Oklo Inc. (NYSE:OKLO) shares are moving lower on Tuesday, pulling back from a recent surge in which several nuclear stocks rallied for multiple trading sessions. Despite the pullback, Oklo shares are still up approximately 175% over the past month. Here's what you need to know.
What To Know: Oklo shares have surged in recent weeks alongside several other nuclear-linked stocks after Amazon Web Services (AWS) and Google announced significant investments into nuclear energy. Hyperscalers are accelerating investments in nuclear power to meet the rising energy demands of data centers.
AWS announced multiple agreements focusing on the development of Small Modular Reactors (SMRs). The agreements included a collaboration with Energy Northwest in Washington, aiming for an initial capacity of 320 MW, with the potential to expand to 960 MW.
Additionally, AWS partnered with Dominion Energy in Virginia to research the deployment of SMRs near the North Anna nuclear station, targeting the generation of at least 300 MW in the region. The third agreement involved an investment in X-energy to support the manufacturing of SMRs.
"Nuclear is a safe source of carbon-free energy that can help power our operations and meet the growing demands of our customers, while helping us progress toward our Climate Pledge commitment to be net-zero carbon across our operations by 2040," said Matt Garman, CEO of AWS.
"One of the fastest ways to address climate change is by transitioning our society to carbon-free energy sources, and nuclear energy is both carbon-free and able to scale—which is why it's an important area of investment for Amazon."
Separately, Google signed an agreement to purchase power generated by multiple SMRs developed by Kairos Power. The first reactor is anticipated to be online by 2030.
Oklo has been one of the biggest beneficiaries of the nuclear rally in recent weeks. The stock appears to be seeing increased attention as investors speculate that Oklo could be one of the next companies to sign a deal with one of the mega caps, given the company's ties to OpenAI and Sam Altman. Oklo is the only public company that Altman chairs.
Oklo is focused on developing fast fission power plants in an effort to provide clean, reliable and affordable energy at scale. The company is developing advanced fuel recycling technologies in collaboration with the U.S. Department of Energy and U.S. National Laboratories.
OKLO Price Action: At the time of writing, Oklo shares were down 2.04% at $4.03, according to data from Benzinga Pro.
Image: Courtesy of Oklo, Inc.
