🤑 US now has a dozen $1 trillion companies

Oklo shares jumped yesterday following the announcement that the company has been selected by the US Department of Energy for advanced negotiations under the Surplus Plutonium Utilization Program. 

• Under this federal program, Oklo will help to turn excess legacy Cold War nuclear material into commercial fuel for its advanced power plants.

• Oklo has long planned on turning leftover weapons-grade plutonium into a nuclear bridge fuel.

• Oklo will partner with European nuclear developer Newcleo, validating their October 2025 partnership including a Newcleo-affiliated investment of up to $2 billion, to convert material that already exists into fuel for advanced reactors, using it to generate electricity and consume it through fission.

• “Fuel supply constraints are a key throttle to advanced reactor development,” said cofounder and CEO Jacob DeWitte. “This program creates a pathway to use existing surplus material as bridge fuel for advanced reactors to bring more reactors online sooner.”

Just last month, Oklo announced a collaboration with Los Alamos National Laboratory and Nvidia “to support critical infrastructure development and accelerate the deployment of nuclear energy.”

The Takeaway

Advanced nuclear companies are facing roadblocks trying to find fuel. This deal gives Oklo a chance to reduce its dependence on foreign supply chains. Wall Street is closely watching what this means for Oklo’s business model. Wedbush maintained its “outperform” rating and a $110 price target on the stock, emphasizing that this is a helpful “addition” to Oklo’s multipronged fuel strategy, rather than a stand-alone fix.

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It’s different this time. That’s the call from UBS analyst Timothy Arcuri, who more than tripled his price target on memory specialist Micron to $1,625 from $535. If his view were realized, the company would be worth north of $1.8 trillion. As of the close of trading on Tuesday, Micron has already crossed the $1 trillion mark, becoming the 12th US company to do so.

Shares surged, finishing up more than 19% on the day, and are now up more than 800% over the past year. The AI boom’s brainpower needs to “remember” (that is, access) the information it’s processing, driving a spike in memory chip prices.

• The ensuing boost to the AI trade as a whole appeared to beat out the market impact of President Donald Trump’s comments this weekend that a deal with Iran has been “largely negotiated.” The giveaway? Global stocks were beating US stocks.

• When global stocks outperform the US by a ton, it’s generally because tech is out of favor. After all, the US market is heavily weighted toward megacap tech giants. However, a big reason why iShares MSCI ACWI ex-US ETF is trouncing the US is because of how insanely well the iShares MSCI South Korea ETF and iShares MSCI Taiwan ETF are doing! 

• Those countries, of course, are even more heavily levered to AI hardware than the US market. The new Street-high view on Micron in particular fueled gains for Korean stocks, where fellow memory chip giants SK Hynix and Samsung are the biggest components.

Despite Micron going up and to the right for months on end, Arcuri argues that a) its future profitability is still underappreciated, and b) investors should be willing to pay more for these earnings, because a large chunk of demand is already locked down.

The Takeaway

The lesson seems to be: peace is great; the small pieces that help the brains of the AI boom access information are even better.

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Earlier this month, Airbnb, the World Cup’s official Fan Accommodation partner, put out a statement saying it expects this year’s competition to be its “biggest-ever event,” citing over 100,000 new homes listed in host cities. Last week, it announced it has added hotels, car rentals, grocery delivery, airport pickup, and a plethora of AI tools, hoping these new offerings might help drive more revenue and offset slowing bookings.

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• 🏒 NHL: The Carolina Hurricanes lead the series 2-1 over the Montreal Canadiens, which have just a 20% chance of winning the playoff series for the East. With just a 7% chance to win the cup, Montreal is Canada’s last remaining hope to bring the Stanley Cup home to Canada this year. 

• 🏀 NBA: Despite sweeping the Cleveland Cavaliers in four games to seize the Eastern Conference Championship, markets are saying that the New York Knicks remain underdogs, with just a 30% chance of winning the NBA Championship, against whichever squad emerges from a bruising Western conference that has pitted Oklahoma City and San Antonio in a close-run series.

*Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.

• Premarket earnings: Dick’s Sporting Goods and Abercrombie & Fitch. 

• Postmarket earnings: Salesforce, Marvell Technology, Snowflake, Synopsys, and HP Inc.