Hi, everyone. It's Michaela. Before we start today's show, I wanted to let you know that I'll be in London this December for the FT's Global Banking Summit. The event will feature CEOs, top regulators and policy leaders, as they discuss everything from geopolitical risk to exploring the future of AI and finance. And I'll be hosting a few panels myself.

The summit runs from the 2nd to the 4th of December.

If you want to register, you can find more information in our show notes,

including a discount code for 20% off.

See you there.

There's an energy company called Oaklo that's riding a crazy wave of investor enthusiasm.

Oaklo's valuation soared to more than $25 billion in just 18 months.

And this really caught my eye.

That's the FT's US energy editor, Jamie Smith.

I've been tracking quite a lot of these smaller nuclear companies over the last 18 months,

but nothing had reacted like this.

Oaklo is publicly listed. And this year alone, the company's share price has surged more than

400%.

And to pair with its stock market success,

Oaklo has big ambitions.

They want to power the artificial intelligence revolution using nuclear energy,

but a new type of nuclear energy which hasn't been in use to date in the commercial nuclear world.

But here's the thing.

This high-flying startup, Oaklo,

it doesn't have revenues, licenses to operate,

nor does it have any contracts with customers.

So what's going on with this company?

...