Now Attractive: The Uranium Side of the AI Story

One theme of the AI energy demand story not to be missed: a global shift toward nuclear.

It’s reasonably abundant. It doesn’t emit any politically charged greenhouse gases. There remains the pesky issue of what to do with radioactive waste, but new designs are safer than Fukushima, Chornobyl and Three Mile Island.

China is dominating new construction with 39 reactor projects underway:

China has 39 nuclear reactors under construction, while the U.S. continues to focus on small modular reactor (SMR) tech. (Source: Goldman Sachs)

Missing from that list? The United States.

The U.S. development strategy favors small, mobile reactors (SMR) led in part by the U.S. military. The Navy, for example, deploys ships and troops in over 94 countries. Where those bases are constructed in remote areas, small reactors are more reliable than local energy grids.

One of our favorite small caps in the space has been a strong performer in the Grey Swan Model Portfolio.

Our commodities and natural resource maven, Shad Marquitz, has been tracking uranium, the fuel all these nuclear facilities need.

Shad observes that the current supply-and-demand dynamic is “out of whack,” creating new, rare opportunities for individual investors who’re ahead of the curve and ignoring the politics of nuclear development.

To get our top play for uranium’s ongoing demand, become a member of Grey Swan Pro — details here.

~ Andrew

P.S. This week Grey Swan Live! will feature Jennifer Stevens, publisher and executive editor for one of our favorite publications, International Living. We bumped into and had dinner with Jennifer in Panama City a few weeks back at the beginning of March.

Over some fresh fish and an Argentine Malbec, we started a conversation about what she calls the “value proposition” that those who choose to retire overseas seek. Here’s a snippet of the email conversation that followed our meetup:

What most people don’t realize is that you can have a lifestyle that’s a lot more interesting and affluent than most people realize. The key is to explore your options abroad.

Because outside the US — in the right spots — good living costs quite a bit less than it does in the States.

A couple can live well on as little as $1,700 a month in some places. The trick is to know where to go. And that’s what we show people at IL.

And to be clear: You don’t have to upend your life to take advantage of this “arbitrage.”

You could buy a place – outside the US, outside the dollar, protect some of that hard-earned money from whatever may be coming down the pike in the US – rent it out for income, watch it appreciate, and you could enjoy it, too.
You could spend part of the year abroad…
You could, in fact, up sticks and move…

We invited Jennifer to join us this Thursday, May 14, 2026 at2 p.m. EST. If you’re looking for a way to make your pile stretch further, beat inflation, avoid politics and give you a life with some adventure in it… you’ll want to join us and hear what Jennifer has to say.

As always, if you have any questions for us, send them to Feedback@GreySwanFraternity.com.

One theme of the AI energy demand story not to be missed: a global shift toward nuclear.

China is dominating new construction with 39 reactor projects underway:

China has 39 nuclear reactors under construction, while the U.S. continues to focus on small modular reactor (SMR) tech. (Source: Goldman Sachs)

Missing from that list? The United States.

One of our favorite small caps in the space has been a strong performer in the Grey Swan Model Portfolio.

Our commodities and natural resource maven, Shad Marquitz, has been tracking uranium, the fuel all these nuclear facilities need.

To get our top play for uranium’s ongoing demand, become a member of Grey Swan Pro — details here.

~ Andrew

What most people don’t realize is that you can have a lifestyle that’s a lot more interesting and affluent than most people realize. The key is to explore your options abroad.

Because outside the US — in the right spots — good living costs quite a bit less than it does in the States.

A couple can live well on as little as $1,700 a month in some places. The trick is to know where to go. And that’s what we show people at IL.

And to be clear: You don’t have to upend your life to take advantage of this “arbitrage.”

You could buy a place – outside the US, outside the dollar, protect some of that hard-earned money from whatever may be coming down the pike in the US – rent it out for income, watch it appreciate, and you could enjoy it, too.
You could spend part of the year abroad…
You could, in fact, up sticks and move…

As always, if you have any questions for us, send them to Feedback@GreySwanFraternity.com.

Copper and resources are sending us a cleaner market signal than AI stocks.

Channeling Ludwig von Mises, we observe this morning that price is not just a number; it’s information. Price reflects what buyers and sellers collectively believe: demand, scarcity, fear, speculation, disappointment, future expectations and available supply.

When prices rise, and inventories fall at the same time, the message is usually straightforward: buyers need the stuff, and there is not enough of it.

A low VIX does not predict disaster. It measures complacency. A serial skeptic will read it as the calm before a storm. We shook off that feeling this morning and opted to pursue an opportunity instead.

Here goes:

A VIX reading below 15 means the market is not pricing in much near-term trouble, even though there are obvious risks still sitting in the room: Iran, oil prices, memory chip speculation, circular financing, high valuations, epic high concentrations, spiking long-term interest rates, a regime change at the Fed, a meltdown in Japan and a historic deficit and rising national debt.

Money is not flowing in a clean, straight line from outside investors to productive businesses. The firms at the top are investing in and buying from each other.

Microsoft and OpenAI are the easiest examples to follow.

Microsoft says OpenAI has contracted to purchase an additional $250 billion in Azure services, while Microsoft continues to account for $13 billion in funding commitments to OpenAI as an investment.

At this stage, it’s a stock picker’s market.