Uranium Energy Corp. (NYSEAmerican:UEC) saw a 10.55% increase in share prices on Wednesday, closing at $17.19 per share, nearing its 52-week high. This surge was driven by a positive outlook on uranium demand over the next few years.

The Energy Information Administration (EIA) predicts a rise in power demand to 4,256 billion kWh in 2026 and 4,364 billion kWh in 2027, up from 4,198 billion kWh in 2021. The increase is attributed to the growing power consumption of AI and cryptocurrency data centers.

Nuclear power share is expected to increase to 19% in 2022, dropping to 18% by 2027. This growth is anticipated to benefit uranium companies like Uranium Energy Corp. (NYSEAmerican:UEC) in the coming years.

Equity Insider expressed optimism for the nuclear sector, highlighting companies like Uranium Energy Corp. (NYSEAmerican:UEC), Eagle Energy Metals Corp., NexGen Energy, Denison Mines, and Energy Fuels Inc. as potential beneficiaries of sector growth.

The intersection of AI and national security is reshaping the market, with the Small Modular Reactor (SMR) sector projected to reach $10.3 billion by 2032. The Department of Energy has allocated $800 million to advance US reactor deployment, emphasizing the importance of a secure domestic uranium supply.

Read more at Yahoo Finance: Uranium Energy (UEC) Gets 10.5% Boost From Strong Energy Demand Outlook