Tom Hulme: Uranium ETFs will capture upside as nuclear energy expands
Tom Hulme · Tom Hulme & Stan Boland: Lessons from Jensen Huang & How to Fix the UK Tech Ecosystem · 20VC with Harry Stebbings · Apr 10, 2025 · at 1:20:46
Tom Hulme, Managing Partner at GV, picks a uranium ETF when host Harry Stebbings asks for a public stock to buy and hold for ten years.
0:00 / 0:27exact quote · 27.4s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“I think the best source of energy going forward is nuclear. Fusion and potentially fission and SMRs are going to be important. I think it's the predictable cleanest energy source we have. I, not betting on one individual company, that's difficult to do. So I think if I take an ETF in uranium I might enjoy the upside of the market because it will be needed.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Tom Hulme
Hulme: Microsoft acquired Inflection primarily for its 12,000 H100 GPU cluster
“I do not believe that Microsoft were buying the Pi model. I think Microsoft are GPU constrained, and we're buying a cluster of 12,000 H-one hundreds.”
Hulme: GV would not invest in OpenAI at a $90B valuation
“I would struggle To make that investment today. No.”
Hulme: 90% of AI foundation model capital will go to zero
“Foundation models, 90%. Application layer, 70%. And in the incumbents, the value going into the incumbents, only 20%.”
Hulme: AGI hype correlates directly with founders' capital fundraising needs
“I think there is a Correlation between how aggressively people predict AGI is coming and how much capital they need to raise. So you've got Emodi from Anthropic, you've got Altman, OpenAI, Musk, XAI, all of these guys are saying that it's just around the corne…”
Hulme: Ending non-dom status drives top UK angel investors abroad
“If I do say, see the brain drain. I recognize it. And I do see that many of the people I know well that have chosen to leave have left. They were also incredible angel investors. They employed a bunch of people. And so do I think everyone should pay Equal tax.…”
Hulme: Requiring every VC investment to be a fund-returner is flawed
“I think, ah, a lot of VC strategy is a lagging indicator of what did work in the past, and the test, Or the experiment that worked very well in the past is funds with 25 portfolio companies, power law of returns, and one or two return the whole fund, and then …”