Shares of nuclear energy company Oklo Inc. soared 11.10% on Thursday, October 25th, as major tech giants doubled down on their commitment to nuclear power for their data center operations.
The surge in Oklo's stock price came after Amazon and Alphabet (Google's parent company) announced plans to invest in the development of small modular reactors (SMRs), a new and emerging nuclear technology. This move follows a similar decision by Microsoft, which earlier announced a two-decade contract with Constellation Energy to provide nuclear power for its data centers.
The tech industry's growing interest in nuclear energy is driven by the need to address the increasing energy demands of their data centers and cloud computing operations. With their massive energy consumption, these companies are turning to nuclear power as a reliable and potentially cleaner solution compared to traditional fossil fuels.
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