Fermi. IPO’d in October at $35. Now at $5. Down 80 per cent in five months.
No tenant. No signed lease. A client walked away in December. The company namechecked OpenAI, xAI and Anthropic in its IPO prospectus as potential customers. None have signed.
This is what the other side of the AI infrastructure trade looks like.
The hyperscalers have $200bn revenue businesses to fall back on. Companies built entirely on the promise of future tenants do not.
And the punchline: all 11 analysts covering the stock still have buy ratings. Price targets $20 to $35.
The boom funds everyone. The bust is selective about who survives it.
Watch the facts, not the statements.
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@vinodsrinivasan I will share more key investment strategies with you on WhatsApp.
Reply 007 to my WhatsApp: +16232179285
You can also search and add me on WhatsApp.
Seattle’s most recognizable landmark the Pike Place Market sign was spotted cruising down I-5 today. Drivers are doing double takes… what’s going on? 👀