Nuclear energy is back in the spotlight, and Wall Street is taking notice.

A wave of optimism has swept through the sector, with stocks like Oklo Inc. soaring to dizzying heights and stalwarts like BWX Technologies holding firm in buy territory. The catalyst? Donald Trump’s bold move to reclaim U.S. dominance in nuclear power in late May, a sector that’s been languishing for decades but is now poised to fuel the AI-driven energy boom.

Oklo’s Stratospheric Climb

Few stories capture the nuclear resurgence better than Oklo. Since Sam Altman stepped down as chairman on April 22, the startup’s stock has rocketed 195%, hitting an all-time high of 73.55 before settling at 65.44 on Monday, up 2.8%. Last week alone, it tacked on nearly 27%. The trigger came midweek when Oklo clinched a deal with the Department of Defense to power Alaska’s Eielson Air Force Base with its small modular reactor (SMR) technology—a compact, next-gen design that promises to reshape how we think about nuclear energy.

Wedbush’s Dan Ives didn’t miss a beat, hiking his price target for Oklo to 75 from 55, calling the DoD contract a “clear signal” of Trump’s nuclear push to support the “AI revolution.” Oklo isn’t stopping there.

The Santa Clara-based firm is eyeing a $400 million secondary share offering, led by heavyweights like Goldman Sachs and JPMorgan, set to close June 16. With U.S. power demand spiking for the first time in decades—thanks to AI data centers and decarbonizing factories—Oklo’s carbon-free reactors are striking a chord. Still, its first commercial SMR won’t hit the grid until late 2027 or early 2028, a reminder that this is a long game.

BWX Technologies: The Steady Anchor

While Oklo steals the headlines, BWX Technologies (BWXT) offers a quieter, more grounded bet.

Up over 60% since April, the stock nudged 1.1% higher to 139.63 on Monday, hovering just above a 136.31 buy point. BWXT’s bread and butter is supplying nuclear reactors to the U.S. Navy, but it’s also carved out a strong foothold in Canada’s nuclear supply chain. Analysts at William Blair see room for BWXT to flex into commercial SMRs, marrying its proven track record with the sector’s cutting-edge future.

Trump’s Nuclear Gambit

The real game-changer dropped on May 24, 2025, when Trump signed executive orders to fast-track nuclear power plant construction, with a keen eye on SMRs. Flanked by industry titans like Oklo’s Jake DeWitte and Constellation Energy’s Joseph Dominguez, Trump framed it as a bid to restore America’s nuclear edge—a title it’s ceded to China and Russia after building just two new reactors in 30 years. “This is about safety and costs,” he said, pitching nuclear as a partner to fossil fuels, not a rival.

The plan is ambitious: quadruple U.S. nuclear capacity by 2050, dwarfing Biden’s earlier goal to triple it. It’s a lifeline for an industry that’s seen plants shuttered and projects like South Carolina’s V.C. Summer stall out over cost overruns. Trump’s orders also greenlight government financing to restart mothballed reactors, upgrade 5 gigawatts at existing sites, and kickstart 10 large-scale reactors by 2030. Westinghouse Electric Co., with its globally proven AP1000 design, could be a big winner here.

The SMR Revolution and Beyond

SMRs are the buzzword, and Trump’s push is lighting a fire under companies like Oklo, TerraPower, and NuScale Power. These pint-sized reactors promise quicker deployment and lower costs than their hulking predecessors, perfectly timed for tech giants scrambling to power AI workloads. NuScale jumped 9% on Monday, while Nano Nuclear Energy surged 13.5%, reflecting the market’s hunger for this tech.

The rally doesn’t stop there. Uranium players are cashing in as nuclear fuel demand ticks up. Cameco, a Canadian refiner with a stake in Westinghouse’s SMR tech, climbed over 4%, though it’s stretched past a 62.27 buy point. Centrus Energy and Energy Fuels rose 4.7% and 3.1%, respectively. Even S&P 500 heavyweights Constellation Energy and Vistra edged up 3.8% and 2%, signaling broad-based confidence.

Risks on the Horizon

It’s not all smooth sailing. Nuclear’s revival faces stiff headwinds: regulatory mazes, public skepticism, and the sheer time it takes to build. SMRs may be nimbler, but they’re untested at scale in the U.S., and Oklo’s 2027 timeline underscores the patience required. Still, Trump’s all-in approach—coupled with surging energy needs—could tip the scales.

The Bottom Line

Nuclear stocks are riding a rare wave of momentum, blending policy tailwinds with a tech-driven demand surge. Oklo’s meteoric rise and BWXT’s steady gains are just the opening act. As the U.S. races to reclaim its nuclear crown, investors are betting big on a sector that’s been dormant too long. The payoff won’t come overnight, but for those playing the long game, atomic power’s comeback could be a blockbuster.