The uranium market is experiencing a notable resurgence at the moment. Uranium prices have seen a sharp uptick in the past few months, propelling the stocks of mining companies to new heights, as reported by Business Insider. A surge in demand for this rare earth metal has invigorated mining and processing companies, aligning with the global pivot from fossil fuels and the planned construction of additional nuclear reactors. This shift is gradually altering the investment landscape, with uranium-related stocks beginning to overshadow those of AI-specializing tech firms. Cameco, a leader in uranium mining, has seen its stock price soar by an impressive 83% since the start of 2023. The Sprott Uranium Miners ETF (URNM) has also experienced a notable 42% increase in its stock value this year. The price of uranium itself has risen 55% in 2023, peaking at $74.50 per pound in the week of November 6-11, marking its highest value since 2008. Currently, uranium prices are at a 15-year high, and market analysts suggest the growth trajectory is far from peaking. The escalating prices are attributed to a significant gap between supply and demand, with prices jumping by nearly 150% over the last two years. The global nuclear landscape is also evolving, with countries like China, India, and Russia intensifying their nuclear energy programs. These efforts, aimed at substantial energy production with reduced carbon emissions, are driving uranium demand. There are currently about 60 nuclear reactors under construction globally, and once completed, they will require 30 million pounds of uranium per year. However, supply remains constrained due to years of underinvestment following the 2011 Fukushima nuclear disaster in Japan.