The nuclear story has completely flipped — and according to Cameco CEO Tim Gitzel, this is now the strongest market he’s seen in over 40 years.

In this conversation on In the Money with Amber Kanwar, Gitzel explains why uranium and nuclear energy have gone from a post-Fukushima downturn to a full-scale global comeback. He walks through the turning points — from the shutdown of Japan’s reactors and a decade-long bear market, to today’s surge driven by climate goals, energy security concerns, and rising geopolitical tensions. As countries rethink their dependence on foreign energy and fragile supply chains, nuclear power is moving back to the center of the global energy mix.

The discussion also dives into Cameco’s transformation from a uranium producer into a more vertically integrated nuclear player, including its major stake in Westinghouse alongside Brookfield Asset Management. Gitzel explains how that deal positions the company to benefit from a massive global buildout of reactors — including a landmark $80 billion commitment from the U.S. to expand nuclear capacity.

Finally, Gitzel breaks down the next wave of demand: AI and data centers. With electricity needs set to surge, he explains why nuclear’s reliability, long lifespan, and energy security advantages are making it increasingly essential — and why this cycle could look very different from anything the industry has seen before.

If this cycle plays out as expected, nuclear won’t just be part of the energy mix — it could become the backbone of the next era of global power.

Timestamps
02:25: Intro
04:50: Best environment for nuclear in over 40 years
06:15 Tim Gitzel’s path to Cameco CEO
08:30 Fukushima and what’s happened since
12:35 What kept Gitzel at Cameco through the lean years?
13:45 The new commitment to nuclear power
14:50 Cameco’s stake in Westinghouse
18:30 Cameco’s partnership with the U.S. government

26:20 Rumours that the U.S. is also working with competitors + cost overrun concerns
30:35 ATB Cormark Capital Markets
31:05 Cameco in Canada
34:00 The war in Iran & impact on nuclear
36:35 AI, data centres & nuclear

42:00 Succession planning & Tim’s legacy
44:00 Does it all go away if there’s another accident?

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In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

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