今年上涨500%，市值突破200亿美元，Altman支持的Oklo过去五天跌了25%，发生了什么？

Core Viewpoint - Oklo, a Silicon Valley nuclear startup, is facing skepticism regarding its valuation bubble, with a market cap exceeding $20 billion despite having no revenue, operational permits, or binding power purchase agreements [2][3]. Group 1: Market Performance and Investor Sentiment - Oklo's stock price has surged over 500% this year, primarily driven by retail investors, but has recently dropped 25% in the last five trading days [2][3]. - Analysts express concerns that Oklo is one of the highest-valued revenue-less public companies in the U.S., indicating that its stock price is significantly overheated [3][9]. Group 2: Technology and Commercial Viability - Oklo plans to use small modular reactors cooled by liquid sodium to power data centers, aiming to supply commercial electricity by 2027 [4]. - The technology faces significant challenges, as past sodium-cooled reactors in the U.S. failed, and critics highlight the corrosive and flammable nature of liquid sodium [4][6]. - Oklo has only signed non-binding memorandums of understanding with large tech clients, raising concerns about its ability to secure legally binding power purchase agreements [6]. Group 3: Political Relationships and Controversies - Oklo's close ties to the Trump administration have raised eyebrows, with the Department of Energy selecting Oklo for several federal projects [3][8]. - Critics, including Senator Ed Markey, have accused the Trump administration of favoring Oklo for economic benefits rather than national interest [8]. Group 4: Valuation Concerns and Market Risks - Industry insiders worry that Oklo's high valuation and public image make it vulnerable to market sentiment shifts, potentially jeopardizing the broader nuclear energy revival [9][10]. - The presence of a large number of retail investors as a funding source poses risks, as they may react more quickly to market troubles than traditional nuclear financing arrangements [10][11]. - Oklo executives, including the DeWitte couple, have sold shares worth approximately $250 million, raising concerns about insider selling [11].