Fermi (FRMI) Surges 15.75% Ahead of Business Update

We recently published 10 Stocks Already Shocking 2026 With Massive Gains. Fermi Inc. (NASDAQ:FRMI) was one of the top performers last week.

Fermi soared by 15.75 percent week-on-week, as investors placed bets ahead of expected business updates next week, alongside renewed optimism for the artificial intelligence industry.

According to Fermi Inc. (NASDAQ:FRMI), it would participate in the two-day Evercore Power Conference in West Palm Beach, Florida from Thursday to Friday, January 8 and 9, 2026, where investors will closely watch out for business updates and guidance about its outlook for 2026.

Rendering of the Fermi America Private Grid Campus. Photo from Fermi

In recent news, Fermi Inc. (NASDAQ:FRMI) announced the pullout of one of its major tenants from a $150 million data center leasing agreement signed earlier. It did not divulge the name or the reason for the termination.

However, Fermi Inc. (NASDAQ:FRMI) assured its investors that it remained in discussions with other companies to lure them to lease its data centers.

In support of the campus development, Fermi Inc. (NASDAQ:FRMI) also inked a power supply agreement with Southwestern Public Service Company (SPS)—a subsidiary of Xcel Energy—for the delivery of up to 200 MW of power capacity to the data center.

Fermi Inc. (NASDAQ:FRMI), also known as Fermi America, is a company engaged in the development of next-generation private electric grids to deliver highly redundant power to support AI.

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.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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