SMR Stocks Decline Despite AI Driven Nuclear Demand

Stock prices for small modular reactor developers NuScale Power and Oklo Inc. declined in early 2026, with NuScale dropping nearly 27 percent and Oklo falling approximately 11 percent. The downturn occurs despite a surge in electricity demand from AI data centers, which has prompted analysts at Bank of America to predict a 10 trillion dollar nuclear energy renaissance.

NuScale Power holds a design certified by the Nuclear Regulatory Commission and focuses on utility-scale deployments, including a 6 GW system for the Tennessee Valley Authority. Oklo Inc. targets a different market segment, offering smaller sub-gigawatt deployments for data centers and remote communities, though the company currently lacks both revenue and NRC certification.

These developments follow a report from McKinsey & Co. stating that current energy incumbents are unable to meet the power requirements necessary for data center development, creating a potential opening for small modular reactor technology to bridge the energy gap.