Oklo received bullish coverage from an investment bank this week after being selected by the U.S. Department of Energy for a new pilot program. Shares of Oklo climbed 6.5% on Friday, even as the S&P 500 and Nasdaq Composite declined. Investment bank Canaccord Genuity initiated coverage with a buy rating and a price target of $175.

The DOE selected Oklo for its Advanced Nuclear Fuel Line Pilot Project to advance nuclear fuel technology. The company aims to build and operate three fuel-fabrication facilities. Oklo is positioned to meet the needs of power-hungry AI data centers, but its valuation is becoming lofty. The company is still in the technology development stage.

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Read more at Yahoo Finance: Why Did Oklo Stock Pop Today?