Trump promotes nuclear revival

Over the decades, nuclear energy 's path has been anything but linear. High-profile accidents have sparked public outcry and led to widespread outages, especially after Fukushima in 2011. In our thematic outlook this year, we noted how this situation is starting to change. Big tech companies are investing heavily in nuclear power to power energy-intensive data centers. We even speculated that Trump might play a role, as deregulation enables faster innovation and increases the need for sustainable energy sources. Now Trump has made a bold move, and markets are showing interest.

On May 23, 2025, President Donald Trump signed a series of executive orders aimed at dramatically expanding US nuclear energy capacity and reaffirming American leadership in the sector. Under the banner of Reinvigorating the Nuclear Industrial Base, Trump has set an ambitious goal: quadrupling nuclear capacity from 100 gigawatts to 400 gigawatts by 2050. This includes plans to increase the capacity of existing plants, build 10 new large-scale reactors by 2030, and sweeping reforms of the Department of Energy (DOE) and the Nuclear Regulatory Commission (NRC). The executive orders provide for licensing decisions within 18 months for new reactors and greater flexibility in testing and deploying advanced nuclear technologies.

The rationale behind the move is both strategic and economic . The United States has seen its share of the global nuclear landscape decline, with 87% of new reactors built on foreign designs as of 2017. Trump's orders seek to reverse this trend by revitalizing domestic fuel cycles, supporting the development of small modular and advanced reactors, and expanding the nuclear workforce. The initiative also includes efforts to restart closed plants for defense purposes and streamline environmental reviews. As the Nuclear Energy Institute has noted, these measures are vital to energy independence and national security , placing nuclear energy at the center of America's future energy strategy.

The strong recovery in the nuclear theme indicates market optimism

Most themes with significant exposure to the United States faced headwinds in the first quarter of the year, and uranium and nuclear energy were no exception. However, the theme's recovery in the second quarter was noteworthy. The market reaction to Trump's executive order was overwhelmingly positive.

For WisdomTree, the uranium and nuclear value chain is divided into three segments : upstream companies (typically miners and producers of nuclear fuels such as uranium), downstream companies (suppliers of essential products and services to the nuclear industry), and innovators (developers of advanced technologies such as small modular reactors).

Looking at the top-performing stocks in the WisdomTree Uranium and Nuclear Energy UCITS Index based on year-over-year total return, we see an interesting mix of companies:

Top-performing stocks in the WisdomTree Uranium and Nuclear Energy UCITS Index by year-over-year total return

The table above clearly shows that market interest this year extends to a broad range of companies, not just uranium miners. These include companies producing advanced nuclear technologies , such as small modular reactors. Many of these advanced technology developers, such as Oklo, are not yet generating revenue, as small modular reactors are still in the early stages of development, but they are attracting strong investor interest due to their transformative potential. Markets are increasingly favoring these companies in light of Trump's executive order, which is seen as a catalyst that could accelerate development and have a lasting impact.

Trump's executive order solidifies nuclear energy's place among the mainstream technologies expected to meet the rapidly growing global energy demand . It also marks a clear inflection point in sentiment, building on the momentum that began with the adoption of nuclear power by technology companies last year. We believe the market's reaction underscores a strong opportunity for investors in the uranium and nuclear energy value chain.