<p>在过去三年中，人工智能（AI）已经从一个流行的时尚词汇演变为经济增长的实际驱动力。尽管下一代芯片和突破性软件程序常常占据头条新闻，但精明的投资者正在关注更深层次的应用。一个不那么引人注目但同样关键的应用正在后台浮现：能源。</p>
<p>让我们探讨生成性 AI 的发展与其巨大的能耗之间的联系。从这里，我将考虑 <strong>Oklo</strong>（OKLO -7.40%）——一个核能革命的新兴参与者——是否有可能颠覆价值 10 万亿美元的 AI 基础设施建设。</p>
<h2>为什么能源对 AI 故事如此重要？</h2>
<p>大型语言模型（LLMs）和 AI 工作负载由巨型数据中心内的芯片集群提供动力，这些数据中心的电力消耗与整个国家相当。原因在于，训练先进模型需要数百万个 GPU 持续运行——这对能源系统造成了巨大的压力。此外，推理——即在规模上实际部署 AI 服务的过程——也增加了持续的需求。</p>
<p>考虑到这一点，传统能源来源难以跟上 AI 发展的指数增长并不令人惊讶。此外，这些能源来源也开始落后于可持续能源基准。</p>
<p>虽然可再生能源将继续作为长期解决方案的一部分，但它们的波动性使其作为 AI 持续工作负载的唯一电源变得不可靠。这就是核能进入讨论的地方。核能提供清洁、可靠的基载电力——正是 <strong>微软</strong>、<strong>谷歌母公司 Alphabet</strong>、<strong>甲骨文</strong>、<strong>Meta Platforms</strong> 和 <strong>亚马逊</strong> 等超大规模企业支持其快速扩展 AI 数据中心所需的电力类型。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxMzUvZ2V0dHlpbWFnZXMtMTQ1MTM3MjY1OS0zLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxMzUvZ2V0dHlpbWFnZXMtMTQ1MTM3MjY1OS0zLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Oklo 在核能中扮演什么角色？</h2>
<p>传统核电站的规划需要数十年时间，并且在发电之前还需要数十亿美元的前期资本支出。</p>
<p>Oklo 的目标是改变这种方法。该公司正在设计紧凑型 “微反应堆”，理论上可以比当前主流解决方案更快地建造和部署，并且成本仅为其一小部分。</p>
<p>较小的模块化系统旨在服务于常规核项目不切实际的市场——例如为大型 AI 数据中心供电。</p>
<p>为了支持其愿景，Oklo 已与能源部（DOE）达成早期合作伙伴关系——这一举措在一个新进入者常常面临审查或监管阻力的行业中增添了一定的可信度。</p>
<h2>Oklo 股票值得购买吗？</h2>
<p>Oklo 向投资者的推介非常简单。如果该公司能够证明小规模核能既实用又具有商业可行性，那么该公司可能会在更广泛的清洁能源转型中发挥作用，同时捕捉到由 AI 驱动的长期需求红利。</p>
<p>乍一看，这一切听起来都很有吸引力。然而，当你考虑到 Oklo 的股票在过去一年中飙升了 1330% 时，现实就显现出来了。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8e595a7d49e0545329a97448a05f6ffb.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8e595a7d49e0545329a97448a05f6ffb.png"/></p>
<p>OKLO 数据来源于 YCharts</p>
<p>但如果这项技术确实具有颠覆性，这些涨幅是否可以被合理化？答案是复杂的。Oklo 尚未实际部署或销售任何反应堆。以 175 亿美元的市值计算，Oklo 股票的隐含前瞻市销率（P/S）为_1,250_，基于 2027 年预计的 1400 万美元收入目标。</p>
<p>这一估值在任何标准下都是荒谬的。Oklo 的定价远超完美——股票交易在一个超出任何合理金融逻辑的天文数字中，回响着过去股市泡沫的声音。</p>
<p>对于谨慎的投资者来说，最佳的做法是暂时放弃 Oklo 股票，简单地监测公司的进展。尽管核能在 AI 时代的潜在角色是真实且日益有前景的，但还有更具优势的机会可以捕捉这一长期趋势。</p>

OKLO

<p>这篇文章讨论了 Oklo 作为核能新兴企业在人工智能（AI）驱动的能源需求增长中潜在的机会。由于 AI 工作负载需要大量电力，传统能源来源难以跟上。Oklo 旨在通过紧凑型微反应堆来革新核能，这些微反应堆可以快速且具有成本效益地部署。然而，尽管股票上涨了 1330%，Oklo 的高市场估值引发了担忧。建议投资者关注公司的进展，而不是此时投资，因为在清洁能源转型中存在更好的机会</p>

<p>Over the past three years, artificial intelligence (AI) has evolved from a trendy buzzword into a tangible driver of economic growth. While next-generation chips and breakthrough software programs often dominate the headlines, savvy investors are looking beyond the obvious use cases. A less flashy but equally critical application is emerging in the background: energy.</p>
<div class="lb-trans"><p>在过去三年中，人工智能（AI）已经从一个流行的时尚词汇演变为经济增长的实际驱动力。尽管下一代芯片和突破性软件程序常常占据头条新闻，但精明的投资者正在关注更深层次的应用。一个不那么引人注目但同样关键的应用正在后台浮现：能源。</p>
</div><p>Let's explore the link between generative AI development and its massive power consumption. From there, I'll consider whether <strong>Oklo</strong>(OKLO -7.40%) -- a newcomer to the nuclear power revolution -- is poised to disrupt the $10 trillion buildout of AI infrastructure.</p>
