AI's Energy Crisis: Why This Commodity Will 2x By 2040 | Edward Campbell

Watch on YouTube ↗  |  October 07, 2025 at 18:17  |  25:12  |  The David Lin Report
Speakers
Edward Campbell — Founder, Red Hook Phoenix Investment Partners; Thematic Researcher, Rosenberg Research Associates

Summary

Edward Campbell argues AI data centers are creating a step-change in electricity demand that makes nuclear power essential rather than optional. He expects uranium to remain structurally undersupplied, with a current 30% deficit that could double by 2040, supporting uranium, uranium miners, nuclear utilities, SMR developers, and related private infrastructure. He is bearish on pure-play wind and solar without storage, fossil fuel generators without decarbonization, and grid-constrained utilities. He also says uranium equities are not at extreme valuations and should be held long term.

  • AI data centers drive major electricity demand growth and may clog the grid.
  • Nuclear is favored over intermittent wind and solar for 24/7 AI power.
  • Uranium supply is projected to fall short of demand, with the shortfall doubling by 2040.
  • Policy and private capital are shifting toward nuclear and away from wind/solar subsidies.
  • Winners cited include uranium, uranium miners, nuclear utilities, SMR developers, Canada, and Cameco.
  • Losers cited include pure-play wind/solar, fossil generators without decarbonization, and grid-constrained utilities.
  • Private markets are funding SMR-powered data center infrastructure and classified-ready sites.
  • Uranium equities are seen as long-term holds despite the recent URA rally.
Ideas
Edward Campbell Founder, Red Hook Phoenix Investment Partners; Thematic Researcher, Rosenberg Research Associates 0:05
Uranium demand to outstrip supply by 2040
AI data centers are causing a step change in electricity demand, and nuclear is the main scalable 24/7 carbon-free solution. Primary uranium production is already about 30% short of demand, and the shortfall is expected to double to roughly 60% by 2040 as planned nuclear facilities become operational. Policy support, private capital, and reduced reliance on Russia/China add tailwinds. The speaker likes the uranium commodity and cites Sprott Uranium Trust as an exposure.
SRUUF URA HIGH
Edward Campbell Founder, Red Hook Phoenix Investment Partners; Thematic Researcher, Rosenberg Research Associates 9:29
Wind/solar miss AI, lack reliability
Pure-play wind and solar developers without storage are poorly suited to power AI data centers because they are intermittent and land-intensive; solar needs 500-600 acres and wind needs 4,000-5,000 acres for 100 MW versus less than one acre for an SMR. They are also facing a default cycle as subsidies are pulled back and are likely to miss the AI mega trend.
Pure-play wind and solar developers without storage HIGH
Edward Campbell Founder, Red Hook Phoenix Investment Partners; Thematic Researcher, Rosenberg Research Associates 12:50
Canada key uranium supplier to US-aligned world
The US-aligned world cannot rely on Russia and China for uranium and critical minerals, so Canada and Australia will have to fill the gap. The speaker says Canada is poised to be a global energy powerhouse and has an opportunity to step up.
EWC MED
Edward Campbell Founder, Red Hook Phoenix Investment Partners; Thematic Researcher, Rosenberg Research Associates 13:00
Cameco's Rook One largest uranium mine
Cameco's next-generation Rook One project is set to become the world's largest uranium mine by 2030, giving it a major position in Canada's uranium supply buildout.
CCJ MED
Edward Campbell Founder, Red Hook Phoenix Investment Partners; Thematic Researcher, Rosenberg Research Associates 14:07
Nuclear utilities benefit from AI power demand
Nuclear utilities and operators are winners because they can supply 24/7 reliable carbon-free power that AI data centers need. Hyperscalers are signing long-term nuclear contracts and locating data centers next to plants, while behind-the-fence nuclear power bypasses a grid that will be clogged.
Nuclear utilities/operators MED
Edward Campbell Founder, Red Hook Phoenix Investment Partners; Thematic Researcher, Rosenberg Research Associates 14:10
SMR builders enable behind-the-fence nuclear power
Winners include reactor technology startups and SMR builders. SMRs turn electricity into an asset that data-center operators want to own or control, provide dense behind-the-fence power, and are getting safer; NuScale is named as an example. First-of-a-kind projects still take time to prove themselves for financing.
SMR/reactor technology startups SMR MED
Edward Campbell Founder, Red Hook Phoenix Investment Partners; Thematic Researcher, Rosenberg Research Associates 14:43
Fossil generators without decarbonization face trouble
Fossil fuel generators without a decarbonization pathway are likely to have a tough time because nuclear has a carbon-free advantage and gas can only play a role with carbon capture.
Fossil fuel generators without decarbonization pathway MED
Edward Campbell Founder, Red Hook Phoenix Investment Partners; Thematic Researcher, Rosenberg Research Associates 14:56
Grid-constrained utilities bypassed by nuclear PPAs
Grid-constrained utilities that are bypassed by nuclear operators' PPAs will be disadvantaged as hyperscalers and nuclear operators move to behind-the-fence power.
Grid-constrained utilities MED
Edward Campbell Founder, Red Hook Phoenix Investment Partners; Thematic Researcher, Rosenberg Research Associates 19:47
Private SMR data-center infrastructure buildout
Much of the nuclear/data center infrastructure buildout will be funded privately because public markets wait for visible cash flows. The speaker focuses on private equity/venture opportunities in land purchases for SMR-powered data centers and classified-ready sites with a national security angle.
Private infrastructure / SMR-powered data centers MED
Up Next
56:21
Markets Ripping, Bitcoin All-Time High, & What's the Trade?
1000x Podcast · Oct 06
42:10
Markets Now A 'Landmine': Expect Brutal Selloff In A Month, Says Trader | Chris Vermeulen
The David Lin Report · Oct 06
55:33
Markets Ripping, Bitcoin All-Time High, & What's the Trade?
1000x Podcast · Oct 06
27:22
Gold Stocks Up 100% In 2025: Expert Reveals Gold's Next Move | Brent Cook
The David Lin Report · Oct 06
11:53
The Next Bubble Is Already Here - Chamath Palihapitiya
All-In Podcast · Oct 06

This The David Lin Report video, published October 07, 2025, features Edward Campbell discussing SRUUF, URA, Pure-play wind and solar developers without storage, EWC, CCJ, Nuclear utilities/operators, SMR/reactor technology startups, SMR, Fossil fuel generators without decarbonization pathway, Grid-constrained utilities, Private infrastructure / SMR-powered data centers. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Edward Campbell  · Tickers: SRUUF, URA, Pure-play wind and solar developers without storage, EWC, CCJ, Nuclear utilities/operators, SMR/reactor technology startups, SMR, Fossil fuel generators without decarbonization pathway, Grid-constrained utilities, Private infrastructure / SMR-powered data centers