Barclays' report on nuclear energy highlights its transition "from conviction to construction," driven by energy security, decarbonization, and AI demand. The nuclear fuel cycle is identified as an upstream bottleneck, requiring reshoring. Practical hurdles like speed to power, labor, permitting, and unit economics are becoming central as the theme matures. Investor focus is shifting from narrative to tangible delivery, rewarding visible permitting progress and project execution. The Iran war has accentuated national energy security concerns, boosting nuclear adoption in Europe for strategic autonomy. Hyperscaler underwriting, including Meta, Microsoft, Google, and Amazon, significantly boosts confidence in US nuclear energy. Bottlenecks in the industry are being addressed, with visible progress in fuel cycle, licensing, and component supply. The clearest progress is in the fuel cycle, with increased US uranium production and Canadian project development. Regulatory improvements, including new licensing pathways and high-speed reactor demonstrations, are also notable. However, labor is emerging as the most significant hurdle, threatening to impede the nuclear renaissance despite policy support and hyperscaler demand. Workforce constraints are deeply structural and will take longer to ease than supply chain issues.