Nuclear stocks NuScale, Oklo poised to gain from AI power demand

Investment banks across the financial sector have begun sounding the call for nuclear energy's return. Goldman Sachs concludes that "a convergence of generational technological breakthroughs, intensifying geopolitical competition, and the need for clean, dense, reliable power are positioning nuclear energy for a renaissance." Bank of America adds that nuclear "has, in many ways, been recently 'rediscovered' amid surging electricity demand," and notes that "compared with other energy sources, it offers reliable baseload power, a smaller carbon footprint, and a higher energy return on investment." Morgan Stanley analysts observe that "nuclear power generation is experiencing a revival driven by ambitious climate goals and technology demands," marking a turnaround "after more than a decade of decline." Citigroup is particularly bullish on a specific technology: small modular reactors (SMRs), which the bank describes as miniature nuclear power plants that are "easier and faster to build with lower initial costs and a great ability to co-locate smaller physical footprints with other infrastructure."

The driver of this resurgence is unmistakable: AI's insatiable appetite for electricity. Oklo, one of the two stocks positioned to capitalize on this trend, has direct access to that market through early investment and board participation by Sam Altman, CEO of OpenAI. Altman's involvement signals confidence in Oklo's core value proposition—SMRs that can be built directly next to data center infrastructure, providing clean, reliable power that can operate for a decade or longer without refueling. Oklo's 14 GW pipeline is already filled with big tech and data center clients. However, the company has yet to receive U.S. Nuclear Regulatory Commission approval for its SMR designs, and it has never successfully commercialized one of its systems.

NuScale, the second stock, is pursuing a different strategy: selling its systems directly to utilities rather than tech companies. In the U.S., it has agreed to build a 6 GW system for the Tennessee Valley Authority. Unlike Oklo, NuScale has received regulatory approval to construct this system, but it would be the company's first successful project. Complicating matters, a binding power purchasing agreement has yet to be signed, introducing uncertainty about whether the project will proceed at all.

Both companies currently have market caps under $10 billion（約1.6兆円） following recent declines. Bank of America's valuation of the global nuclear opportunity at $10 trillion（約1600兆円） over the next couple of decades provides context for the potential scale, though the report notes that SMRs will represent only a minority role in that overall market. For investors willing to tolerate risk, both NuScale and Oklo offer exposure to the convergence of rising AI adoption and a novel form of nuclear energy—but significant regulatory, commercialization, and contractual hurdles remain before either company can prove its business model at scale.

The convergence of AI-driven electricity demand and decades of underinvestment in nuclear has created what major investment banks now see as a generational opportunity. Goldman Sachs, Bank of America, Morgan Stanley, and Citigroup have all recently issued reports positioning nuclear energy for a renaissance, citing not only AI's power hunger but also climate goals, geopolitical competition, and the need for reliable baseload power. Bank of America's valuation of the global nuclear opportunity at $10 trillion（約1600兆円） over the next couple of decades underscores the scale analysts envision, though they acknowledge SMRs will capture only a portion of that market.

The two stock picks highlighted—NuScale and Oklo—represent opposite approaches to the same problem. Oklo is most directly exposed to AI, with OpenAI CEO Sam Altman's early investment and chairmanship signaling confidence in its ability to solve data centers' power challenges. Its 14 GW pipeline is already populated with big tech and data center clients. NuScale, by contrast, is pursuing a utility-focused strategy, with its Tennessee Valley Authority contract representing a traditional grid approach. Both companies' market caps remain under $10 billion（約1.6兆円） after recent corrections, suggesting significant upside if their respective commercialization plans succeed. However, the body acknowledges substantial hurdles remain: regulatory approval, actual construction, and proof of concept in a market that has yet to see either company successfully deliver a commercial SMR system.