Cameco (CCJ) Soars Hits Record High on $80-Billion Govt Deal

We recently published 10 Stocks Soaring by Double Digits; Uranium Stocks Leading. Cameco Corp. (NYSE:CCJ) is one of the top-performing stocks on Tuesday.

Cameco climbed to a new 52-week high on Tuesday, as investors gobbled up shares following an $80 billion investment partnership with the US government and Brookfield Asset Management to support nuclear energy growth in the country.

In a statement, Cameco Corp. (NYSE:CCJ)—one of the largest uranium providers globally—said that the partnership would support the deployment of new reactors using Westinghouse technology across the US.

The deal was aimed at generating reliable and secure power to amid the growing energy demand of AI data centers.

The partnership contains profit-sharing mechanisms to all parties once certain thresholds are met.

“Our highly successful partnership with Brookfield … will be further strengthened through this collaboration with the US Government. We expect this new partnership to support the global growth opportunities for both Westinghouse’s and Cameco’s nuclear products, services, and technologies, adding significant long-term value for our stakeholders and enhancing energy, national, and climate security around the world,” said Cameco Corp. (NYSE:CCJ) CEO Tim Gitzel.

Apart from Cameco Corp. (NYSE:CCJ), optimism for the US government’s backing of the industry also spilled over to other listed uranium stocks.

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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.