OKLO is a nuclear reactor company trading at $38 ($17 cash) building Aurora sodium-cooled fast reactors; with major tech companies (Google, Amazon) signing expensive long-term nuclear contracts and a 5,700+ MW grid shortage remaining, OKLO's 1.2 GW Ohio facility could capture significant demand from Meta, Switch, and others. Key risks include no operational commercial power plants yet, execution delays on Aurora deployment, regulatory uncertainties, and competition from Constellation and other nuclear developers.

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.