Why Oklo Inc. (OKLO) Soared Last Week?

We recently published a list of 10 Firms That Soared Last Week. In this article, we are going to take a look at where Oklo Inc. (NYSE:OKLO) stands against other firms that soared last week.

Last week saw volatile trading in the stock market as investors scrambled to react from a series of positive and negative catalysts which sparked buying and selling positions across the board.

On Friday alone, Wall Street’s major indices fell into the red territory over renewed fears of growing trade tensions from some of the world’s largest economies, coupled with expectations of a higher inflation rate.

However, 10 firms defied a broader market slump, posting impressive gains in just a week’s trading.

To come up with last week’s biggest advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Oklo Inc. (NYSE:OKLO)

Shares of Oklo Inc. (NYSE:OKLO) surged by 33.35 percent last week to finish at $55.49 apiece as investor optimism was fueled by the government’s plan to prioritize the expansion of the energy industry over achieving net-zero goals.

Energy Secretary Chris Wright’s confirmation as the department’s head also spurred optimism for Oklo Inc. (NYSE:OKLO), being a former member of the firm’s board of directors.

“The Department’s goal will be to unleash the great abundance of American energy required to power modern life and to achieve a durable state of American energy dominance,” the department order was quoted as saying in a report by Reuters.

It also underscored that net zero policies have pushed up the prices of energy for homes and businesses, threatened the reliability of energy systems, and undermined energy security.

Oklo Inc. (NYSE:OKLO), an advanced nuclear technology company, stands to benefit from the expansion program, further supported by an expected boom in the artificial industry sector.

Overall, OKLO ranks 4th on our list of firms that soared last week. While we acknowledge the potential of OKLO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as OKLO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.