Nuclear
AI needs 24/7 baseload power. Nuclear is the only source that delivers it at scale. Uranium is the fuel.
The AI Power Problem
AI is not a software story. It is a physical infrastructure story. Training large language models, running inference at scale, operating the data centers that power the intelligence layer of the internet — all of this requires enormous amounts of continuous, stable electricity. Not solar (intermittent). Not wind (intermittent). Baseload power: on 24 hours a day, 7 days a week, regardless of weather or season.
The energy demand projections from major AI buildouts are staggering. Hyperscalers are signing 20-year power purchase agreements. Governments are fast-tracking permitting for new generation capacity. The energy grid was not built for this.
The Supply-Demand Setup
Uranium production spent a decade in decline after the Fukushima disaster in 2011. Reactors were shut down, mining investment collapsed, and the narrative declared nuclear dead. Meanwhile, demand kept growing — and the new AI-driven electricity demand is now layering on top of everything else.
The uranium market is structurally undersupplied relative to what the next decade requires. When supply is constrained and demand is accelerating — driven not by speculation but by physical infrastructure buildout — the commodity reprices.
Why IQQF: EUR-Listed, No USD Drag
IQQF is the EUR-listed UCITS uranium/nuclear ETF — 0.35% TER, no USD currency drag, UCITS compliant. It covers the full uranium supply chain: miners, processors, utilities with nuclear assets. No single-company concentration risk.
Nuclear is not a trade. It is a multi-year infrastructure bet tied to the most capital-intensive technology shift of the decade.