Uranium Energy (UEC) Soars on 5th Day on Rosy Prospects From Energy Boom

We recently published 10 Stocks Exploding Higher: Bitcoin Miners Dominate the List.Uranium Energy Corp. (NYSEAmerican:UEC) is one of Wednesday's top performers.

Uranium Energy rallied for a fifth consecutive day on Wednesday, jumping 9.31 percent to close at $7.63 apiece as investor sentiment was bolstered by President Donald Trump’s announcement of investments worth $92 billion in the artificial intelligence sector.

Additionally, Trump said that the US government will speed up permits for an expected boom in the development of new power plants.

The announcement sparked excitement among investors, boosting renewed interest in shares of companies that will largely benefit from AI.

For its part, Uranium Energy Corp. (NYSEAmerican:UEC) is set to take advantage of the soaring energy demand as AI data centers grow more thirsty for power.  The nuclear sector, one of the key players of the energy mix, is heavily reliant on uranium products to fuel its power plants is expected to propel the growth of the uranium industry.

While we acknowledge the potential of UEC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.