<p><strong>Oklo</strong>（OKLO -1.30%）的股票，作為一家 “微型” 核反應堆的初創開發公司，遭到了 Seaport Global 分析師 Jeff Campbell 的中性評級下調，StreetInsider.com 今天報道。</p>
<p>該股在早盤交易中下跌近 6%，但截至上午 10:40，交易僅下跌 1.3%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2ODAvZ2xvd2luZy1ncmVlbi1udWNsZWFyLXJhZGlhdGlvbi1pY29uLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2ODAvZ2xvd2luZy1ncmVlbi1udWNsZWFyLXJhZGlhdGlvbi1pY29uLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>估值很重要</h2>
<p>Oklo 的股票在今年表現強勁，12 個月內上漲近 16 倍，Campbell 承認公司在愛達荷國家實驗室首次核反應堆試點項目的近期破土動工對股票是個積極信號。</p>
<p>然而，Oklo 股票的快速上漲——在沒有利潤，甚至沒有收入的情況下，並且大多數分析師預測未來五年將持續虧損——確實讓分析師感到猶豫。</p>
<p>Campbell 表示：“雖然我們繼續看到 Oklo 業務發展的許多積極因素，但基於當前的股票估值，我們現在選擇觀望。”</p>
<h2>Oklo 股票值多少錢？</h2>
<p>這確實是個耐人尋味的説法。正如我剛才提到的，Oklo 的股票在 12 個月內上漲了 15 倍，現在的市值超過 200 億美元。</p>
<p>Campbell 顯然認為這個價格對於該股票來説太高，但必須問的是：200 億美元對於一家沒有利潤的初創公司來説是否太貴？我同意。</p>
<p>但當 Oklo 的股票價格只有今天一半時——每股 69 美元？難道 100 億美元對於一家沒有利潤的股票也不算太貴嗎？或者説是這個金額的一半——34.50 美元？5 億美元是否也許太多了？</p>
<p>今天應該讓 Oklo 投資者擔憂的是：一旦 Oklo 的股票停止飆升，投資者開始質疑估值，這隻股票幾乎沒有下跌的底線。</p>

OKLO

<p>Oklo（OKLO）的股價在 Seaport Global 分析師 Jeff Campbell 將其評級下調至中性後下跌了 1.3%。該股在早盤交易中最初下跌近 6%。儘管過去一年股價上漲近 16 倍，並且其首個核反應堆試點項目的開工等積極進展，但對其高估值和缺乏盈利的擔憂導致了評級下調。Campbell 對該股當前超過 200 億美元的估值表示謹慎，質疑在沒有收入或利潤的情況下其可持續性</p>

<p>Shares of <strong>Oklo</strong>(OKLO -1.30%), a start-up developer of &#34;micro&#34; nuclear reactors, suffered a downgrade to neutral at the hands of Seaport Global analyst Jeff Campbell, as StreetInsider.com reports today.</p>
<div class="lb-trans"><p><strong>Oklo</strong>（OKLO -1.30%）的股票，作為一家 “微型” 核反應堆的初創開發公司，遭到了 Seaport Global 分析師 Jeff Campbell 的中性評級下調，StreetInsider.com 今天報道。</p>
</div><p>The stock fell nearly 6% in early trading, but as of 10:40 a.m., trades down only 1.3%.</p>
<div class="lb-trans"><p>該股在早盤交易中下跌近 6%，但截至上午 10:40，交易僅下跌 1.3%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2ODAvZ2xvd2luZy1ncmVlbi1udWNsZWFyLXJhZGlhdGlvbi1pY29uLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834680%2Fglowing-green-nuclear-radiation-icon.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Valuation matters</h2>
<div class="lb-trans"><h2>估值很重要</h2>
</div><p>Oklo stock has been on a tear this year, rising nearly 16-fold over 12 months, and Campbell acknowledged the company's recent groundbreaking for its first nuclear reactor pilot project at Idaho National Laboratory is a positive for the stock.</p>
<div class="lb-trans"><p>Oklo 的股票在今年表現強勁，12 個月內上漲近 16 倍，Campbell 承認公司在愛達荷國家實驗室首次核反應堆試點項目的近期破土動工對股票是個積極信號。</p>
</div><p>Nevertheless, the rapid rise of Oklo stock -- in the absence of profit, or indeed revenue, and with most analysts forecasting nothing but losses for the next five years -- does give the analyst pause.</p>
<div class="lb-trans"><p>然而，Oklo 股票的快速上漲——在沒有利潤，甚至沒有收入的情況下，並且大多數分析師預測未來五年將持續虧損——確實讓分析師感到猶豫。</p>
</div><p>Says Campbell: &#34;While we continue to see a number of positives in Oklo's business development, we are stepping to the sidelines for now, based on the current stock valuation.&#34;</p>
<div class="lb-trans"><p>Campbell 表示：“雖然我們繼續看到 Oklo 業務發展的許多積極因素，但基於當前的股票估值，我們現在選擇觀望。”</p>
</div><h2>How much is Oklo stock worth?</h2>
<div class="lb-trans"><h2>Oklo 股票值多少錢？</h2>
</div><p>That's a curious statement, though. As I just mentioned, Oklo stock is up 15x in value over 12 months, and now costs more than $20 billion.</p>
<div class="lb-trans"><p>這確實是個耐人尋味的説法。正如我剛才提到的，Oklo 的股票在 12 個月內上漲了 15 倍，現在的市值超過 200 億美元。</p>
</div><p>Campbell apparently thinks this is too much to pay for the stock, but the question must be asked: $20 billion is too much to pay for a start-up stock with no profits. Agreed.</p>
<div class="lb-trans"><p>Campbell 顯然認為這個價格對於該股票來説太高，但必須問的是：200 億美元對於一家沒有利潤的初創公司來説是否太貴？我同意。</p>
</div><p>But what about when Oklo stock cost half as much as it did today -- $69 a share? Wasn't $10 billion also too much to pay for a profitless stock? Or how about half that amount -- $34.50? Was $5 billion perhaps too much to pay?</p>
<div class="lb-trans"><p>但當 Oklo 的股票價格只有今天一半時——每股 69 美元？難道 100 億美元對於一家沒有利潤的股票也不算太貴嗎？或者説是這個金額的一半——34.50 美元？5 億美元是否也許太多了？</p>
</div><p>The thing that should worry Oklo investors today: Once Oklo stock stops skyrocketing and investors start questioning the valuation, there's almost no limit to how low this stock could go.</p>
<div class="lb-trans"><p>今天應該讓 Oklo 投資者擔憂的是：一旦 Oklo 的股票停止飆升，投資者開始質疑估值，這隻股票幾乎沒有下跌的底線。</p>
</div>

為什麼 Oklo 的股票今天稍微下跌了