<div class="lb-trans"><p>让我们探讨生成性 AI 的发展与其巨大的能耗之间的联系。从这里，我将考虑 <strong>Oklo</strong>（OKLO -7.40%）——一个核能革命的新兴参与者——是否有可能颠覆价值 10 万亿美元的 AI 基础设施建设。</p>
</div><h2>Why is energy so important to the AI story?</h2>
<div class="lb-trans"><h2>为什么能源对 AI 故事如此重要？</h2>
</div><p>Large language models (LLMs) and AI workloads are powered by clusters of chips inside massive data centers, which consume electricity on a scale on par with entire nations. The reason for this is that training advanced models requires millions of GPUs to run continuously -- placing enormous strain on energy systems. In addition, inference -- the process of actually deploying AI services at scale -- adds an ongoing layer of demand.</p>
<div class="lb-trans"><p>大型语言模型（LLMs）和 AI 工作负载由巨型数据中心内的芯片集群提供动力，这些数据中心的电力消耗与整个国家相当。原因在于，训练先进模型需要数百万个 GPU 持续运行——这对能源系统造成了巨大的压力。此外，推理——即在规模上实际部署 AI 服务的过程——也增加了持续的需求。</p>
</div><p>With that in mind, it's not surprising that traditional energy sources are struggling to keep pace with the exponential growth of AI development. Moreover, these power sources are also beginning to fall behind sustainable energy benchmarks, too.</p>
<div class="lb-trans"><p>考虑到这一点，传统能源来源难以跟上 AI 发展的指数增长并不令人惊讶。此外，这些能源来源也开始落后于可持续能源基准。</p>
</div><p>While renewable energy will remain as part of the long-term solution, their variability can make them unreliable as a sole power source for AI's constant workloads. This is where nuclear energy enters the conversation. Nuclear offers clean, reliable baseload electricity -- exactly the type of profile that hyperscalers like <strong>Microsoft</strong>, <strong>Alphabet</strong>, <strong>Oracle</strong>, <strong>Meta Platforms</strong>, and <strong>Amazon</strong> need to support their rapid expansion of AI data centers.</p>
<div class="lb-trans"><p>虽然可再生能源将继续作为长期解决方案的一部分，但它们的波动性使其作为 AI 持续工作负载的唯一电源变得不可靠。这就是核能进入讨论的地方。核能提供清洁、可靠的基载电力——正是 <strong>微软</strong>、<strong>谷歌母公司 Alphabet</strong>、<strong>甲骨文</strong>、<strong>Meta Platforms</strong> 和 <strong>亚马逊</strong> 等超大规模企业支持其快速扩展 AI 数据中心所需的电力类型。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxMzUvZ2V0dHlpbWFnZXMtMTQ1MTM3MjY1OS0zLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835135%2Fgettyimages-1451372659-3.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>How is Oklo playing a role in nuclear energy?</h2>
<div class="lb-trans"><h2>Oklo 在核能中扮演什么角色？</h2>
</div><p>Traditional nuclear power plants can take decades to plan with regulators while also requiring billions in upfront capital outlays before generating even a single megawatt of electricity.</p>
<div class="lb-trans"><p>传统核电站的规划需要数十年时间，并且在发电之前还需要数十亿美元的前期资本支出。</p>
</div><p>Oklo has ambitions to change this approach. The company is designing compact &#34;microreactors&#34; that can theoretically be built and deployed far more quickly and at a fraction of the cost compared to today's mainstream solutions.</p>
<div class="lb-trans"><p>Oklo 的目标是改变这种方法。该公司正在设计紧凑型 “微反应堆”，理论上可以比当前主流解决方案更快地建造和部署，并且成本仅为其一小部分。</p>
