The nuclear energy renaissance and a new approach to precious metals ETFs headlined this week’s ETF Prime. Host Nate Geraci welcomed Steffan Szumowski, nuclear research analyst at VettaFi, followed by Tarek Saab, CEO and co-founder of Texas Precious Metals.
Szumowski described AI data center demand as the visible “frame” of the nuclear renaissance. Rather, the real foundation was national energy security and climate goals.
Those forces culminated in multiple countries agreeing at the end of 2024 to triple global nuclear capacity by 2050. He called nuclear “the most purple energy spot” in energy. The ADVANCE Act cleared both chambers that same year with overwhelming bipartisan support.
See more: Unlocking $50 Billion Across the Nuclear Value Chain
On the flow side, the 12 nuclear and uranium ETFs have collectively drawn nearly $2.5 billion in 2026 inflows. The (NUKZ ) is up about 5% year to date, trailing the S&P 500’s 14% return. Szumowski attributed the lag to nuclear stocks getting caught up in the AI momentum trade.
Szumowski drew a clear line between investing in reactor infrastructure and raw uranium mining. Less than 5% of a new reactor’s construction cost goes toward fuel, and only about 1% covers raw uranium ore. The real capital flows to construction companies, cement, piping, and valve manufacturers.
Private markets are sending an encouraging signal. Recent micro reactors have gone critical within months of construction. Notable funding rounds include a $470 million raise and a $1 billion raise that Sequoia led. That deal valued the reactor developer at $6 billion. Szumowski said the key milestone to watch is steel starting to hit the ground.
Tarek Saab, CEO and co-founder of Texas Precious Metals, also joined to introduce the (YSAU) and the (YSAG). The funds are the first physically backed ETFs to hold 100% of their metal on U.S. soil. They carry expense ratios of 24 basis points for gold and 39 for silver.
Beyond that, Saab noted that the industry has traditionally kept over 90% of ETF metal overseas, creating jurisdictional and supply chain risk. Gold’s zero correlation to equities makes it an ideal portfolio diversifier. Silver, meanwhile, faces a structural supply deficit, with AI data centers driving part of the demand.
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vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for NUKZ, for which it receives an index licensing fee. However, NUKZ is not issued, sponsored, endorsed, or sold by VettaFi. VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of NUKZ.
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