Fermi

Fermi opened higher and staged a single-session rally to close up 5.3% at $8.97, as construction momentum overshadowed governance uncertainty. Causal catalyst: the company selected Primoris Services to engineer and build the balance of plant for the first six SGT-800 turbines at its Matador project campus in Texas, following an earlier TSK contract for early works on three SGT6-5000F turbines for Phase Two. Meanwhile, shareholder-infrastructure activist Toby Neugebauer continues to push for a special meeting and board overhaul, accusing the board of dodging tough questions; the company has urged shareholders to back the WHITE consent revocation card, while the Texas Business Court granted expedited discovery. Fundamental headwinds remain: Q1 net loss widened to $188.7M (EPS -$0.2996) with zero revenue, and ROE stood at -69.6%. Technically, the stock crossed above both the 20-day MA ($7.89) and 60-day MA ($6.48), and is up 1.7% year-to-date, yet still trades 75.8% below the 52-week high of $36.99 and is up over 100% from the 52-week low of $4.47, making the rally vulnerable at stretched multiples (PB 5.27x).