Why Oklo Inc. (OKLO) Surged On Wednesday

We recently published a list of These 10 Stocks Led Rally on Wednesday. In this article, we are going to take a look at where Oklo Inc. (NYSE:OKLO) stands against other stocks that led rally on Wednesday.

Ten companies led the charge on Wednesday, bucking a mostly pessimistic broader market, on the back of better outlook, positive earnings performance, and news of government support.

Wall Street’s main indices finished mix, with the Dow Jones and S&P 500 declining 0.50 percent and 0.27 percent, respectively. Nasdaq was the sole gainer, albeit inching up only 0.03 percent during the day.

In this article, we will explore the reasons behind the 10 firms’ strong performance. To come up with Wednesday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Oklo Inc. (NYSE:OKLO)

Oklo Inc. (NYSE:OKLO) saw its share prices rise by 8.59 percent on Wednesday to end at $54.38 apiece as investors bought up on news of more concrete efforts from the US government’s plans to achieve a more abundant supply of energy for the country.

Just recently, US Energy Secretary Chris Wright issued his first secretarial order called “Unleashing the Golden Era of American Energy Dominance” which outlines a comprehensive plan to accelerate the production of domestic energy, modernize critical infrastructure, and simplify regulatory processes.

One of the efforts laid out in the program is investing further in research and development that can advance various energy sectors, including next-generation nuclear power, which OKLO’s business is heavily reliant on.

Oklo Inc. (NYSE:OKLO) is a nuclear power technology company developing next-generation fission powerhouses.

Overall, OKLO ranks 9th on our list of stocks that led rally on Wednesday. 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.