Nuclear Power Drives Stock Picks for AI Demand

Soaring electricity consumption from AI data centers has renewed investor interest in nuclear power. The International Energy Agency projects global data center power use will more than double by 2030, reaching roughly 945 terawatt-hours annually - comparable to Japan's national electricity consumption. Analysts argue that nuclear's baseload characteristics (continuous output, no carbon emissions, small land footprint relative to capacity) make it one of the few generation types able to meet hyperscaler power procurement requirements at scale.

A June 2026 Motley Fool analysis names BWX Technologies (NYSE: BWXT) as a "pick-and-shovel" play on nuclear growth. BWX supplies specialized reactor components to the U.S. Navy and commercial operators, with a backlog of approximately $8.6 billion as of March 2026, including $1.4 billion in new Navy contracts added in May 2026 per the company's own reporting. Revenue from BWX's government operations segment reached roughly $2.3 billion in 2025. The company is also partnering with GE Vernova and Hitachi on small modular reactor (SMR) technology, a category seen as particularly suited to powering AI data centers in remote locations. Oklo (NYSE: OKLO), the second pick, is developing a fast-fission microreactor called Aurora powerhouse that can run for years without refueling and use nuclear waste as fuel. Oklo's design awaits Nuclear Regulatory Commission certification and the company is participating in a Department of Energy demonstration program, with management guiding to $80-100 million cash burn in 2026. A third stock - likely Constellation Energy (CEG) or GE Vernova - rounds out the Yahoo Finance article's picks per the headline, though exact attribution requires the full article.

Analysts note that several pre-revenue nuclear startups trade at elevated valuations despite not yet generating significant revenue. Oklo itself faces competition from fuel-cell companies like Bloom Energy, which are already deploying systems to AI data centers. BWX Technologies carries more defensible revenue given its long-running government contracts, though SMR commercialization timelines remain uncertain. The Motley Fool notes author positions in Bloom Energy, GE Vernova, and Oklo, with The Motley Fool holding positions in BWX Technologies, Bloom Energy, and GE Vernova as of publication.