Citi sees potential OpenAI deal for Oklo after ‘abrupt’ Altman exit

Citi keeps a Neutral rating on Oklo (OKLO) with a $30 price target after the company announced that Sam Altman will step down as chairman of the board. The firm says its conversation with Oklo indicates that management is in discussions with several potential candidates to add to the board and may consider separating the CEO and chairman role again in the future. While the “abrupt departure” and timing of Altman’s departure caught investors off-guard, the release indicates there is a potential for Oklo to sign a power supply agreement with OpenAI, which may have caused a conflict of interest with Altman leading the Oklo board, the analyst tells investors in a research note. Citi expects a negative initial reaction to the announcement, but adds a deal announcement with OpenAI “may put investor concerns to rest.”