Fermi rally stalls with Nasdaq closed for Juneteenth as proxy fight simmers
Fermi Inc. heads into the long weekend after a sharp rally, with no Friday session to follow it up. The Nasdaq-listed AI power campus builder ended Thursday at $9.50, gaining around 10%, before U.S. equity markets closed for Juneteenth. Fermi is still pitching its potential more than showing operating results. Its value hangs on whether Project Matador—the planned Amarillo, Texas site—can shift from land and permits to locking in customers. Fermi says it wants to build a 17-gigawatt private grid at the site, calling a gigawatt 1 billion watts of power. The company says about 6 GW has permits, nearly $1 billion of financing is committed, and first power is aimed for 2026.