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Investing.com - Nuclear power company Oklo announced the successful completion of Phase 1 of its pre-application readiness assessment with the Nuclear Regulatory Commission (NRC) for its first powerhouse project.
The assessment, which serves as a dress rehearsal for the formal application submission, identified no significant gaps that would hinder acceptance of the application. The NRC provided observations to help finalize the application and support an efficient review process.
In related nuclear industry developments, the Department of Energy announced on July 16 a pilot program to expedite the development of advanced reactors and strengthen domestic nuclear fuel supply. Initial applications are due by August 15, with at least three awardees expected to be announced later this summer.
Technology companies are increasingly partnering with nuclear entities to streamline processes. Microsoft (NASDAQ:MSFT), currently valued at $3.81 trillion and maintaining strong revenue growth of 14%, partnered with Idaho National Laboratory on July 16 to provide AI technologies for nuclear permitting and licensing processes, following similar AI agreements between Google (NASDAQ:GOOGL) and Westinghouse on July 15, and Palantir (NASDAQ:PLTR) and The Nuclear Company on June 26. InvestingPro analysis shows Microsoft’s excellent financial health, with the company trading near its 52-week high of $508.30. For deeper insights into Microsoft’s AI initiatives and financial outlook, access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
Westinghouse separately announced plans on July 15 to construct 10 AP1000 nuclear reactors in the US, with construction set to begin by 2030. Each Westinghouse pressurized water reactor has 1.1GW of capacity.
In other recent news, Microsoft has seen its price target raised by both TD Cowen and Cantor Fitzgerald, reflecting confidence in the company’s future performance. TD Cowen increased its price target to $580, citing Microsoft’s advantageous position in the AI sector and improvements in its Azure cloud platform. Similarly, Cantor Fitzgerald raised its target to $581, highlighting the acceleration in Azure’s growth and Microsoft’s leadership in agentic artificial intelligence. In addition to these developments, Microsoft has partnered with the Idaho National Laboratory to use AI for expediting nuclear power plant permits, potentially reducing the timeline from several years to as little as 18 months. This initiative aligns with recent executive orders aimed at meeting growing energy demands from AI data centers.
In related industry news, OpenAI CEO Sam Altman expressed support for Nvidia (NASDAQ:NVDA) CEO Jensen Huang’s positive outlook on AI and job creation, countering concerns about job displacement. Altman emphasized the potential for AI to enhance human capabilities and contribute to meaningful employment. Meanwhile, Bytes Technology (LON:BYIT) Group received an upgrade from Jefferies, which now rates the stock as a Buy despite a recent slowdown. Jefferies pointed to Microsoft’s strong performance, which contributes significantly to Bytes Technology’s profits, as a factor supporting future recovery.
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