Fukushima disaster in 2011 led to 10 years of underinvestment in uranium mining as approximately 10% of the world's reactors shut down, creating a decade-long bear market and causing investment in supply to fall off a cliff.

At COP28 world climate conference, 23 countries including the US, UK, and France made a declaration to triple nuclear energy production by 2050 to meet their decarbonization goals.

Nuclear fuel load in a reactor is replaced approximately one-third every year, and new plants require 3 years of fuel stockpile at commissioning, creating significant initial demand front-loading when new plants come online.

BetaShares Global Uranium ETF provides diversified exposure across uranium miners, direct uranium ore holders, and uranium royalty companies, excluding nuclear power utilities, focused on the commodity source.

Unlike copper and other commodities with flexible supply (scrap, tailings, stockpiles, restarted idle mines), uranium has limited flexible supply response, meaning that price signals cannot elicit rapid production increases even from existing producers.

Microsoft signed a large power contract for AI data center operations with Three Mile Island, requiring restart of that reactor; Amazon signed contracts for small modular reactors; and Google/Amazon purchased a data center powered by nuclear power, demonstrating tech companies' commitment to nuclear for baseload AI power.