Cameco Corporation — AI supply-chain exposure

Cameco is one of the world's largest uranium producers — it mines and mills uranium concentrate and provides fuel-cycle services to nuclear operators. It is not an AI company; it sits in the materials layer as a supplier several steps removed from any accelerator. The link to AI runs entirely through electricity: training and serving frontier models consumes vast, continuous power, and nuclear is increasingly contracted as firm, low-carbon baseload — the kind of round-the-clock generation data centers prize.

The model treats Cameco as exposed to grid capacity, cost per kilowatt-hour, and the broader power-delivery chain — an indirect beneficiary, not a direct participant. Its structural relevance is that the AI build-out is reviving long-dormant demand for firm generation, and uranium fuels a meaningful slice of it. That framing also carries the risk: the exposure is a demand channel, dependent on utilities actually contracting nuclear and on the build-out continuing, rather than on anything Cameco sells into an AI system itself.