Oklo Stock Is Rising Today: What's Driving The Action?

Oklo Inc OKLO shares are trading higher Monday. President-elect Donald Trump selected Liberty Energy CEO and Oklo board member Chris Wright as the next United States energy secretary.

What Happened: Trump has nominated Wright to lead the U.S. Department of Energy. Wright is the chief of oilfield services company Liberty Energy, and he also serves on Oklo’s board.

“I am deeply honored by this nomination and opportunity to serve our country and continue the mission of bringing affordable, reliable energy to the citizens of the United States and beyond,” Wright said in a statement.

According to CNBC, Wright will also serve on Trump’s Council of National Energy. The Liberty Energy CEO is reportedly against the idea that climate change needs to be addressed by moving away from fossil fuels.

“There is no climate crisis and we’re not in the midst of an energy transition either,” Wright reportedly said in a LinkedIn video posted last year.

“There is no such thing as clean energy or dirty energy. All energy sources have impacts on the world both positive and negative.”

See Also: Alphabet Braces For DOJ Remedies: Analyst Sees 20% Upside Despite ‘Worst Possible’ Risks

Co-founder and CEO of OpenAI Sam Altman also serves on the board of Oklo as chairman. It’s the only public company that Altman chairs.

Oklo shares have rallied in recent weeks as hyperscalers increasingly look to nuclear power to meet the rising energy demands of AI data centers. The stock pulled back at the end of last week after the company reported third-quarter financial results.

Oklo reported operating losses of $37.4 million since the start of the year. The company ended the quarter with $288.5 million in cash, cash equivalents and marketable securities. 

"We are entering an era of unprecedented energy demand — rivaled perhaps only by initial conversion to electrification over a century ago. The world is now recognizing nuclear’s role in powering that future," said Jacob DeWitte, co-founder and CEO of Oklo.

"Momentum is building every week — regulators are modernizing, bipartisan support is growing and some of the most influential companies are investing heavily in the space."

OKLO Price Action: Oklo shares were up 7.44% at $19.34 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Oklo.