Shares of Oklo Inc. (NYSE: OKLO) soared 5.03% in pre-market trading on Monday, as the nuclear technology startup benefits from growing political support for nuclear energy and a new street-high price target from analysts.

The surge comes on the heels of a House subcommittee hearing where lawmakers from both parties expressed strong support for boosting the nuclear industry, particularly to power the rapidly growing artificial intelligence sector. Oklo's Chief Technology Officer, Pat Schweiger, testified at the hearing, advocating for updated regulations for proven nuclear technologies. This political backing could potentially accelerate Oklo's growth and market penetration.

Adding to the positive sentiment, analysts have issued a new street-high price target for Oklo stock. While specific details were not provided, this upgrade suggests growing confidence in the company's business model and future prospects. Oklo, which went public in May last year, has been gaining attention as a key player in next-generation nuclear technology, particularly with its recent deal to provide nuclear power to data center provider Switch.