Oklo shares continue to rise: what's going on? -Oklo (NYSE:OKLO)

Shares of Oklo Inc. OKLO traded higher on Monday as nuclear stocks saw continued momentum thereafter Amazon.com Inc AMZN Amazon Web Services announced plans last week to invest $500 million in nuclear energy.

What you should know: AWS signed several agreements last week, including a contract with Energy Northwest to build four advanced small modular reactors (SMRs) in Washington. The company also worked with X-energy to utilize its SMR design in Energy Northwest plans and entered into a collaboration with Dominion Energy to explore SMR projects in Virginia.

Major technology companies, faced with increasing energy demands due to the AI ​​revolution, are turning to nuclear energy as a reliable, carbon-free energy source to power their data centers. Amazon's investment follows a similar move Alphabet Inc GOOG Google, which recently announced a deal to purchase power from an SMR fleet developed by Kairos Power.

Hyperscalers are increasingly turning to nuclear energy to meet the growing energy needs of AI, which has sparked excitement about the potential for more deals in this space.

See also: This Small-Cap Nuclear Stock Is Up Over 100% in a Month: Will It Continue to Generate Momentum?

Oklo, a developer of rapid nuclear fission power plants, has benefited from the broader sector's momentum. Oklo shares surged last week on Google's nuclear deal with Kairos amid speculation that Oklo would be backed by OpenAI Sam Altmancould be the next to strike a deal with a major tech company.

Oklo CEO Jacob DeWitte highlighted the enormous power demand 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 that demand.

When asked about the potential for Oklo to sign a deal with OpenAI or announce a deal similar to the one reached by Google last week, DeWitte said that “there's a lot more to come.”

Several nuclear stocks traded higher along with Oklo last week and continued to rise on Monday NuScale Power Corp. SMRwhich closed on Monday with a gain of 4.23% and Nano Nuclear Energy Inc. NNEwhich ended the session up 34.3%.

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

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Photo credit: Courtesy of Oklo, Inc.