Oklo and Nano Nuclear Soar, But Other Next-Gen Nuclear Stocks See Recent Rally Begin to Fizzle
Oklo rose nearly 20% intraday to a new all-time high Monday, while Nano Nuclear Energy gained almost 30% as some next-generation nuclear-power stocks extended a rally sparked by Amazon and Alphabet recently investing in the industry.
$Oklo Inc (OKLO.US)$ gained as much as 19% Monday to a $21.69 intraday record, while $NANO Nuclear Energy (NNE.US)$ rose to as high as $26.08 – up 28% on the day, but short of the stock's $37.51 June all-time peak.
Nuclear stocks have been generally rising for weeks ever since $Constellation Energy (CEG.US)$ announced plans last month to restart Pennsylvania's Three Mile Island Unit 1 reactor to produce electricity for $Microsoft (MSFT.US)$ and its cloud-computing operations.
Three Mile Island's Unit 1 closed in 2019, while the site's Unit 2 reactor infamously suffered a partial meltdown in 1979 that turned public opinion broadly against nuclear power for decades.
However, Microsoft, $Alphabet-A (GOOGL.US)$ and $Amazon (AMZN.US)$ have all recently reached deals to invest in next-generation nuclear-reactor companies or purchase electricity from them to power their cloud-computing operations, which require large amounts of electricity.
AMZN and GOOGL last week announced investments in mostly privately held companies in the industry, but their and Microsoft's interest in the sector sent next-gen nuclear stocks rising.
In addition to Oklo and Nano Nuclear's gains, $Centrus Energy (LEU.US)$ hit a $104.50 record intraday high earlier Monday. However, shares later pulled back to trade at $94.62 shortly before 2:45 p.m. ET, down 4% on the day.
$NuScale Power (SMR.US)$ likewise saw a $20.35 record intraday high on Friday, but has since eased back. SMR was trading at $18.60 shortly before 2:45 p.m. ET on Monday – up 2.2% for the day, but down 8.6% from Friday's peak.
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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