Founded in 2013 by two MIT graduates, Jacob DeWitte and Caroline Cochran, nuclear power startup Oklo (OKLO) made its public debut through a special purpose acquisition company (SPAC) merger in May 2024. With nuclear energy making a global resurgence amid soaring power demand from data centers, artificial intelligence (AI), and the electrification boom, the company backed by OpenAI CEO Sam Altman quickly became a hot trade among investors.
However, the hype seems to have somewhat faded this year. Oklo’s stock has cratered roughly 55% from its February highs as investors grow wary of the U.S.’s potentially overblown data center energy forecasts amid China’s growing AI dominance. Plus, Oklo’s latest shaky financial results have only amplified the uncertainty. And to make matters worse, CNBC’s Mad Money host Jim Cramer has recently warned investors against jumping in too soon.
