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Uranium Prices Just Broke a 19-Year Record, but Nuclear Stocks Are Collapsing Anyway

Yaho/Finance, Rich DupreySat, October 3, 2026

Quick Read

• Despite uranium hitting a 19-year record of $96/lb, CCJ is down 7% and UEC is down 20% in 2026 as utilities balk at signing new contracts.
• OKLO and SMR have collapsed 50% and 45% year to date as hyperscalers prioritize near-term megawatts over long-term gigawatt nuclear capacity.
• Cameco’s realized price of $65/lb lags spot near $88, and term contracting volumes fell 15%, so the record means little until utilities actually sign.

The long-term uranium price reached $96 per pound, an all-time record that passes the $95/lb high from mid-2007, according to ZeroHedge’s report on uranium term prices. The term price sets the multiyear contracts utilities sign to fuel their reactors, and it is up roughly 12% year to date. That should be good news for Cameco (NYSE:CCJ), a leading uranium producer. Instead, Cameco shares closed at $85.18 on October 2, down 6.9% for 2026.

Cameco and Nuclear Stocks Slid as Uranium Hit a Record

Cameco fell 11.62% over the past month, from $96.38 to $85.18. It also fell Friday and underperformed the market. Its 52-week high is $135.24.

The rest of the sector has done worse:

• Uranium Energy (NYSEAMERICAN:UEC) is down 20.38% year to date, even after selling uranium at a weighted average of $93.13/lb. The stock reversed course after an earnings spike.
• Denison Mines (NYSEAMERICAN:DNN) is down 20.19% over the past month.
• Oklo (NYSE:OKLO) is down 50.01% year to date.
• NuScale Power (NYSE:SMR) is down 45.31% year to date.
• Leading uranium and nuclear ETF VanEck Uranium Nuclear Energy ETF (NYSEARCA:NLR) is down 16.4% year to date. Cameco was its second-largest holding as of Oct. 1.

………………………………………………………….. https://finance.yahoo.com/markets/stocks/articles/cameco-stock-down-below-90-122800554.html

October 8, 2026 - Posted by Christina Macpherson | business and costs, Uranium