Paladin Energy Ltd (PDN.AU) shares plummeted 9.79% during intraday trading on Thursday, marking a significant decline for the uranium miner.
The sharp drop followed Advanced Micro Devices' (AMD) announcement of a weaker-than-expected first-quarter revenue forecast, which raised concerns about the chipmaker's ability to challenge rival Nvidia in meeting artificial intelligence hardware demand. Since nuclear energy is expected to help meet increasing power requirements for AI-related infrastructure, uranium miners like Paladin Energy are sensitive to shifts in AI demand expectations.
The market reaction reflects broader investor concerns about the pace of AI expansion and its subsequent energy needs, directly impacting companies positioned in the nuclear fuel sector.