Global nuclear construction boom accelerates, supply chain bottlenecks emerge

A synchronized global nuclear construction boom is underway, with China committing 1 trillion yuan, the US targeting 400 GW, and Europe also racing. South Korea's revised 2040 forecast adds 26.8 GW (19 APR1400 reactors) driven by AI and semiconductor demand. The boom highlights a critical uranium supply bottleneck due to long mine development times and past underinvestment, with term premiums at $97/lb (14-year high) and Cameco contracted 116M lbs vs 150M benchmark. BofA forecasts $130/lb uranium by 2027, citing Cameco's production gap (20.5M lbs vs 30.5M deliveries) and utility contracting coverage dropping to 48%. UBS warns of structurally tightening market, with spot at $89/lb and 7% domestic US supply.