Uranium supply deficit projected amid rising AI and data center power demand

A growing global uranium supply deficit is emerging as nuclear energy demand rises, driven by climate decarbonization goals, energy security concerns, and the massive electricity requirements of artificial intelligence.

Industry reports indicate that data center electricity consumption could reach 950 terawatt-hours annually by 2030. This surge in demand is prompting major technology companies, including Microsoft, Amazon, Google, and Meta, to seek power through nuclear energy, including reviving idled reactors and supporting small modular reactor projects.

Projections suggest a cumulative uranium supply deficit of between 700 million and 1.7 billion pounds of U3O8 through 2040. This shortage is expected to intensify competition for supply and support higher pricing. In response to these market dynamics, exploration companies like Purecore Metals are focusing on critical mineral properties in Canada, specifically in Saskatchewan and British Columbia.