Shares of nuclear energy companies surge on the back of AI-powered energy development

Nuclear power is experiencing a renaissance as demand for clean energy grows across the country, driven in part by the growing energy needs associated with artificial intelligence data centers.

Major technology companies, including Amazon, Microsoft and Alphabet, have signed nuclear power deals to supply their growing energy needs as artificial intelligence becomes an increasingly important part of their business.

One utility company is even looking to restart a nuclear power plant at Three Mile Island after striking a 20-year deal to sell power to Microsoft.

The Three Mile Island nuclear power plant, located on the Susquehanna River in Pennsylvania, was the site of the nation's worst nuclear accident in 1979.

Meanwhile, Amazon led a $500 million funding round for a company developing modular nuclear reactors and in March acquired a nuclear-powered data center for $650 million.

"One of the fastest ways to address climate change is for our society to transition to carbon-free energy sources, and nuclear power is carbon-free and scalable - which is why it's an important area of investment for Amazon," Amazon Web Services CEO Matt Garman said in a press release.

Wall Street analysts are encouraged, too.

"Nuclear power projects involve the construction of several small modular reactors (SMRs), a compact, advanced type of reactor that can be built closer to the power grid and faster than traditional reactors. Small modular reactors also have the potential to reduce carbon dioxide emissions, paving the way for cleaner and more sustainable energy," CFRA analyst Arun Sundaram said in a note last week.

He added: "Since the full power of artificial intelligence depends on both data centers and energy infrastructure, this investment will help AMZN further strengthen its position as a leading cloud/infrastructure provider."

The resurgence of nuclear power has led to big jumps on Wall Street, with some stocks more than doubling in just a few days this month.

These stocks - from utility companies to uranium miners and small nuclear equipment developers - have soared on the back of the resurgence of U.S. nuclear power.