Shares of Oklo Inc. (NYSE: OKLO), a pioneer in next-generation nuclear energy, surged 11.12% in early trading on Monday. The significant uptick comes amid growing bipartisan support 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, lawmakers from both parties expressed strong support for boosting growth in the nuclear industry. Oklo's Chief Technology Officer, Pat Schweiger, testified at the hearing, advocating for updated regulations for nuclear technologies with "decades of proven safety". This political backing could potentially accelerate Oklo's growth and market penetration, particularly in the rapidly expanding AI and data center sectors.

Adding to the positive sentiment, analysts have issued a new street-high price target for Oklo stock, although specific details were not immediately available. This upgrade suggests growing confidence in the company's business model and future prospects. The surge in stock price also follows Oklo's recent deal to provide nuclear power to Switch, a provider of data centers, highlighting the company's strategic position at the intersection of nuclear energy and AI infrastructure. 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 key beneficiary of this trend.