Key Points

Nuclear energy stocks have seen significant volatility in the first half of 2026 after strong performance in 2025.
Long-term tailwinds remain in place as countries worldwide commit to tripling nuclear energy capacity by 2050.
10 stocks we like better than Cameco ›

Nuclear energy stocks like Oklo (NYSE: OKLO), NuScale Power (NYSE: SMR), and Cameco (NYSE: CCJ) surged last year, but this volatility cuts both ways. Advanced reactor start-ups Oklo and NuScale Power have had a tough go of it, with the stocks down 27% and 30%, respectively, since the start of the year. Meanwhile, Cameco stock is up 7% year to date but down 27% from its February peak.

While the nuclear energy trade has cooled in the first half of the year, the long-term industry tailwinds remain firmly in place. Amid this volatility, one nuclear energy stock stands out as a buy for investors today.

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Nuclear stocks have cooled off after surging in 2025

Nuclear stocks were on fire in 2025 amid hype over artificial intelligence data centers, rising energy demands, the Trump administration's push to secure energy independence, and growing global support for nuclear energy. However, the strength has faded early in this year as investors reevaluate the timeline for nuclear energy to begin making an impact.

The nuclear industry was out of favor following the Fukushima nuclear accident in 2011. For years, countries shifted away from nuclear power due to safety concerns, but now nuclear power is returning to favor as energy needs grow. A major reason why is that nuclear is a clean-burning, reliable baseload energy source that could help meet the growing power needs of data centers alongside residential customers.

After a strong 2025, Cameco has experienced volatility. While its uranium mining business is insulated by tight global supply, its fuel services segment normalized in the first quarter due to a decline in average exchange rates and compressed margins.

Upstarts Oklo and NuScale have experienced significant volatility

Oklo and NuScale Power have experienced larger price swings due to the long implementation timelines for their technologies. Last year, Oklo's stock peaked at around $193 per share, while NuScale Power's reached $57 per share. Today, the two stocks are down 73% and 83%, respectively, from their 52-week highs.

Oklo made headlines when it secured a commitment on a power campus project with Meta Platforms. Meanwhile, NuScale is working to build its first power plant in Romania and is in the pre-development planning phase with the Tennessee Valley Authority for up to 6 gigawatts of SMR (small modular reactor) capacity, but has yet to secure a firm commitment. The volatility in Oklo and NuScale highlights the risks of investing in early-stage start-ups with lengthy development ahead before they operate commercially.

It will be several years before any of these microreactor or small modular reactor technologies go into operation. NuScale has the only SMR design certified by the Nuclear Regulatory Commission. Meanwhile, Oklo is working with the Department of Energy's Reactor Pilot Program to develop its projects, and hopes to start up its first Aurora Powerhouse by late 2027 or early 2028. However, these advanced reactor technologies won't be operating at scale on a commercial level until the 2030s.

Cameco has a more established business

Cameco has gotten caught up in the nuclear sell-off, but it has a distinct advantage over upstarts like Oklo and NuScale: It is a mature company that should benefit from growing uranium demand in the coming years. That's because it operates high-grade mines in Canada, giving it a North American presence as the U.S. seeks to secure energy from allies and reduce its reliance on Russian uranium.

What's more, Cameco has a 49% ownership stake in Westinghouse, which provides upside exposure to the nuclear energy infrastructure build-out and a share of Westinghouse's high-margin utility services, reactor maintenance, and fuel assembly revenues, complementing its upstream mining operations.

Which nuclear energy stock is right for you?

The nuclear energy story remains intact but will take decades to play out as countries build out nuclear power capacity and approve advanced nuclear technologies, which could potentially change how nuclear energy is deployed. For investors buying into the nuclear hype, it's important to maintain a long-term outlook when investing in any of these companies.

Oklo and NuScale Power are still in the early innings of their development, and the volatility of the last couple of years highlights the risks of holding these companies. On the other hand, Cameco is a developed company that will benefit more immediately from the nuclear build-out, which is why I think it stands out as the nuclear energy stock to buy the dip on right now.

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Courtney Carlsen has positions in Cameco and Meta Platforms. The Motley Fool has positions in and recommends Cameco and Meta Platforms. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.