# Quantum Computing & Nuclear Energy: Are They Good Investments?

## Метаданные

- **Канал:** PensionCraft
- **YouTube:** https://www.youtube.com/watch?v=5iFwzUomXns
- **Дата:** 25.04.2026
- **Длительность:** 16:03
- **Просмотры:** 20,661

## Описание

Quantum computing and nuclear energy are two of the most talked-about investment themes of 2026. In this video we'll look at both through the lens of a physicist - quantum mechanics and nuclear physics were my world long before I started looking at markets! We’ll also examine where each theme sits on the investability spectrum and what that means for your portfolio.

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Timestamps
00:00 Introduction
00:38 AI Power Demand Surge
01:29 Quantum Computing Basics
03:10 Recent Quantum Breakthroughs
04:27 Q Day and Market Potential
04:51 Nuclear Renaissance Drivers
06:46 Quantum Valuation Reality Check
08:32 Diversified Quantum Exposure
11:08 Nuclear Investment Case Now
12:27 Uranium Supply Crunch
13:18 Nuclear Cost Overrun Risks
14:43 Portfolio Framework and Wrap

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## Содержание

### [0:00](https://www.youtube.com/watch?v=5iFwzUomXns) Introduction

Quantum computing and nuclear energy are two of the most talked about investment themes of 2026. In this video, we'll look at both of them through the lens of a physicist. Quantum mechanics and nuclear physics were my world long before I started looking at markets, and I think the distinction between a fascinating technology and a sensible investment matters far more than the hype. So, let's look at where each theme sits on the investor bility spectrum, and also what that means for your portfolio. Now, let's turn to the connection between these two themes, and that's AI.

### [0:38](https://www.youtube.com/watch?v=5iFwzUomXns&t=38s) AI Power Demand Surge

Training large language models, running inference at scale, storing the data that those models rely on, all of it requires huge amounts of electricity. The artificial intelligence boom is at its core an energy story. S& P Global estimates that US data center power demand is going to hit around 75 gigawatts by the end of 2026. By 2030, that grows to roughly 134 gigawatts. Now, to put that in context, that's like adding Japan's entire electricity grid over the space of 5 years. So, this isn't just a software revolution, it's a physical infrastructure story, and that's why nuclear energy is back on the agenda. Let's turn to what each technology actually does because the investment

### [1:29](https://www.youtube.com/watch?v=5iFwzUomXns&t=89s) Quantum Computing Basics

case for both follows directly from the underlying science. So, what's quantum computing actually doing that classical computing can't? The key is superposition. A classical computer processes information as bits, zeros and ones. A quantum computer uses qubits, which can exist in multiple states simultaneously, and that means it can explore huge solution spaces in parallel for certain types of problem. The most promising applications are financial portfolio optimization, which is of particular interest to you and I, but also things like drug discovery, molecular simulation, logistics, and cryptography. Now, if you've seen images of a quantum computer, you'll recognize the shape, like an upside down chandelier, with successive tiers hanging below, each one colder than the last, and it goes down to temperatures which are just above absolute zero, which is colder than outer space. That extreme cooling is necessary because qubits are extraordinarily fragile. Any interaction with the surrounding environment, and of course, that includes the simple thermal motion of nearby atoms, can collapse the quantum state entirely. This is called decoherence, and it's a defining engineering challenge of the field. Every hardware milestone you hear about is, in essence, an attempt to hold decoherence at bay long enough to do useful calculations. What's fascinating is how much progress the past 12 months

### [3:10](https://www.youtube.com/watch?v=5iFwzUomXns&t=190s) Recent Quantum Breakthroughs

have delivered. Google's Willow chip outperformed the world's fastest classical supercomputer by a factor of 13,000, and crucially, its error rate fell as qubits were added. That's the opposite of what normally happens. It's a really key threshold on the path to fault-tolerant computing. IonQ achieved 99. 99% two-qubit gate fidelity. In other words, its quantum operations fail roughly once in 10,000 attempts. Microsoft unveiled Majorana 1. That's a fundamentally different approach based on topological qubits, and it's designed to be intrinsically resistant to this environmental noise. And Amazon released Ocelot, a supercomputing chip engineered to suppress certain error types by a factor of 100. If we look at the data beside me here, McKinsey estimates the aggregate value at stake at 1 to 2 trillion dollars, with financial services alone accounting for roughly 400 to 600 billion. Governments have committed about 42 billion dollars globally, China 15 billion, Germany 5 billion, the UK 4 billion, and the US also 4 billion. Now, there's a concept

