If there was any worry that spending on artificial intelligence (AI) was finally set to slow down, it's just been wiped away. Not only are big tech companies not dialing back their aggressive investments in AI infrastructure, but they're ramping them up. Google parent Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) recently raised its 2026 capital expenditure (capex) forecast from a range of $180 billion to $190 billion to a range of between $195 billion and $205 billion.
Amazon (NASDAQ: AMZN) upped its capex outlook for this year from a previous estimate of $200 billion to a new estimate of $220 billion. Facebook parent Meta (NASDAQ: META) is putting more money into AI as well, raising this money by issuing new debt. This Rare Signal Is Flashing Again.
In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » These expanded spending plans obviously bode well for a company like Nvidia (NASDAQ: NVDA), which still makes the majority of the processors at work within AI data centers.
It's also a boon for less obvious, indirect beneficiaries such as Vertiv (NYSE: VRT) or GE Vernova (NYSE: GEV). The former offers power-distribution and chip-cooling solutions, while the latter makes electricity-generating natural gas turbines that can power an entire AI data center. Perhaps the most underappreciated and undervalued company that wins from these growing capital expenditure budgets, however, is Cameco (NYSE: CCJ).
It provides much of the uranium needed by nuclear power plants, which are increasingly important sources of the electricity that AI data centers desperately need. It's not the only name in the uranium business. It's technically not even the biggest name in the business.
That title belongs to Kazakhstan's Kazatomprom, which serves many of its geographic neighbors to account for about a fifth of the industry's total global supply. Saskatchewan, Canada-based Cameco is a major player, though, and certainly critical to North America's nuclear power industry. It sold 33 million pounds of triuranium octoxide last year, which you may know better as the yellowcake uranium fuel required by most nuclear reactors.
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