Fermi (FRMI) Jumps After OpenAI Data Center Report; Project Matador Lease Bets Return
Fermi Inc. shares surged 22.6% to finish at $6.89 on Wednesday. The stock ticked up to $6.91 in early trading Thursday as traders looked for signs that big AI clients could still lock in massive, power-heavy data center contracts. The move wasn’t driven by a Fermi deal itself. Instead, OpenAI is reportedly talking to lease a 10-gigawatt data center project in Ohio, with Nvidia possibly backing it financially. That report put Fermi’s Project Matador back in play for the “power is the bottleneck” crowd. Fermi’s big issue is that it’s put together the land, permits, and equipment financing for its large Texas power-campus plan, but its most recent quarterly filing shows it still hasn’t signed tenant agreements. Basically, the company is still looking to turn that expected demand into actual binding customer contracts.