensions, while AI tools could help the nuclear sector cut costs, lift reliability and address workforce constraints, provided safety and governance keep pace.
Attractive U308 spot price not enough to tempt buyers
As the weeks draw towards Christmas and year end, the U308 spot market experienced an “extremely” quiet week, in the words of industry consultant TradeTech with no formal transactions recorded.
TradeTech’s U308 spot price thus remained unchanged on the week at US$75.75 with the its Mid-term price at US$86.50 and the Long-term price indicator at US$86/lb.
From a year ago the spot price is down -1.3% and down -0.3% in 2025, having retraced -8.5% from the 2025 high at US$82.75.
Although market participants apparently agree the current U308 spot price is at an attractive level, buyers remained on the sidelines.
Two transactions were conducted in the Mid-term market for 2028 delivery of material.
Boss’ Honeymoon travails in 2025 weigh on its index weighting
Australian listed U308 companies were part of the announced S&P/ASX200 December index reshuffle.
Most notably, Silex Systems ((SLX)) and NexGen Energy ((NXG)) are moving into the ASX200 index with Boss Energy ((BOE)) on the way out.
These changes will take place after the market close on Friday 19 December.
Short interests and latest broker updates
The latest short interests in uranium stocks as at December 1 saw shorts raise positions in Boss to 23.98%, up 2.27% over a week. This stock remains in the top shorted position.
Paladin Energy ((PDN)) in third place saw a slight uplift to 13.14% from 12.19% and Lotus Resources ((LOT)) in nineteenth position saw a rise of 1.25% in short interest to 8.2%.
Silex’ shorts rose 0.91% to 6.17%.
In updated corporate news, Shaw and Partners noted NexGen’s drilling at the Patterson Corridor East area with Rook 1 uranium project delivered ultra high grades.
The results reinforce Arrow isn’t a standalone find and supports the view NexGen has opened up a new uranium province in the southwest Athabasca Basin.
The first CNSC hearing on Nov 19 went smoothly, with the second set for Feb 9, and the construction licence for Rook 1 is expected in late April 2026. Buy, High Risk maintained. Target unchanged at $17.70.
Deep Yellow ((DYL)) has appointed Greg Field as Managing Director and CEO, starting no later than May 1, 2026.
Canaccord Genuity notes Mr Field is a qualified mining engineer who worked as MD of Project Development (Americas and Europe) at Rio Tinto ((RIO)).
He started his career in South Africa and is acquainted with Namibia. Speculative Buy rating retained with an unchanged target price of $1.98.
For more reading on U308, catch up on some of FNArena’s recent updates:
https://fnarena.com/index.php/2025/12/02/uranium-week-u308-catches-genesis-tailwinds/
https://fnarena.com/index.php/2025/11/25/uranium-week-geo-politics-japans-restart/
https://fnarena.com/index.php/2025/11/18/uranium-week-risk-off-rules/
https://fnarena.com/index.php/2025/11/11/uranium-week-biggest-spot-fall-since-march/
https://fnarena.com/index.php/2025/10/28/uranium-week-projecting-us150-lb-post-2026/
Uranium companies listed on the ASX:
| ASX CODE | DATE | LAST PRICE | WEEKLY % MOVE | 52WK HIGH | 52WK LOW | P/E | CONSENSUS TARGET | UPSIDE/DOWNSIDE |
|---|---|---|---|---|---|---|---|---|
| 1AE | 05/12/2025 | 0.1000 | 0.00% | $0.12 | $0.03 | |||
| AEE | 05/12/2025 | 0.1800 |  11.76% | $0.28 | $0.10 | |||
| AGE | 05/12/2025 | 0.0300 | 12.00% | $0.04 | $0.02 | $0.070 | 133.3% | |
| AKN | 05/12/2025 | 0.0100 | 0.00% | $0.01 | $0.01 | |||
| ASN | 05/12/2025 | 0.0700 | 2.94% | $0.13 | $0.04 | |||
| BKY | 05/12/2025 | 0.4900 |  – 8.33% | $0.70 | $0.31 | |||
| BMN | 05/12/2025 | 3.2900 | 16.21% | $4.07 | $1.76 | $5.100 | 55.0% | |
| BOE | 05/12/2025 | 1.6100 | 6.65% | $4.75 | $1.51 | 8.3 | $2.279 | 41.5% |
| BSN | 05/12/2025 | 0.0500 | -16.67% | $0.08 | $0.01 | |||
| C29 | 05/12/2025 | 0.0250 | 8.70% | $0.09 | $0.01 | |||
| CXO | 05/12/2025 | 0.2100 | – 6.52% | $0.27 | $0.06 | $0.230 | 9.5% | |
| CXU | 05/12/2025 | 0.0200 | 0.00% | $0.03 | $0.01 | |||
| DEV | 05/12/2025 | 0.1900 | 17.65% | $0.20 | $0.07 | |||
| DYL | 05/12/2025 | 1.6800 | 7.45% | $2.49 | $0.75 | -338.0 | $1.930 | 14.9% |
| EL8 | 05/12/2025 | 0.3100 | 14.29% | $0.50 | $0.19 | |||
| ERA | 05/12/2025 | 0.0030 | 50.00% | $0.00 | $0.00 | |||
| GLA | 05/12/2025 | 0.0100 | 0.00% | $0.05 | $0.01 | |||
| GUE | 05/12/2025 | 0.0600 | 0.00% | $0.09 | $0.05 | |||
| HAR | 05/12/2025 | 0.1400 | 0.00% | $0.25 | $0.04 | |||
| I88 | 05/12/2025 | 0.2800 | 12.00% | $0.76 | $0.08 | |||
| KOB | 05/12/2025 | 0.0500 | 0.00% | $0.11 | $0.03 | |||
| LAM | 05/12/2025 | 0.7000 | 6.06% | $0.88 | $0.55 | |||
| LOT | 05/12/2025 | 0.1800 | 16.13% | $0.26 | $0.13 | $0.337 | 87.0% | |
| MEU | 05/12/2025 | 0.0700 | – 1.39% | $0.09 | $0.03 | |||
| NXG | 05/12/2025 | 14.1900 | 9.85% | $15.21 | $6.44 | $15.375 | 8.4% | |
| ORP | 05/12/2025 | 0.0500 | 0.00% | $0.06 | $0.02 | |||
| PDN | 05/12/2025 | 8.4100 | 7.25% | $9.95 | $3.93 | 69.8 | $9.843 | 17.0% |
| PEN | 05/12/2025 | 0.4800 | 1.96% | $1.61 | $0.28 | $1.330 | 177.1% | |
| SLX | 05/12/2025 | 8.7400 | 11.81% | $10.85 | $2.28 | $11.200 | 28.1% | |
| TOE | 05/12/2025 | 0.4700 | 20.51% | $0.52 | $0.15 | |||
| WCN | 05/12/2025 | 0.0200 | -10.00% | $0.04 | $0.01 |
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