Shares of Oklo Inc (OKLO) and X-Energy Inc (XE) jumped in Tuesday's after-hours session after reports emerged that the two nuclear companies are joining a Trump administration-led program to speed up construction of power plants for AI data centers.

According to a Bloomberg report citing a document reviewed by Bloomberg News, Oklo and X-Energy will join tech giants Microsoft (MSFT) and Nvidia (NVDA) in the $200 million initiative. The program aims to address mounting concerns that the massive data center buildout fueling the AI boom has pushed up electricity prices across the country. An official announcement could come as soon as Wednesday.

Nuclear power has emerged as one of the most compelling answers to AI's soaring electricity demand. It provides large amounts of around-the-clock baseload power without producing direct carbon emissions — a combination that has driven a wave of activity. Tech companies have been signing long-term deals to restart or contract existing plants, and there's growing investment in small modular reactors, which is exactly where Oklo and X-Energy focus.

At the time of publication, Oklo shares were up 6.31% at $46.50 in after-hours trading, while X-Energy shares gained 7.22% to $16.79.