This Sam Altman Startup Has Exploded 100% This Month As Nuclear Stocks Heat Up

The nuclear power startup backed by OpenAI head Sam Altman, Oklo, has experienced a remarkable surge of over 100% in October 2023. This explosive growth comes as major hyperscalers, including Microsoft, Amazon, and Alphabet, are doubling down on nuclear energy solutions to support their data centers and artificial intelligence (AI) demands.

The Nuclear Renaissance: Corporate Moves Ignite Investment

Nuclear energy-related stocks have been on an upward trajectory since late September, largely sparked by Microsoft’s announcement of a long-term, two-decade contract with Constellation Energy (CEG). This contract was aimed at supplying nuclear energy to power Microsoft’s expansive data centers. Following this, Amazon and Google’s decision to pursue nuclear power has further fueled investor interest and sent nuclear-related stocks soaring.

Both Amazon and Google have recently committed to investing in the development of emerging Small Modular Reactors (SMRs), a promising technology that is still in the developmental phase. In March, Amazon signaled its early interest in nuclear energy by acquiring a nuclear-powered data center campus from Talen Energy (TLNE) for $650 million, establishing a foundation for its future nuclear endeavors.

Meeting the Energy Demands of AI

As data centers continue to evolve and expand due to the increasing demand for AI capabilities, nuclear power is emerging as a viable solution. According to a report from McKinsey & Co., energy demand from U.S. data centers is projected to rise significantly, from approximately 4% of total energy demand to an estimated 11%-12% by 2030. This surge in energy consumption is prompting technology companies to proactively seek energy solutions to support their infrastructure.

Many organizations are investing in partnerships with nuclear energy providers to ensure a reliable supply of energy for their operations. Analysts at Morgan Stanley have observed an ongoing “nuclear renaissance,” projecting $1.5 trillion in investments towards new capacity through 2050. This revitalized interest in nuclear power emphasizes its potential value proposition and long-term benefits.

Stock Market Reactions: Winners and Losers

Despite the overall market enthusiasm for nuclear energy stocks, recent trading has seen some fluctuations. For instance, Vistra (VST), a nuclear power utility stock, witnessed a decline of 6.2% on Thursday after previously climbing 5.7% on Wednesday. However, both Vistra and Constellation Energy have shown significant growth since the announcement of the Microsoft-Constellation Energy deal on September 20, 2023, with increases of 46% and 34%, respectively.

Investment firm JPMorgan recently initiated coverage of Constellation Energy and Vistra, assigning both stocks an overweight rating and projecting significant upside potential—22% for Constellation Energy and 31% for Vistra based on current trading levels.

Oklo and Its Major Backers

Amidst the rising tide of nuclear enthusiasm, Oklo has emerged as a standout player. Backed by Sam Altman, Oklo saw its stock soar over 104% in October alone and an astounding 150% since the Microsoft-Constellation deal. However, following a 40.5% surge on Wednesday, Oklo experienced a slight pullback of 5% on Thursday.

High-profile investors such as Cathie Wood of ARK Invest and Peter Thiel have built notable positions in Oklo, reflecting strong confidence in the company’s future potential in the SMR sector. Meanwhile, other SMR front-runners like Nano Nuclear Energy (NNE) and NuScale Power (SMR) also saw their stocks fluctuate amid the current market buzz.

Furthermore, uranium refiner Cameco (CCJ) has also seen impressive stock performance, with its shares recently rising above $55, achieving a significant return on investment for stakeholders. Another player, Uranium Energy (UEC), benefiting from newfound industry approvals, has reported growth in its uranium production capacity, further solidifying its role in the nuclear supply chain.

Conclusion: The Future of Nuclear Energy

The recent surge in interest surrounding nuclear power and its application in supporting the growing energy demands of AI and data centers showcases the potential for a “nuclear renaissance.” As investments ramp up and strategic partnerships form, companies like Oklo are well-positioned to capitalize on the trend. However, investors must remain prudent, as many nuclear stocks may currently be overextended. The future of nuclear energy as a key player in the global energy landscape is increasingly visible as major tech firms seek resilient solutions for their expansive energy needs.

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Sam Altman’s Oklo Surges 100% Amid Nuclear Energy Boom as Tech Giants Invest