Fermi has no revenue and is only promising a 17 MW Texas project by 2032. Its steep share-price decline looks like capital markets disciplining a speculative business. x.com 

Fermi is a fraud, and the market has always known it: former governor Rick Perry is building a product called the Donald Trump generating plant. @FuzzyPandaShort, which is short Fermi, reports that CEO Toby Neugebauer departed and cites accusations of C-level executives involved in fraud schemes with him. x.com 

Fermi's pullback on its $375 million convertible note looks like a chance to buy the fear, because the capital funds its gigawatt-scale Project Matador AI power campus in Texas. Capped calls limit dilution for shareholders up to $14.64 a share. Demand for dense, redundant power for hyperscalers keeps accelerating, with reports of possible major tenant interest such as OpenAI. Analyst targets sit well above the price, and with the proxy fight over, management can focus on execution. x.com 

Semiconductors look vulnerable because retail poured a record amount into the sector just as the chart went vertical, and that crowd is never early. It never ends well for retail; @rikurandgroup expects it to end in a liquidation cascade. x.com  x.com 

Fermi's first data center tenant is a massive one, making this a high-conviction setup. TensorWave signed a binding lease at Project Matador in Texas, with phase one locking in 222 megawatts and about $6.5 billion of contracted revenue over 15 years, and expansion rights could take it past 650 megawatts. Part of the lease is expected to carry a guarantee from a major AI name. Construction is 6 gigawatts into a 17-gigawatt build, first power is targeted for 2026, and volume shows accumulation. … Show more