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Fermi Inc. Signs Agreement with TensorWave, Advances 2.0 Plan
"Roughly 90 days ago, we put ourselves on the clock with a clear set of aggressive objectives, and the team delivered on all five," said Marius Haas, Chairman of the Board of Directors of Fermi Inc. "We signed a binding agreement with TensorWave, our first anchor customer. We appointed a proven and respected CEO in Lee McIntire, who has all the right skills and experience to lead Fermi 2.0 into its next phase of power delivery. We established a strategic alliance with Hillcore, a world-class power company, and deepened our relationships with premier contractors. We received three Siemens F-class turbines to bring our total landed power to 1.5 gigawatts, maintaining our speed-to-power advantage. Lastly, we strengthened our balance sheet through an upsized convertible note offering at a very attractive cost of capital, while protecting shareholders against dilution. The momentum we've built is real, and we're doing it with focus, discipline, and execution."
Fermi Appoints Lee McIntire as CEO
Fermi named Lee McIntire CEO, effective August 11. McIntire has served as an independent director on Fermi's board since September 2025. McIntire has more than 40 years of executive leadership and governance experience in engineering, construction, and global infrastructure. McIntire has served on the board of McDermott International since 2020, including a period as interim president and CEO, and is currently its lead independent director.
Fermi Signs Framework Agreement with Hillcore to Build 2.6 GW Power Center
Fermi announced the execution of a framework agreement with Hillcore under which Hillcore will finance, build, own and operate the Hillcore Power Center, an approximately 2.6 GW power complex at Fermi's Project Matador campus in Carson County, Texas, under a Build-Own-Operate-Transfer structure. The Hillcore Power Center will comprise approximately 2.5 GW of natural gas-fired generation, developed in phases, together with approximately 100 megawatts of solar generation and battery energy storage. Construction of the first power block, approximately 350 MW, will begin on execution of definitive agreements, with first power targeted within 24 months of notice to proceed.
Major Averages Close Broadly Lower as Investors Await CPI Report
The major averages closed broadly lower as reported progress in talks between Iran and Oman over maritime activity helped pull oil prices lower after Brent briefly approached $90 a barrel amid the latest U.S.-Iran tensions.Next up, investors await tomorrow's July CPI report, which will be particularly important following last week's unexpectedly weak July jobs report, with economists surveyed by Reuters expecting headline inflation to rise 3.4% year over year and core CPI to increase 2.5%.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Nvidiaannounced strategic partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKRtofor the buildout of AI infrastructureIntelincreased theto $20B in common stock from $15BRocket Lab USAreportedand launched a German subsidiaryCardinal Healthreportedand provided upbeat FY27 guidanceAlphabetCEO Sundar Pichai said over $1B people are2. WALL STREET CALLS:Boeingto Buy from Hold at ArgusTruistBest Buyon positive card reads into Q2 reportCitiAllstateto Sell on valuation, growth concernsUnder Armourto Underweight at BarclaysGapto Equal Weight at Barclays3. AROUND THE WEB:Jennifer Bailey, the longtime head of Pay and Wallet services, is retiring from Appleafter more than two decades at the company, Bloomberg reportsA judge is leaning towards sending Edison'sliability issue to a jury trial, Bloomberg saysACV Auctionsis exploring strategic alternatives, including a potential sale or strategic partnership, after receiving takeover interest and engaging financial advisers to conduct a review, Bloomberg reportsFlowers Foodswants to divest its baked goods business Tastykake and is working with investment bank RBCon the process, Reuters reportsAnthropic is meeting with potential investors hoping to build confidence in its planned IPO, offering assurances about its growth and strategies it plans to implement to address growing backlash against AI, WSJ says4. MOVERS:Quantum Corp.gains afterand providing guidance for Q2Fermiincreases after announcing aKopinand Sea Limitedhigher in New York afterOn Holdingsfalls afterand providing guidance for FY26OppFiand Upworklower after5. EARNINGS/GUIDANCE:Middleby, with EPS and revenue beating consensusTencent MusicAramarkand raised its outlook for FY26Smithfield Foodsand raised its outlook for FY26Janusand cut its guidance for FY26INDEXES:The Dow fell 184.13, or 0.34%, to 53,791.85, the Nasdaq lost 159.91, or 0.60%, to 26,445.45, and the S&P 500 declined 24.91, or 0.32%, to 7,728.20.
Fermi Stock Rises 21.8% to $7.16
Fermi is up 21.8%, or $1.28 to $7.16.
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