10 Hot Stocks Sparking Buying Frenzy

6. Fermi Inc. (NASDAQ:FRMI)

Fermi snapped a three-day losing streak on Tuesday, jumping 6.91 percent to close at $28.17 apiece as investors resorted to bargain-hunting to take advantage of its cheap valuation, supported by optimism from strong demand for AI.

Fermi Inc. (NASDAQ:FRMI) is a newly listed company that successfully raised $682 million from its initial public offering (IPO) covering 32.5 million shares at a price of $21 apiece.

In line with the offer, Fermi Inc. (NASDAQ:FRMI) also granted its underwriters a 30-day option to purchase up to an additional 4.87 million shares at the IPO price, less underwriting discounts and commissions, potentially raising an additional $102 million.

From its IPO price to its latest closing price, the stock was already up by 34 percent.

In other developments, Fermi Inc. (NASDAQ:FRMI) told the Securities and Exchange Commission on Monday that it entered into an employment agreement with Toby Neugebauer to serve as the company’s chief executive for a three-year term with automatic successive one-year renewals, unless earlier terminated.

In line with the agreement, Neugebauer will receive an annual base salary of $500,000.

Fermi is pioneering the development of next-generation electric grids that deliver highly redundant power at a gigawatt scale, required to create next-generation artificial intelligence.