Shares of Oklo Inc. (OKLO) plunged 5.11% in intraday trading on Thursday, as investors appear to be reassessing the lofty valuations of zero-revenue energy companies amid growing concerns about the sustainability of the recent AI-driven rally.

Oklo, a nuclear startup backed by OpenAI CEO Sam Altman, has seen its stock price surge about eightfold year-to-date, reaching a market capitalization of roughly $26 billion despite generating no revenue in the past 12 months. The company is developing small modular nuclear reactors using liquid metal sodium as a coolant and an enriched type of uranium fuel. However, Oklo has yet to secure a license from the U.S. Nuclear Regulatory Commission or binding contracts with power purchasers.

The sharp decline in Oklo's stock price comes as part of a broader reassessment of valuations in the energy sector, particularly for companies with no current revenue streams. Analysts are questioning whether the recent surge in these stocks, driven largely by excitement surrounding AI and data center power needs, has created a bubble in the market. With Wall Street not expecting substantial revenue for Oklo until 2028, investors may be growing cautious about the long development timelines and regulatory hurdles facing nuclear energy projects.