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  "documentTitle": "Oklo Inc. (OKLO)",
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      "text": "This view is captured in an October 23rd note from Morgan Stanley which estimated only 1%-3% of all incremental US data center power capacity (~2-5 GWe) through 2035 would be provided by SMRs.",
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      "text": "SMR Power Capacity (GW): 3.0%",
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      "text": "A June 2024 forecast for new advanced reactor / SMR builds from Citi Research arrived at a similar conclusion:",
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      "text": "Given the checkered history of sodium-cooled reactors, we think it is unrealistic to think Oklo switches on an Aurora powerhouse for data center customers, who are generally not in the business of experimenting with new technologies and accustomed to \"five 9s\" uptime, without first accumulating years of operating experience. Any data center operator that would deploy an Aurora unit without such validation would incur the costly risk of unexpected/extended shutdowns. Given the lack of proven performance, we are skeptical Oklo’s non-binding LOIs from data centers will convert into meaningful new deployments for the foreseeable future. This view is captured in an October 23rd note from Morgan Stanley which estimated only 1%-3% of all incremental US data center power capacity (~2-5 GWe) through 2035 would be provided by SMRs.",
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      "text": "demand. Though it runs counter to recent enthusiasm for nuclear as a power source, as described above by Astrid Atkinson (who spent 15 years at Google leading framework infrastructure engineering), the vast majority of data centers demand is not driven by carbon-free baseload needs from Big Tech and will not be supplied by nuclear (conventional or advanced), but rather natural gas fired CCGTs with greater certainty of execution and lower costs.",
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      "text": "This view is captured in an October 23rd note from Morgan Stanley which estimated only 1%-3% of all incremental US data center power capacity (~2-5 GWe) through 2035 would be provided by SMRs. — Morgan Stanley, A Nuclear Renaissance for SMRs, October 23, 2024.",
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      "text": "Source: Morgan Stanley, A Nuclear Renaissance for SMRs, October 23, 2024.",
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