Alphabet Inc.'s (NASDAQ: GOOG) (NASDAQ: GOOGL) lucrative agreement to pay Apple Inc. (NASDAQ: AAPL) over $20 billion a year to make its search engine the default on iPhones is now under threat.What Happened: In May earlier this year, an antitrust lawsuit against Google's parent company revealed that Apple received a massive $20 billion in 2022 to make Google the default search engine on Apple's Safari browser on iPhones.
Oklo Inc (NYSE: OKLO) shares are trading lower Wednesday after Kerrisdale Capital released a short report claiming the nuclear company is overvalued.
What Happened: Short selling firm Kerrisdale announced a short position in Sam Altman-backed nuclear startup Oklo Wednesday morning.
"Virtually every aspect of Oklo's investment case warrants skepticism," the short seller said.
Oklo declined to comment on the short report.
Oklo went public in May through a SPAC merger with Altman's AltC Acquisition Corp. Oklo shares are up about 185% over the last three months, driven by increased optimism around nuclear after multiple big tech companies signed deals with nuclear power startups to help keep up with rising energy demands of data centers.
Kerrisdale said the recent momentum in Oklo shares is retail-driven, given that Oklo is a "story stock" with no expected revenue for multiple years. The short seller noted that Oklo has plans to submit a license application to the Nuclear Regulatory Commission (NRC) in 2025 and has said it's targeting its first nuclear deployment by late 2027.
Kerrisdale said it spoke with a former NRC commissioner who believes Oklo's timeline is "beyond optimistic." The short seller said the former NRC commissioner said it would "probably take at least four years" to obtain a license.
Kerrisdale also said a former Oklo...
