15 AI Stocks That Skyrocketed in Q4

7. Oklo Inc. (NYSE:OKLO)

Number of Hedge Fund Holders: N/A

Stock Price Performance in Q4 2024: ~162.5%

Oklo Inc. (NYSE:OKLO) is a Sam Altman-backed company that is developing advanced nuclear power plants that use nuclear waste to generate clean, reliable, and scalable energy. The company has obtained a site use permit from the U.S. Department of Energy, received fuel material from Idaho National Laboratory, and submitted its first advanced fission license application to the U.S. Nuclear Regulatory Commission. It is also working on advanced fuel recycling technologies in partnership with the U.S. Department of Energy and National Laboratories.

Oklo (NYSE:OKLO) gained significantly in Q4 along with other nuclear energy companies as Big Tech including Amazon and Alphabet announced investments in nuclear energy for data centers as power demand increases due to AI. Later on, the company stock also went up when it announced a non-binding master power agreement with Switch to develop 12 gigawatts of Aurora powerhouse projects by 2044. The agreement outlined collaboration plans, with binding deals expected as projects progress.

In December, Wedbush began coverage of Oklo with an Outperform rating and a $26 price target, highlighting its unique business model for small modular reactors. The analyst told investors that Oklo plans to deploy its first 15 MW Aurora microreactor by 2027, scalable to 50 MW and 100 MW, with over 10 years of operation before refueling. The company’s microreactor pipeline is reportedly 93% complete ahead of its planned deployment.