### [4:27](https://www.youtube.com/watch?v=5iFwzUomXns&t=267s) Q Day and Market Potential

worth knowing, Q-Day. That's the hypothetical point at which a quantum computer could crack today's public key encryption. That threat is already driving big spending on post-quantum cryptography. And what's interesting is that this is a near-term commercial driver. It doesn't need a fully error-corrected quantum computer to materialize. Now, let's turn to nuclear

### [4:51](https://www.youtube.com/watch?v=5iFwzUomXns&t=291s) Nuclear Renaissance Drivers

energy, which sits in a very different place on the maturity curve. There are about 440 operating reactors globally, and the technology's proven. What's really changed is the demand picture. A single ChatGPT query uses roughly 10 times the electricity of a standard Google search, and as a result, data center power consumption is tripling, and the grid is struggling to keep up. Nuclear is the only proven source of firm, carbon-free baseload power, always-on, regardless of whether the wind is blowing or the sun is shining. And crucially, the hyperscalers know it. Microsoft, Google, and Amazon have all signed major long-term deals for nuclear power. They're not doing that for optics, they're doing it because they can't build data centers fast enough without guaranteed dispatchable power. I think five tailwinds are driving the nuclear renaissance. The first is political support. The EU now classifies nuclear as green. France is building six new reactors, and Three Mile Island has restarted. Another is AI and data center demand. A third is new technology. Small modular reactors, or SMRs, are factory-built and deployable where big plants aren't viable. There's also widening uranium supply-demand gap, which I'll come back to shortly. And finally, if we look at the graph beside me here, nuclear has the lowest death rate of any energy source, just 0. 03 deaths per terawatt-hour versus 24. 6 for coal, and it emits just 6 tons of CO2 per gigawatt-hour against 970 for coal. Quantum computing technology's real. The question is whether today's prices

### [6:46](https://www.youtube.com/watch?v=5iFwzUomXns&t=406s) Quantum Valuation Reality Check

reflect reality. The quantum computing investment case comes with a pretty big caveat, and that's the valuations. A 30% correction in early 2026 trims some of the excess, but only some. As of late March 2026, IonQ traded at around 79 times revenues. Rigetti was close to 633 times. D-Wave was around 206 times. Compare that with Nvidia, a company generating over 60 billion dollars in annual revenue. That's trading at roughly 20 times. Those valuations in quantum computing reflect a lot of optimism. Institutional investors trimmed their quantum positions in Q4 of 2025, and some insiders have been selling. What's being priced here is the expectation that one of these companies will win the quantum race, and then it's going to generate revenues to justify these multiples. Now, that may happen, but there are multiple credible competing architectures, superconducting, trapped ion, topological, photonic, and it's genuinely unclear which approach is going to dominate at commercial scale or on what timeframe. My view is that from today's starting point, which is near zero revenues and ongoing cash burn, the probability-weighted expected return on picking a winner, given today's prices, is something every investor should think very hard about before buying one of these stocks. The technology is real, the value creation potential's real, but I don't think valuation and timeline are aligned right now. So, I think the most

### [8:32](https://www.youtube.com/watch?v=5iFwzUomXns&t=512s) Diversified Quantum Exposure

sensible approach for most investors is to get quantum exposure through diversified vehicles rather than individual pure plays. Broad-based quantum exchange-traded funds blend this risky startup space with the megacaps. In other words, the potentially high-payoff pure quantum computing plays with profitable technology companies that have genuine quantum programs. So, that would be companies like Alphabet and IBM. That gives you real exposure to quantum progress without concentrating everything on a single hardware donor trying to survive the next funding round. If you'd like to go deeper on topics like this, do check out the PensionCraft community. We've got forums, live Q& As, and a whole library of resources to help you make better investment decisions. I'll leave a link in the description below. Now, if you're interested in gaining exposure to either of these themes, one of the practical challenges is building a diversified position. For quantum computing in particular, the ecosystem extends well beyond the handful of pure play hardware companies. There are infrastructure providers, semiconductor firms, cloud computing platforms, and software developers all contributing to the field's development. Picking individual winners at this stage is difficult, and this video is sponsored by WisdomTree, and they offer two ETFs that provide broad exposure to the themes we've been discussing. The WisdomTree Quantum Computing UCITS ETF, which trades under the ticker QWTM on the London Stock Exchange, that holds companies across the quantum ecosystem, from hardware and infrastructure providers through to high-performance computing and software firms. So, rather than concentrating in a few volatile pure plays, it spreads exposure across the different layers of the quantum value chain. For nuclear energy, the WisdomTree Uranium and Nuclear Energy UCITS ETF, ticker NCLP, covers the broader nuclear value chain from uranium miners through to reactor operators, fuel processors, and companies developing next-generation reactor technology. Both ETFs are UCITS compliant and listed on the London Stock Exchange, so they're accessible through most UK brokers and eligible for ISAs and SIPPs. I'll put the links in the description below. Nuclear is a very different proposition, more mature, more complex, and in some ways more

