Oklo & the AI Power Grab: A Long Shot?

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My Uncle Barry, a man who once tried to corner the market on Beanie Babies (it did not go well), called the other day, predictably excited about nuclear energy. He’d read a Bank of America report – and Barry takes everything Bank of America says as gospel, right up there with his daily horoscope – claiming a $10 trillion opportunity. Apparently, we’ve “rediscovered” nuclear. Which is funny, because it felt less like rediscovery and more like… well, admitting we maybe shouldn’t have let so many plants fall into disrepair. But who am I to judge? I once lost a perfectly good stapler for three weeks, only to find it nestled inside a loaf of sourdough.

The thing is, all this talk of surging electricity demand isn’t about toasters and televisions anymore. It’s about AI. Artificial intelligence, that thing my mother insists is going to steal her bingo winnings. The report said AI could triple its electricity consumption by 2030, gobbling up nearly 12% of U.S. power. Twelve percent! That’s enough to make a perfectly sensible person start hoarding candles and learning how to churn butter. It’s all those data centers, you see. Giant, humming boxes of blinking lights and furiously spinning fans, cooling the processors that are, presumably, learning how to write better greeting cards than I can.

And that’s where Oklo comes in. Oklo Inc. (OKLO 1.37%). A small modular reactor company. The name sounds like something you’d order at a particularly adventurous brunch. I’ve been looking at their stock, and it’s… intriguing. My initial reaction was skepticism. I mean, I’m the same person who once invested heavily in a company that promised to deliver artisanal dog biscuits by drone. (The drones kept crashing into Mrs. Henderson‘s prize-winning petunias.) But the valuation, after a recent 40% correction, is… reasonable. Peanuts, even, compared to that $10 trillion figure. It feels like a long shot, a real “swing for the fences” kind of investment. The kind that keeps you awake at night wondering if you’ve just funded the next Chernobyl, or the future of clean energy.

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The AI Appetite & The Power Play

My colleague, Harold – a man who genuinely believes he can predict the stock market based on the migratory patterns of Canadian geese – pointed out that Oklo isn’t alone. There’s NuScale Power, and a bunch of other players. And then there’s the uranium situation. Apparently, the stuff might get expensive. Which feels a bit like building a magnificent yacht and then discovering the ocean is closed for repairs. It’s frustrating. I’m starting to suspect the entire energy sector is just one giant, elaborate practical joke.

A Risky Bet, But Perhaps Worth Considering

Oklo’s size is another thing. It’s small. Which means it has potential, of course. But it also means it might need to raise a lot more capital. And that could dilute existing shareholders. My grandmother used to say, “Never put all your eggs in one basket.” She also used to hoard expired coupons, but that’s another story. Still, I’m cautiously optimistic. Big tech companies are clearly interested in nuclear, and small modular reactors like Oklo’s make a lot of sense. Quick, reliable, scalable power. It sounds good on paper, anyway.

The first project isn’t expected to be operational until 2028. That’s a long time to wait. And there will almost certainly be delays. But if you’re looking for a potentially fortune-making stock and you’re willing to stomach a lot of volatility, Oklo might be worth a look. Just don’t tell Uncle Barry. He’ll want a cut.

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2026-03-20 21:02