Oklo Inc. (OKLO) shares plummeted 5.03% in intraday trading on Tuesday, despite earlier gains and positive news for the nuclear energy sector. The stock's decline comes amidst a broader selloff in renewable energy stocks, triggered by a Senate proposal to phase out solar and wind energy tax credits.
Earlier in the day, nuclear power companies, including Oklo, had seen their shares rise after the US Senate extended tax credits for nuclear energy to 2036. Additionally, Oklo announced that its Atomic Alchemy subsidiary had begun site characterization work for a potential commercial radioisotope production facility in Idaho, which initially boosted investor confidence.
However, the market sentiment shifted dramatically when news broke of a Senate panel proposing a full phase-out of solar and wind energy tax credits by 2028. This development sent shockwaves through the renewable energy sector, with solar stocks experiencing significant drops. Despite the different treatment for nuclear energy in the proposal, it appears that Oklo's stock was caught in the broader market reaction, reflecting concerns about the overall renewable energy landscape and potential policy shifts affecting the sector.
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