Summary

Ben Finegold highlighted a major shift in global sentiment toward nuclear power since 2020, with 31 countries now committed to tripling nuclear capacity by 2050. China leads this push, planning to build 150 reactors in the next decade—more than the world has built in the past 40 years. Despite this enthusiasm, Finegold warned of a critical disconnect between nuclear expansion goals and the under-addressed issue of fuel supply, especially uranium.

The West, and particularly the US, faces severe vulnerabilities due to its reliance on Russian-controlled enrichment and conversion infrastructure. The US, though the world’s largest consumer of nuclear fuel, produces only about 1% of its needs domestically. As geopolitical tensions rise, uranium prices are expected to surge, especially for North American-sourced supply.

Finegold also pointed to new demand sources, such as AI and data centers, which require reliable, clean energy—making nuclear, with its 98% capacity factor, increasingly attractive. Ocean Wall’s investment strategy involves diversified exposure across the nuclear value chain, including miners, fuel-cycle players, and financial vehicles like Yellow Cake and Sprott.

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