Fermi Signs $6.5B TensorWave Lease Days After Naming New CEO

Fermi Inc. (NASDAQ: FRMI) signed a $6.5 billion lease with AI cloud provider TensorWave for part of its Amarillo, Texas data-center and power complex, ABC7 Amarillo reported August 10. The deal follows co-founder Toby Neugebauer's April termination for cause, an 80% stock drawdown from Fermi's $15 billion IPO valuation, and Lee McIntire's August 12 appointment as CEO. Fermi's planned four-reactor nuclear buildout carries an estimated $17 billion cost.