Shares of Oklo Inc., a pioneering company in the development of advanced small modular nuclear reactors (SMRs), surged by 7.39% on November 1st, 2024. This significant stock price increase was fueled by the mounting interest from major tech giants in adopting SMR technology to power their energy-intensive operations, such as artificial intelligence and data centers.

SMRs are a new generation of nuclear reactors designed to be smaller, safer, and more cost-effective than traditional large-scale nuclear power plants. These modular reactors can be produced in factories and transported to sites, potentially reducing construction times and costs. Many SMR designs also incorporate passive safety features and alternative coolants, offering improved safety compared to conventional nuclear reactors.

Recent announcements from tech powerhouses like Alphabet (Google's parent company), Amazon, and Oracle have highlighted their plans to invest in SMR projects to meet their growing energy demands. Alphabet signed a power purchase agreement with Kairos Power for an up-to-500-megawatt SMR project, while Amazon is collaborating with X-energy on a 320 MW project in Washington state. Oracle's chairman, Larry Ellison, has also expressed interest in designing a data center with building permits for three SMR reactors.