The AI-Energy Mirage

Every Bubble Has a Story

Every few years, markets find a new obsession.
In the 1990s, it was dot-coms.
In the 2020s, it was electric vehicles.
Now, it’s AI-powered energy — the idea that new nuclear and clean-power start-ups will fuel the coming data revolution.

Billions are flowing into early-stage companies promising next-generation reactors, hydrogen systems, and power networks for AI computing.
The story sounds compelling: AI needs power, someone must build it.

But stories don’t make money. Numbers do.

The Same Pattern, Different Decade

We’ve seen this before.
Oklo — backed by OpenAI’s Sam Altman — has no revenue, no customers, and no license to operate.
Yet its market value has surged past $25 billion.

Another company, Fermi, sits near $19 billion — again, with zero revenue.
Others like Nano Nuclear Energy and Terra Innovatum follow the same playbook: hope first, cash flow later.

It’s the oldest lesson on Wall Street — when a company’s story gets bigger than its numbers, trouble follows.
Every cycle forgets that.

When Story Outruns Substance

The dot-com era gave us Pets.com.
The EV rush gave us Nikola and Lordstown Motors.
Now, the AI-energy wave is writing its own script.

Most of these firms won’t generate revenue for years.
They depend on regulatory approvals, uncertain technologies, and customers that don’t yet exist.

When growth slows — and it will — valuations built on expectation, not execution, will collapse under their own weight.

That’s not investing. That’s speculation.

Reality Is the Strongest Asset

At KyriWealth, we don’t chase the next miracle.
We study what endures.

We focus on the real economy — companies that make, move, and power the world today.
Firms with expanding margins, disciplined leadership, and durable demand.

While others gamble on paper reactors, we prefer the companies already supplying the AI economy —
from chip component makers to industrial power firms building the physical backbone of digital growth.

They’re not loud. They’re just profitable.