Oklo: The Plutonium Update Weakens My Bear Case

2026-05-28 07:15:00 ET

I have always been bearish on Oklo ( OKLO ), but the problem with it was never the idea itself. Nuclear energy, smaller reactors, and AI data center electricity demand are strong narratives, which I strongly believe in. However, my problem was always that the market was paying a lot for a narrative when the company did not have a working commercial reactor, a normal revenue base, and a clear way to cash flow. Due to these reasons, in my last articles I have been very bearish. Oklo simply looked like a good idea, but the price was too expensive....

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