Oklo Stock Jumps, Retreats in Whipsaw Trading After Switch Announcement | Global News Avenue

Oklo (OK), a nuclear energy startup, announced Wednesday a partnership with Switch, a provider of data centers that run in the cloud, Artificial Intelligence (AI) industry.

The stock moved wildly as investors digested the news. The stock recently rose less than 1% to around $19 after rising to nearly $23 in early trading.

The two parties announced a power agreement that will see Oklo’s nuclear “power station” provide 12 gigawatts of power to Switch’s data centers over the next two decades. The companies called it a “collaboration framework” and said smaller separate agreements may be announced later as the project reaches certain milestones. Financial details were not included in the company’s statement.

“We believe partnering with Switch will not only accelerate our early growth, but also our ability to scale by demonstrating customer demand for decades to come,” Oklo co-founder and CEO Jacob DeWitte said in a statement. ”

Oklo is in the process of obtaining the regulatory approvals needed to build its first “power station,” and said in a shareholder letter last month that it expects the first to be up and running in Idaho in 2027.

In recent months, some of the country’s largest technology companies have bet on nuclear power, including Like Amazon (Amazon), Google parent company Alphabet (Google), and microsoft (Microsoft Corporation) signed an agreement to power some of its data center operations from nuclear power plants. However, Regulators raise questions On whether these deals will end up unnecessarily raising energy prices for surrounding residents.

Oklo shares have risen about 80% this year it and other nuclear stocks The announcement of the big tech nuclear deal boosted this trend.