Fermi is an overlooked way to play AI because almost no one is watching who powers the chips. Rick Perry's company has built an 11 GW private, behind-the-meter energy grid for AI hyperscalers, with a 6 GW Clean Air Permit, a nuclear pilot, $785M in new equipment financing and a $500M MUFG loan. At $9.5, the stock sits well below analyst targets of $20 or more, and two buy signals are in play. 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 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's services agreement with TSK, Spain's leading power EPC firm, de-risks Project Matador and confirms its AI data-center buildout remains on schedule. TSK will handle front-end engineering, permits and site preparation for three Siemens gas turbines in Phase 2. Per JMP Securities, OpenAI is evaluating and touring the site; a binding lease would cement Fermi's standing. Its private microgrid, targeting 1.5 GW by late 2027 and 17 GW by 2038, bypasses grids like ERCOT. x.com 

Fermi's valuation has now fallen to where starting a position makes sense, because the market has finally discounted risks that were apparent more than a month earlier. Those risks were clear from conversations with other management teams and Texas regulators; @chinoalemano notes the market concluded only about a third of the potential 1,600MW for 2027 would actually happen. x.com  x.com 

2G Energy's growing orders and long service tail support its unusually cheap AI data-center power valuation. Nine-month 2026 orders exceed €880m, more than twice 2025 revenue; backlog runs into 2028 and service contracts last 15-20 years. Management first guided to €750-850m of revenue in 2028 and says units already sold could support over $100m in annual service revenue once running from mid-2027. At about 17x expected 2027 earnings, it looks cheapest in this space and is preferred to INNIO. … Show more

Core Scientific's big lease with AMD, 500MW to start with a path to 2.5GW, looks good on the math. Per the call, it brings $14B for 530MW over 15 years, 380MW of it triple-net. AMD receives market-priced warrants to buy Core Scientific equity. x.com  x.com 

New Era Energy & Digital is a high-conviction power-first infrastructure bet: its Texas Critical Data Center pairs ERCOT grid access with on-site gas generation to skip multi-year interconnection queues. The 438-acre Permian Basin campus targets 1 gigawatt. A $290M Macquarie financing funds the initial phases and retired costly SharonAI debt, while partners Stream Data Centers and Energy Dome cut execution risk. Next catalysts: building the first 200MW phase and signing an anchor tenant lease. … Show more

TeraWulf's completed data centers could make later campuses easier to fund if delivery experience improves costs, contingencies or financing terms. Leases precede rent, so tenant acceptance, cash-rent dates and final costs must be checked against budgets. Cash available after lender obligations and owner capital per megawatt on the next campus will show whether shareholders gain more than another site; major tenant wins alone do not prove that improvement. x.com 

New Era Energy & Digital is lining up power and permits for a 1.4GW AI campus, Texas Critical Data Centers, on 493 acres in Ector County. It signed a 20-year deal to buy up to 207MW from Vistra's Odessa gas plant, with power expected in Q3 2027, and Vistra gets a 5% non-voting stake in the part it powers. Construction permits are in hand, but the data center business is pre-revenue, making it the highest-risk name on the list. x.com