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Fermi shares plunge after first tenant withdraws funding commitment
Fermi’s stock plunged after its first planned tenant pulled a $150M funding commitment for its AI power project, raising questions about project execution.
Shares of Fermi Inc. (NASDAQ: FRMI), an AI-linked power and data campus developer, dropped sharply after its announced first tenant terminated a funding agreement tied to a planned $150 million investment for Project Matador. The withdrawal cast uncertainty over the company’s initial leasing plans, and the stock price fell significantly from recent levels amid investor concern over slower monetisation of its AI infrastructure project.