I think Elon should be kicking himself for buying Twitter at $44 billion when he should have bought Cameco Corp. (CCJ) for less than half the price, lock, stock, and barrel.

He could have been part of the solution and possibly made ten-fold on his investment. That’s OK, though, you and I will be happy to take his place.

We all know that there’s a big problem brewing for the EV industry.

For years, the engineers and planners have been talking about the fact that our country lacks the infrastructure to support the goals for replacing internal combustion engine (ICE) vehicles with electric vehicles (EVs).

This is especially true when it comes to generating the massive amounts of electricity that will be required to charge the vehicles.

By some measures, it’s 50% more – by others, 500%. Let’s just settle on knowing that this is going to be a huge undertaking. And these types of situations always result in an investment opportunity.

A few days ago, the Department of Energy (DoE) announced their next steps to build a supply of uranium for advanced nuclear plants. That’s right, we’re likely to see a surge in the production of nuclear power facilities to help solve the problem.

According to the World Nuclear Association, the U.S. currently has just one new nuclear reactor under construction and 18 proposed.

To put that into perspective, the 18 proposed facilities are just 5% of the plants proposed around the world.

What I’m saying is that the U.S. is beginning to join the world in the drive to use nuclear power as part of their clean energy initiatives.

I think it’s been planned all along, we just needed a good reason to take the risks of reintroducing nuclear power into our society. There’s no better way to do that than to get people hooked on their shiny new Tesla and Rivian EVs.

One stock poised to benefit from this nuclear push is CCJ.

Cameo is the world’s largest publicly traded uranium company and the second largest producer of uranium in the world.

The stock trades around $47 and had returns of 90% in 2023.

Looking back further, CCJ shares have returned more than 400% over the last three years as – you guessed it – the adoption of EVs became more mainstream.

This is the first time CCJ has seen this type of movement. There was a nuclear push in the early 2000s as the government began to wage its war against coal-fired plants. Shares of CCJ returned more than 1,500% over a five-year period, only to tumble when the U.S. collectively decided “not in my backyard.”

This time is different.

The advances in nuclear have inspired smaller modular reactors that provide power with fewer of the traditional risks of nuclear power.

And the one thing that they will all need is uranium.

Bottom Line
I’ve already stepped in where Elon Musk missed by taking a position in CCJ stock. I can’t buy the company, but you and I can pocket the returns he could have.

The buzz around nuclear is only going to get louder over the next few years, and holding the second largest uranium producer in a portfolio should play out as a magnificent long-term investment.

For those of you that think the stock has made its run as it sits at its highs, this is just the beginning of the nuclear solution talks. The stock will take off like wildfire when these talks hit the mainstream.

— Chris Johnson

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Source: Money Morning