The artificial intelligence boom, which previously boosted any stock linked to data center power, is now seeing investors grow more cautious about future demand.

Companies like Oklo, a nuclear-reactor developer backed by Sam Altman, have experienced significant value drops. Oklo's shares have plummeted about 75% from their peak valuation of over $25 billion last October. Despite having power supply agreements for 14 gigawatts for companies like Meta, Oklo has not yet secured necessary permits or begun construction.

While a full AI bust isn't necessary, a slowdown in data center construction compared to optimistic forecasts could still disrupt companies banking on a prolonged boom. Existing challenges such as a shortage of skilled labor are already limiting the pace of construction, impacting the AI power sector's growth trajectory.