Stock price hits record high! Westinghouse Electric wins a huge contract from the US government. Major shareholder Cameco's market value surged nearly $9 billion overnight.

On Tuesday, Cameco, one of the world's largest uranium fuel suppliers, saw its market value increase by over 12 billion Canadian dollars (approximately 8.7 billion US dollars), with its stock price hitting a record high. This was due to its subsidiary Westinghouse Electric announcing an agreement with the US government to build new nuclear reactors worth at least 800 billion US dollars. The stock rose by over 23% at the close of US trading on Tuesday, and has increased by over 100% so far this year. The US government has urged Westinghouse Electric to build large nuclear reactors to accelerate the application of nuclear energy and artificial intelligence in the US. As a result, Westinghouse Electric reached an agreement with the US government worth 800 billion US dollars. Cameco holds a 49% stake in Westinghouse Electric, while Brookfield Asset Management and Brookfield Renewable Partners hold 51%. Cameco's CEO, Tim Gitzel, stated in a release, "We look forward to this collaboration helping Westinghouse Electric and Cameco grow their nuclear products, services, and technologies globally." The company's stock has been soaring this year, even before the latest agreement was reached, due to the increasing demand for nuclear energy and uranium supply driven by the growing need for electricity in the field of artificial intelligence, leading to a tightening supply. Analysts believe that this deal is a good thing for Cameco. Morgan Stanley analyst Mark Strouse wrote in a report to clients, "Every reactor built requires decades of fuel supply and maintenance services, which will provide Westinghouse Electric and its owners with high profits and a sustainable source of income." If Westinghouse Electric's valuation reaches at least 30 billion US dollars by January 2029, the US government can require it to conduct an initial public offering. Cameco acquired its stake in Westinghouse Electric for 2.1 billion US dollars in 2023.