Arrakis Global
Global Thematic Fund Manager
Fermi could take off on a single tenant deal, even though smart money sees the stock as a zero. @ACapitalLP speculates that the surprise CEO resignation may be a clearing event rather than a death knell if the CEO was blocking a transformative deal, pointing to unusual upside call buying and public friction with the Trump administration. x.com 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
Fermi carries a true chance of going to zero, so it can't be owned outright, even though it may well get a deal done in time. In a world of high energy costs and constant backlash against turning backyards into data centers, Fermi holds a strong hand. @rahmbotrades sees a good chance Amazon partners with Fermi for its Amarillo build-out, citing an updated Amazon job listing for a data center cluster operations leader. x.com
