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Luke Kawa9/22/25

Wedbush boosts price target on Oklo — a pre-revenues nuclear power AI play — to $150

Oklo is the 449th-largest stock in the US coming into this week, boasting a market cap above that of Dick’s Sporting Goods, Dollar Tree, or Halliburton.

It also happens to have generated zero sales, making it the largest pre-revenue stock listed on US exchanges, per an equity screen run on Bloomberg.

(Hat tip to @SilbergleitJr on X, who drew this to our attention.)

Oklo is in the nuclear power business, and has positioned itself as a potential power provider to help facilitate the AI boom.

Wedbush Securities analyst Dan Ives boosted his price target on the stock to a whopping $150 from $80 on Sunday, citing “incremental confidence in the company’s nuclear growth strategy as the AI Revolution hits its next stride of growth.” It’s also on his Ives AI 30 list of stocks that, in his view, offer the most exposure to the AI boom.

“Given the recent focus on nuclear energy following the Trump Administration Executive Order we view this as ‘just the start’ of the nuclear focus for energy in the US over the coming year with OKLO leading the sector,” he added. “Our time spent in the Beltway last week with meetings on the Hill gave us incremental confidence that the push for nuclear energy in the US is now underway and positions OKLO very well for this wave of spending/growth/regulatory approval.”

The company announced that it’s holding a groundbreaking ceremony for its Idaho-based “first Aurora powerhouse” today, which will be attended by EPA Administrator Lee Zeldin, Governors Bradley Little (Idaho) and Spencer Cox (Utah), US Senators Mike Crapo and James Risch, Congressman Mike Simpson, Nuclear Regulatory Commission chief Bradley Crowell, and the Department of Energy’s Michael Goff and Robert Boston, to name a few.

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Toby Bochan, Luke Kawa

Markets end first week of November on a mixed note

While November is historically the best month for US stocks, the first week of the month in 2025 wasn’t great.

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BEAR NECESSITIES

The insanity over the Starbucks “Bearista” cups tells you everything you need to know about the US economy and markets

Upper-income consumers and megacap tech companies are both a) doing well and b) supply constrained.

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Retail traders are “skipping the dip” this time

Here’s one noteworthy feature of the recent market downturn that has the S&P 500 poised for its worst week since reciprocal tariffs were announced in early April: retail traders seemingly aren’t eager to buy the weakness in single stocks the way they used to be.

JPMorgan strategist Arun Jain has flagged that retail traders instead appear to be “skipping the dip.”

“In contrast to the behavior observed during the post-Liberation Day selloff, retail investors did not seize the opportunity to buy-the-dip on Tuesday, with a few exceptions such as META,” he wrote of the day where the benchmark US stock index fell 1.2%. “In fact, they scaled back their ETF purchases and turned net sellers in single stocks.”

Then on Thursday, when the S&P 500 fell 1.1%, Jain projected that retail traders sold $261 million in single stocks. Through noon ET on Friday, his daily outflow estimate stands at $851 million.

With that intel, it’s little wonder why the carnage this week has been particularly intense in more speculative single stocks that had been favored by the retail community, including IREN, IonQ, Rigetti, Cipher Mining, Bloom Energy, and Oklo.

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Archer Aviation plunges on $650 million share sale following its third-quarter results

Air taxi maker Archer Aviation is deep in the red on Friday morning after reporting its third-quarter results after the bell Thursday. The stock is down more than 12%.

Investors don’t appear to be thrilled about the company’s $650 million direct stock offering, announced alongside its results.

The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

Archer Aviation sinks after reporting better-than-expected Q3 loss, announces it will acquire LA’s Hawthorne Airport

Archer Aviation sinks after reporting better-than-expected Q3 loss, announces it will acquire LA’s Hawthorne Airport

The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

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