Oklo stock has fallen more than 60% this year, and the VanEck Uranium and Nuclear ETF (NLR) has dropped 25%, as Wall Street has grown less confident about nuclear stocks. Oklo's AI power opportunity, once its main tailwind, has become a headwind as investors question whether spending on AI infrastructure will deliver big returns. The company has reached technical milestones, including first criticality of its Groves test reactor in Texas in August, NRC approval of principal design criteria for its Aurora powerhouse in May, and DOE approval of a preliminary safety analysis for a reactor in Idaho. However, Oklo remains unprofitable, is still burning cash, and lacks regulatory approval for Aurora, whose planned 2028 launch is not guaranteed given its history of delays. The author suggests a small speculative position may fit some investors, while less aggressive investors may prefer other growth stocks.
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