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Barchart
Edited by Elizabeth Volk

Sam Altman-Backed Nuclear Stock Oklo Closed Down 18% from Intraday Highs, Here’s Why

Oklo (OKLO), the nuclear stock that counts Palantir (PLTR) co-founder Peter Thiel and OpenAI CEO Sam Altman among its investors, had a high-volatility session today. OKLO surged to a new record high of $28.12 right out of the gate this morning - and then quickly reversed, ultimately ending the session on a loss of 7.8%. From its intraday high this morning, OKLO stock ended today down by a steep 18.6%.

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Heading into today’s session, the stock’s 14-day Relative Strength Index (RSI) was well into overbought territory, near 77 - suggesting OKLO was vulnerable to this kind of sudden technical reversal.

That’s because nuclear stocks as a group have been hot lately amid rising interest from mega-cap tech companies, which are trying to ramp up data center investments without scaling up their carbon footprints to match. Oklo in particular is gaining attention due to its focus on small modular reactors (SMRs) for clean nuclear energy. 

Recent strategic partnerships with tech companies like Equinix (EQIX) and Wyoming Hyperscale have fueled investor optimism. After a 182% surge over just the past month, OKLO now has a market capitalization of approximately $3.03 billion. 

However, Oklo faces challenges such as regulatory hurdles and competition from established nuclear operators and emerging fusion technologies. Cathie Wood's ARK Autonomous Tech & Robotics ETF (ARKQ) last week reduced its stake in Oklo by about $6.9 million, with the high-profile investor apparently taking some profits after the big run higher. 

Despite these challenges, Oklo's strong liquidity position and insider ownership suggest a commitment to long-term growth, although concerns about overvaluation and profitability remain.

For investors seeking out nuclear stocks that haven’t gone parabolic yet, here are a few ideas to consider.

This article was generated with the support of AI and reviewed by an editor. On the date of publication, the editor did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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