</div><p>Smaller modular systems are intended to serve markets where conventional nuclear projects would be unrealistic -- such as powering large-scale AI data centers.</p>
<div class="lb-trans"><p>较小的模块化系统旨在服务于常规核项目不切实际的市场——例如为大型 AI 数据中心供电。</p>
</div><p>To support its vision, Oklo has secured early partnerships with the Department of Energy (DOE) -- a move that lends some degree of credibility in an industry where new entrants often face scrutiny or regulatory pushback.</p>
<div class="lb-trans"><p>为了支持其愿景，Oklo 已与能源部（DOE）达成早期合作伙伴关系——这一举措在一个新进入者常常面临审查或监管阻力的行业中增添了一定的可信度。</p>
</div><h2>Is Oklo stock a good buy?</h2>
<div class="lb-trans"><h2>Oklo 股票值得购买吗？</h2>
</div><p>Oklo's pitch to investors is straightforward. If the company can demonstrate that small-scale nuclear is both practical and commercially viable, the company could position itself to play a role in the broader clean energy transition while simultaneously capturing secular AI-driven demand tailwinds.</p>
<div class="lb-trans"><p>Oklo 向投资者的推介非常简单。如果该公司能够证明小规模核能既实用又具有商业可行性，那么该公司可能会在更广泛的清洁能源转型中发挥作用，同时捕捉到由 AI 驱动的长期需求红利。</p>
</div><p>At first glance, this all sounds compelling. However, reality sets in when you consider that shares of Oklo have skyrocketed by 1,330% over just the past year.</p>
<div class="lb-trans"><p>乍一看，这一切听起来都很有吸引力。然而，当你考虑到 Oklo 的股票在过去一年中飙升了 1330% 时，现实就显现出来了。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8e595a7d49e0545329a97448a05f6ffb.png" alt="" original-src="https://media.ycharts.com/charts/8e595a7d49e0545329a97448a05f6ffb.png"/></p>
<p>OKLO data by YCharts</p>
<div class="lb-trans"><p>OKLO 数据来源于 YCharts</p>
</div><p>But if the technology is truly disruptive, could these gains be justified? The answer is nuanced. Oklo has yet to actually deploy or sell any of its reactors. With a market capitalization of $17.5 billion, Oklo stock trades at an implied forward price-to-sales (P/S) ratio of <em>1,250</em> based on a 2027 projected revenue target of $14 million.</p>
<div class="lb-trans"><p>但如果这项技术确实具有颠覆性，这些涨幅是否可以被合理化？答案是复杂的。Oklo 尚未实际部署或销售任何反应堆。以 175 亿美元的市值计算，Oklo 股票的隐含前瞻市销率（P/S）为_1,250_，基于 2027 年预计的 1400 万美元收入目标。</p>
</div><p>This valuation is, by any standard, absurd. Oklo is priced well beyond perfection -- shares are trading in a stratosphere that defies any sound financial logic and echoes past stock market bubbles.</p>
<div class="lb-trans"><p>这一估值在任何标准下都是荒谬的。Oklo 的定价远超完美——股票交易在一个超出任何合理金融逻辑的天文数字中，回响着过去股市泡沫的声音。</p>
</div><p>For prudent investors, the best move is to pass on Oklo stock for now and simply monitor the company's progress. While the nuclear energy's potential role in the AI era is real and increasingly promising, there are better-positioned opportunities that capture this long-term trend.</p>
<div class="lb-trans"><p>对于谨慎的投资者来说，最佳的做法是暂时放弃 Oklo 股票，简单地监测公司的进展。尽管核能在 AI 时代的潜在角色是真实且日益有前景的，但还有更具优势的机会可以捕捉这一长期趋势。</p>
</div>

Oklo 是否是解锁核能 10 万亿美元人工智能机会的关键？