Analysis indicates that uranium ETFs (URA and URNM) have fallen approximately 30% from their highs, despite AI-driven data centers being projected to account for 12% of total US electricity demand by 2028. Meanwhile, the VanEck Uranium and Nuclear Energy ETF (NLR) has experienced a relatively smaller decline, as its nuclear utility holdings (such as Constellation Energy and PSEG) are able to benefit from AI power purchase agreements without being entirely dependent on spot uranium prices.