### [11:08](https://www.youtube.com/watch?v=5iFwzUomXns&t=668s) Nuclear Investment Case Now

immediately investable. But it does come with a serious caveat. So, looking at the nuclear investment case, I'd say it's considerably more immediate. Morgan Stanley puts the total value of the nuclear power value chain through to 2050 at about $2. 2 trillion. What's really remarkable is that the established utility companies are already generating real revenues and real cash flows underwritten by long-term power purchase agreements, and these are with hyperscalers, companies like Microsoft and Google, and those lock in pricing decades into the future. BloombergNEF expects around 15 reactors to come online globally in 2026 alone. And that's going to add roughly 12 gigawatts of new capacity. So, that's operational this year. It's not a projection for 2040. Now, there's a distinct investable angle here that I think is worth separating out, and that's the upstream commodity play. So, as demand for a reactor fuel rises with new reactor construction and SMR deployment, supply is struggling to keep pace. The International Energy Agency estimates that new uranium mines take 10 to 15 years from discovery to

### [12:27](https://www.youtube.com/watch?v=5iFwzUomXns&t=747s) Uranium Supply Crunch

production. So, what does that imply? If we look at the supply-demand chart beside me here, you can see a structural gap that widens through the 2030s and into the 2040s. And to give you a sense of what's at stake, uranium has an energy density of roughly 3. 9 million megajoules per kilogram. Natural gas is around 55. That's an extraordinary concentration of value in a commodity where supply is structurally constrained. The uranium spot price is probably the leading indicator to watch here. Cameco, listed in New York and Toronto, is, I'd say, the most liquid pure play way to get exposure. But the nuclear case carries one serious vulnerability, and it would be dishonest not to name it. The

### [13:18](https://www.youtube.com/watch?v=5iFwzUomXns&t=798s) Nuclear Cost Overrun Risks

industry has a really poor track record on construction cost and schedule. Boston University research found that the average nuclear plant runs 102. 5% over budget. And to put that number in context, there was a plant in Georgia, the Vogtle plant, and that project became the most expensive power station ever built in the United States. And NuScale canceled its flagship carbon-free power project in 2023, the same year it received Nuclear Regulatory Commission certification, and that was after construction costs had roughly doubled. So, I suspect that small modular reactors may ultimately fix this cost problem through factory manufacture and standardized designs. And there's genuine reason to think that they will, but they haven't solved it yet. That's the critical caveat on nuclear. It's one worth keeping front of mind. So, if you did want to get pure sensitivity to the price of uranium, I've already mentioned Cameco, that's probably the most liquid listed option. For speculative exposure to SMR technology, names like Oklo and NuScale exist, but I'd say investors need to be pretty clear-eyed about the binary risk involved in single-project companies, certainly at this stage. So, how do you actually think about both of these

### [14:43](https://www.youtube.com/watch?v=5iFwzUomXns&t=883s) Portfolio Framework and Wrap

together? Well, here's the framework I take from all of this. Both of the themes are real. They're grounded in real science, real government commitment, and real demand drivers. But, as we've seen, they sit at very different points on the maturity curve, and I think that should drive your position sizing. Nuclear has a 3-to-10-year investment horizon with established revenue generators already in the market. Quantum has a 5-to-15-year, or possibly longer, horizon, and it's got transformative potential, which I genuinely believe in, but it's also got extraordinary valuations baked into current prices. So, my view is that both of these belong in the satellite portion of your portfolio, not the core, and I wouldn't take concentrated bets, but I'd size your exposures very carefully. But these are two of the most consequential technology transitions of the coming decade. But which of these two themes do you find more compelling right now? Is it quantum computing or nuclear energy? Let me know in the comments, and if you'd like to know more about those funds that we discussed from WisdomTree, you'll find a link to that in the description below. And, as always, thank you for listening.

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*Источник: https://ekstraktznaniy.ru/video/49258*