If Wall Street Is Wrong About AI, Would Oklo Still Be Worth Buying?

The article argues that Oklo’s investment case is heavily dependent on AI-driven power demand. Its 18 GW backlog is dominated by non-binding agreements tied to data centers, especially Switch (up to 12 GW), Meta (up to 1.2 GW), and Equinix (500 MW), with about 93% of backlog linked to AI infrastructure. The author says Oklo could still survive without an AI boom thanks to potential customers in industry, defense, utilities, and a growing radioisotope business, but the upside would shrink materially. Oklo’s valuation is presented as stretched: it had no revenue in 2025, yet carries a market cap above $7 billion and trades around 127 times forward sales based on roughly $55 million projected revenue two fiscal years out. Overall, the piece is bearish on the stock if AI demand disappoints, warning that the shares are vulnerable to any negative AI news.