Oklo Inc. (NYSE: OKLO), a key player in next-generation nuclear energy, saw its stock soar 5.03% in pre-market trading on Monday. The surge comes amid growing support from lawmakers for nuclear projects to power AI ambitions and a new street-high price target for the company's stock.

Last Thursday, at a hearing of the House Committee on Science, Space and Technology's energy subcommittee, representatives from both parties expressed strong support for boosting growth in the nuclear industry. Pat Schweiger, Chief Technology Officer at Oklo, testified at the hearing, emphasizing the need to update regulations for nuclear technologies with "decades of proven safety". This aligns with Oklo's recent deal to provide nuclear power to Switch, a provider of data centers, highlighting the company's strategic position in the intersection of nuclear energy and AI infrastructure.

Adding to the positive sentiment, Oklo stock has reportedly received a new street-high price target, although details were not immediately available. This development, coupled with the broader industry support from lawmakers, appears to be driving investor enthusiasm for the company. As the demand for sustainable energy sources to power AI and data centers continues to grow, Oklo's innovative approach to nuclear technology positions it as a potential beneficiary of this trend.