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By Vallari Srivastava and Medha Singh
(Reuters) -Shares of nuclear power companies surged after a report that U.S. President Donald Trump would sign executive orders as soon as Friday to jumpstart the industry.
Trump is expected to streamline the regulatory process for new reactor approvals and enhance fuel supply chains, Reuters reported citing four sources familiar with the matter.
U.S. power consumption is estimated to touch record highs in 2025 and 2026, after stagnating for nearly two decades, as power-hungry data centers dedicated to artificial intelligence and crypto miners plug into the grid.
"Our confidence in the AI revolution data center buildout is increasing under the Trump administration, with nuclear energy ultimately playing a key role in powering data centers," Wedbush analysts said.
Shares of uranium mining companies Uranium Energy, Energy Fuels and Centrus Energy jumped between 10% and 19%. Canadian miner Cameco was up 6.6%.
The Global X Uranium ETF, which invests in a broad range of uranium-linked stocks, rose more than 9%.
Nuclear utilities Constellation Energy, Vistra, GE Vernova all added more than 1% in morning trading.
Nuclear energy has garnered renewed interest from investors and companies, as it is considered to be a cleaner source of fuel and more reliable than wind or solar energy.
The industry is also expected to benefit from Trump's sweeping tax and spending bill, which rolled back many green-energy subsidies but preserved tax credits for nuclear energy.
"We are clearly witnessing the billowing of tailwinds behind the broader nuclear industry," H.C. Wainwright analysts said.
Nano Nuclear Energy led the gains for companies involved in developing new nuclear technology, with its shares surging more than 22%. Sam Altman-backed nuclear startup Oklo gained 20.7%, while NuScale Power soared 14.2%.
(Reporting by Medha Singh and Vallari Srivastava in Bengaluru; Editing by Tasim Zahid and Shilpi Majumdar)