Daily stonks: Reddit earnings, Sam Altman's SPAC, Apple/Rivian

Michael Luo
May 07, 2024

Here’s the latest “under the radar” stock news from Reddit in the last 24 hours that you don’t want to miss, as picked by Fluid Bot’s AI.

Reddit Inc. reported its first results as a public company.
First-quarter loss was $575.1 million, or $8.19 a share, narrower than expected.
First-quarter revenue was $243 million, exceeding estimates of $214 million.
Reddit shares surged 15.6% in extended trading.
Daily active unique visitors increased to 82.7 million from 60.3 million.
Reddit's lack of profitability on an annual basis was scrutinized prior to its IPO earlier in the year.

Oklo Inc., a developer of advanced nuclear systems backed by Sam Altman, received investor approval for a SPAC merger
Likely to debut on the NYSE in the coming days
AltC Acquisition Corp., a SPAC backed by Altman and Michael Klein, valued Oklo at $850 million
This approval is a positive development for the SPAC market, which has been struggling

$OKLO, a nuclear fission start-up, approved to merge with SPAC $ALCC
Biggest nuclear companies like Cameco ($CCJ) and General Electric ($GE) have seen significant stock increases in the last 5 years
Nuclear energy provides about 10% of the world's electricity
The US is the top nuclear energy producer in the world, contributing $60 billion to the US GDP annually
Questions raised about the long-term view of nuclear energy, regulatory factors, societal perceptions, and potential pure nuclear plays
Graphic comparison of OKLO to other clean energy companies available on Reddit
TLDR: Nuclear stocks are performing well, $OKLO seems promising, but long-term industry view is uncertain

Apple is considering teaming up with EV startup Rivian for an electric car project
Apple recently scrapped plans for an autonomous electric vehicle
Rivian received an $827 million incentive package from the State of Illinois for plant expansion
Rivian announced that Volvo Cars' COO Javier Varela will be joining as COO in August
Rivian will report its first quarter earnings after market closing on Tuesday