Oklo Stock Continues To Climb: What's Going On?

Shares of Oklo Inc. OKLO traded higher on Monday as nuclear names saw continued momentum after Amazon.com Inc’s AMZN Amazon Web Services announced plans to invest $500 million in nuclear power last week.

What To Know: AWS signed multiple agreements last week, including a deal with Energy Northwest to build four advanced small modular reactors (SMRs) in Washington. The company also partnered with X-energy to use its SMR design in the Energy Northwest plans and entered into a collaboration with Dominion Energy to explore SMR projects in Virginia.

Big tech companies, facing increasing energy demands driven by the AI revolution, are turning to nuclear power as a reliable, carbon-free source of energy to power their data centers. Amazon's investment follows a similar move by Alphabet Inc’s GOOG Google, which recently announced a deal to purchase power from a fleet of SMRs developed by Kairos Power.

Hyperscalers are increasingly looking to nuclear to meet the growing energy needs of AI, which has created excitement around the potential for more deals across the space.

See Also: This Small-Cap Nuclear Stock Is Up Over 100% In A Month: Will It Keep Generating Momentum?

Oklo, a developer of fast fission power plants, has been benefiting from the broader sector's momentum. Oklo shares jumped last week on Google's nuclear deal with Kairos amid speculation that Oklo, backed by OpenAI’s Sam Altman, could be the next to secure a deal with a major tech player.

Oklo CEO Jacob DeWitte highlighted the massive demand for power being driven by AI growth in a CNBC interview last week. He said Google’s recent nuclear deal was "just the tip of the iceberg" for the industry and emphasized the role of nuclear energy in meeting this demand.

When he was asked about the potential for Oklo to sign a deal with OpenAI or announce a similar deal to the agreement Google made last week, DeWitte said there's "a lot more to come."

Multiple nuclear stocks traded higher alongside Oklo last week and continued to move higher on Monday including NuScale Power Corp. SMR, which closed Monday up 4.23% and Nano Nuclear Energy Inc. NNE, which closed the session up 34.3%.

OKLO Price Action: Oklo shares closed Monday up 22.4% at $22.32, according to Benzinga Pro.

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Photo Credit: Courtesy of Oklo, Inc.