Macro Voices MacroVoices #466 Guy Keller: The Nuclear Story Has Never Been Better
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Feb 6, 2025 
Guy Keller, a fund manager at Tribeca Investment Partners specializing in nuclear energy, shares his expertise on the uranium market's unique dynamics. He discusses why spot uranium prices lag behind enriched uranium and the geopolitical tensions affecting supply. Keller highlights new investment opportunities in nuclear innovation, emphasizing the importance of government policies. Additionally, he addresses recent market volatility and the implications of AI advancements on stock performance. This insightful conversation reveals the bright future of the nuclear sector.
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Uranium Price Divergence
- Enriched uranium prices have surged 506% in three years, with a 100% jump in 2024 alone.
- However, raw uranium and uranium miners have not followed suit, diverging from enriched uranium's price trajectory.
Utility Short-Sightedness
- Nuclear utilities lack the capacity to manage the entire fuel cycle, focusing on near-term enriched uranium needs due to Russian sanctions.
- This short-sighted approach overlooks the long-term implications for raw uranium supply.
Enrichment Bottleneck
- While analysts point to conversion bottlenecks, the price divergence suggests enrichment capacity is the real constraint.
- The price of converted UF6 hasn't diverged significantly from raw uranium, but enriched uranium product prices have.