Fermi (FRMI) Ends 5-Day Loss, Soars 18.6% as AI Boosts Anew

We recently published 10 Stocks Beating Wall Street’s Bets. Fermi Inc. (NASDAQ:FRMI) is one of the best performers on Friday.

Fermi snapped a five-day losing streak on Friday, jumping 18.65 percent to close at $23.54 apiece, mirroring the broader market optimism, thanks to renewed optimism for the artificial intelligence (AI) industry.

Fermi Inc. (NASDAQ:FRMI), an energy and data center infrastructure company, is set to benefit more data center developments, known to take up a huge demand for power over the next few years.

Additionally, the rally can be attributed to bargain-hunting after Fermi Inc. (NASDAQ:FRMI) fell to an all-time low during the week, having been dented by analyst concerns about its steep valuation.

Since its market debut on October 1, the company has now been valued at $14.07 billion.

During its initial public offering, Fermi Inc. (NASDQ:FRMI) was able to raise $682 million in fresh funds covering 32.5 million shares at a price of $21 apiece, proceeds of which will be used to support the continued growth and development, secure personnel, and other general corporate purposes.

While we acknowledge the risk and potential of FRMI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than FRMI and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.