Start with the bottleneck
A data centre needs dependable electricity and a connection to the grid. More computing demand does not automatically become revenue for every company with an energy story.
Separate the businesses
A power producer sells electricity. A grid equipment supplier sells hardware. A uranium producer and a reactor developer have very different costs and timelines. Grouping them together hides those differences.
Why nuclear gets attention
Nuclear power can provide steady generation. New projects also face financing, construction and regulatory hurdles. A proposed project is not the same as an operating plant or a signed, profitable contract.
The question I would ask
What evidence connects this company's future cash flow to actual demand? I would look for contract terms, funding needs and delivery milestones before treating a broad theme as a company thesis.