OKLO achieved criticality and generated first revenue ($1.21M), eliminating major bear arguments and validating the company's operational capabilities; with a $3B balance sheet fully funding spending plans through 2028 Aurora-INL startup, the analyst sets a $90 price target, though risks include execution delays, first-of-a-kind project costs, and advanced reactor commercialization uncertainty.

Three AI infrastructure plays positioned to benefit from the shift from chip bottlenecks to power/compute capacity constraints: Constellation Energy (CEG) as the stable nuclear baseload anchor with existing reactors feeding hyperscaler demand, Oklo (OKLO) as a beaten-down small modular reactor pure-play with Meta/Nvidia partnerships, and IonQ (IONQ) as a high-risk quantum computing play with government backing. Key risks include execution delays on new reactor builds, pre-revenue burn rates at OKLO/IONQ, and regulatory/permitting uncertainty.