Sam Altman has been a pivotal figure in the artificial intelligence (AI) realm, pushing boundaries and showcasing the vast potential AI holds, as evidenced by OpenAI’s ChatGPT.
With the accelerating adoption of AI technologies, the spotlight now shifts to the energy demands accompanying such advancements. Altman, always ahead of the curve, is pivoting towards a visionary merger.
Insights: Altman heads a discreet Special Purpose Acquisition Company (SPAC) by the name of AltC Acquisition Corp ALCC.
This SPAC has set its sights on merging with advanced nuclear fission startup, Oklo, with Altman taking on the role of Chairman of the board at Oklo.
Oklo aims to revolutionize energy production by developing next-gen fission reactors to generate abundant, clean energy on a global scale.
Altman’s belief in the necessity of nuclear energy to meet the surging global energy demand, especially in the wake of AI’s rapid progress, underscores his vision for a symbiotic growth between AI and energy sectors.
“I’m fully committed to energy. The pressing need for copious amounts of inexpensive, safe, and clean energy on a massive scale is undeniable,” Altman asserted in a CNBC interview last year, upon Oklo’s merger announcement with AltC. “I see no viable path forward without nuclear energy… This seems like the most plausible and effective route to achieving that.”
Altman has invested in Helion, a nuclear fusion-focused energy startup striving to mirror the sun’s energy generation on Earth. Additionally, he has been actively engaged with Oklo, focusing on commercializing nuclear fission through compact reactors, since its inception.
Altman’s encounter with Oklo’s co-founders in 2013, recruiting them to the tech startup accelerator, Y Combinator, during his tenure as president from 2014 to 2019, forged the bond that led to his pivotal role at Oklo.
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Oklo recently held its inaugural Investor Day in New York City, with Altman sharing his insights at the culmination of the event.
“Throughout my tenure with the company, which has spanned quite a while, witnessing the sustained progress, methodical decision-making, and the trajectory towards a solution that operates securely, economically, and at a colossal scale, is a privilege I deeply treasure,” Altman expressed.
AltC’s Collaborator
Altman co-founded AltC Acquisition Corp alongside Michael Klein, the mastermind behind Churchill Capital Corp, renowned for ushering the EV startup, Lucid Group Inc LCID, into the public domain in 2021.
The ticker symbol of AltC seemingly integrates “AL” denoting Altman and “CC” symbolizing Churchill Capital.
In September, AltC submitted a definitive proxy statement to the SEC, seeking to extend the merger completion deadline from October 12, 2023, to July 12, 2024.
Jacob DeWitte, co-founder, and CEO of Oklo, engaged in a discussion with UBS research analyst Jon Windham last week, hinting at a potential merger in the early second quarter, indicative of an imminent official announcement in the coming month.
Insight from Benzinga: If you anticipate AI’s swift evolution straining the power grid, with nuclear energy offering a potential solution, delving into Oklo could be worthwhile. Assessing both the long-term sustainability and short-term growth post-SPAC merger could present favorable opportunities.
SPACs witnessed a surge in popularity in 2020, as retail investors monitored merger targets and drove stock prices skyward pre-announcement. However, this fervor waned as numerous SPAC-incubated companies struggled post-public listing.
AltC is poised to captivate considerable attention from retail traders, propelled by its notable founders. Altman, an iconic figure in the AI domain, and Klein, the architect behind Churchill Capital IV’s (CCIV) Lucid merger, exude a magnetic pull in the investment landscape.
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Photo: Shutterstock.
Disclosure: The author of this report owns shares of AltC Acquisition Corp stock.