UR URA Global X Uranium ETF Loading... : Investor Sentiment and Bull/Bear Views

Uranium is the theme he is most excited about. Spot uranium is up 10-12% this year while the miners are down about 25%, which he sees as a liquidity-driven selloff of risk assets rather than a fundamental one. The term market reference price is about $100, with contract floors of $70-75 and ceilings up to $150-160, so miners get upside exposure. US utilities have only 5-10% of uranium needs through 2033-34 under contract (Europe 25-35%), so heavy buying is coming. Hyperscalers rely on nuclear baseload power, and uranium miner market caps have risen from about $35B to $80B.

Han says he keeps questioning whether nuclear power's future is really rosy, and that this doubt is what played out in the recent Czech Dukovany nuclear episode. He reminds viewers that he wrote a report last August saying there would be no nuclear renaissance. His reasons: very few reactors have been completed in the US and Europe, and under Obama only two were built before Westinghouse went bankrupt, followed by Areva in Europe. He also argues that renewables combined with ESS now have far better cost competitiveness than nuclear. In his view, whether the Korean nuclear industry does well depends on whether it can control construction costs.

Sees nuclear stocks finding a local bottom after a meltdown and expects the sector to reach all-time highs by 2030 despite rate pressure on pre-revenue, high-beta names.