Google, Amazon, and Meta All Just Raised Capex Guidance Again. This Boring Industrial Wins No Matter Whose AI Infrastructure Is Best.

The article argues that the latest wave of AI-related capex increases from Alphabet, Amazon, and Meta strengthens the long-term investment case for power and infrastructure providers tied to data-center demand. While Nvidia, Vertiv, GE Vernova, Constellation Energy, and Vistra are cited as obvious beneficiaries, the piece focuses on Cameco as a less obvious winner because nuclear power is increasingly viewed as a durable electricity source for AI buildouts. Cameco’s uranium supply and its 49% stake in Westinghouse Electric give it exposure to both fuel and reactor services. The article notes that nuclear capacity could double by 2050, with Goldman Sachs seeing global reactors rising to 500 by 2030. Despite Cameco’s weak share performance this year and the long timeline for new reactors, analysts still rate the stock a strong buy, with an average target around 30% above the current price.