The uranium spot price is back above $90 per pound, the long-term contract price has reached record nominal levels, and some of the world's largest nuclear fuel buyers are becoming increasingly aggressive. So why are uranium equities struggling to respond?On this episode of Going Nuclear, Trevor Hall and Uranium Insider’s Justin Huhn break down the latest developments across the uranium and nuclear fuel markets. Justin explains what's driving the recent strength in spot uranium, why traders are increasingly reluctant to sell physical material, and why utilities and producers continue to step in on even modest price weakness.Trevor and Justin also examine the increasingly complicated relationship between AI, data centers and nuclear energy. While hyperscaler investment has helped fuel enthusiasm for nuclear equities, Justin argues the uranium bull thesis doesn't require an AI boom. Extending the operating lives of the existing reactor fleet alone provides significant long-term uranium demand, regardless of how quickly new data centers or SMRs are ultimately built.The conversation then turns to what may be the most important development in the uranium market: Russia is buying uranium. Kazatomprom has disclosed major contracts involving both China and Russia, with Justin explaining why Rosatom entering the market as a uranium buyer is particularly significant given Russia's enormous position across enrichment, conversion and uranium production. Meanwhile, China continues accumulating material, Japan has returned to the market, and Kazatomprom is warning Western utilities that future supply won't simply be waiting for them.Finally, Trevor and Justin discuss expectations for $130–$150 uranium, record pricing across much of the nuclear fuel cycle, and Saudi Arabia's headline-grabbing announcement of a massive uranium-bearing resource—and why Justin thinks that particular story matters far less to near-term uranium supply than the headlines suggest.