Oklo's stock has fallen 86% in about 12 months, from $190 a share last October to about $28. Its market cap peaked near $30 billion even though the company has yet to generate revenue from its nuclear power plants. The valuation rested on expectations that its small reactors would power AI data centers, but investors have since recognized that certifying and building reactors takes a long time. The author, who holds Oklo shares, says the stock suits only investors with a long time horizon who can accept high risk, and that it could fall further if sentiment toward nuclear stays weak.
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