Fermi (FRMI) Powers 22.6% After Earning This AI Giant’s Backing

Fermi Inc. (NASDAQ:FRMI) is one of the 10 Stocks Surviving Market Slaughter.

Fermi Inc. snapped a three-day losing streak on Wednesday, surging 22.60 percent to finish at $6.89 apiece, following news reports that OpenAI was planning to ink a deal from its Project Matador campus.

JMP Citizens reportedly said that OpenAI was among the companies assessing Fermi Inc.’s (NASDAQ:FRMI) capacity at the Project Matador, with the two firms nearing an agreement.

Rendering of Fermi’s 17-GW Project Matador. Photo from Fermi website

Fermi Inc. (NASDAQ:FRMI) earlier said that it was on track to deliver approximately 1.1 gigawatts of new power at its Amarillo campus by the end of the year. The entire project is designed to deliver 17 GW of energy by 2030.

Last month, Fermi Inc. (NASDAQ:FRMI) hinted at securing a leasing agreement with a new tenant over the next three months, details of which have not been divulged.

It said that it is also working diligently to hire its next CEO with the help of executive recruiting firm Heidrick & Struggles, following the ouster of Toby Neugebauer two weeks earlier. It is likewise exploring strategic partnerships to accelerate the deployment of power and data centers.

“Fermi America is at a meaningful inflection point in its development,” Fermi Inc. (NASDAQ:FRMI) Chairman Marius Haas said.

In other news, Fermi Inc. (NASDAQ:FRMI) markedly widened its net loss in the first quarter of the year to $188.69 million from $78 million in the same period last year, dragged by a higher operating loss of $166 million versus only $78 million year-on-year.

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 the cheapest AI stock.

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