Core Viewpoint - A class action has been filed against Fermi Inc. (NASDAQ: FRMI) on behalf of investors who purchased shares during its IPO and within a specified period, alleging that the company misled investors about its business prospects [1][3]. Group 1: Class Action Details - The class period for the action is defined as October 25, 2025, to December 11, 2025 [3]. - Allegations include that Fermi overstated tenant demand for its Project Matador campus and failed to disclose reliance on a single tenant's funding commitment, which posed a significant risk of termination [3]. Group 2: Impact on Stock Price - On December 12, 2025, Fermi disclosed that the first tenant for Project Matador had terminated a $150 million funding agreement, leading to a stock price drop of $5.16 per share, or 33.8%, closing at $10.09 [4]. - By the time of the class action announcement, Fermi's stock had traded as low as $8.59 per share, representing a 59% decline from the IPO price of $21.00 per share [4]. Group 3: Participation in Class Action - Shareholders interested in serving as lead plaintiffs must submit their papers by March 6, 2026, but participation is not required to be eligible for recovery [5]. - All representation in the class action is on a contingency fee basis, meaning shareholders incur no fees or expenses [6].

Core Viewpoint - Fermi Inc. is facing a class action lawsuit due to alleged misleading statements and omissions regarding its business operations and the Project Matador AI campus, particularly concerning tenant demand and funding commitments [5]. Group 1: Company Overview - Fermi Inc. conducted its initial public offering (IPO) on October 1, 2025, selling 37,375,000 shares at a price of $21.00 per share [2]. - Following the IPO, Fermi's stock price has significantly declined, trading as low as $8.59 per share, representing a 59% decrease from the IPO price [4]. Group 2: Key Events - On December 12, 2025, Fermi announced that the first tenant for its Project Matador AI campus had terminated a $150 million funding agreement, leading to a stock price drop of $5.16 per share, or 33.8%, closing at $10.09 [3]. - The lawsuit alleges that Fermi overstated tenant demand and failed to disclose the reliance on a single tenant's funding commitment, which posed a significant risk to the project's financing [5]. Group 3: Legal Action - Investors who purchased Fermi securities during the class period (October 1, 2025, to December 11, 2025) have until March 6, 2026, to file a lead plaintiff motion in the class action lawsuit [1][6].

Group 1 - A class action lawsuit has been filed against Fermi Inc. on behalf of investors who acquired Fermi securities during the Class Period from October 1, 2025, to December 11, 2025 [1][2] - Fermi is headquartered in Amarillo, Texas, and aims to establish a network of large, grid-independent data centers powered by various energy sources, including nuclear, natural gas, solar, and battery energy [3] - The company's flagship project, "Project Matador," is designed to create the world's largest private energy campus dedicated to powering AI data centers [3] Group 2 - The lawsuit claims that investors became aware of Fermi's true prospects on December 12, 2025, when the first tenant for Project Matador terminated a $150 million agreement intended to cover construction costs [4] - Following the announcement, Fermi's shares dropped by $5.16, nearly 34%, closing at $10.09 per share on December 12, 2025 [4]

Core Viewpoint - A class action lawsuit has been filed against Fermi Inc. and its executives due to significant stock price drops linked to alleged violations of federal securities laws [1][3]. Company Overview - Fermi Inc. is an energy and AI infrastructure company focused on building large-scale nuclear reactors to support grid-independent data centers for AI workloads [4]. - The company's flagship project is Project Matador, designed to provide dedicated power for AI operations [4]. IPO and Allegations - Fermi completed its IPO in October 2025, claiming strong demand for Project Matador and securing a 20-year lease with an investment-grade tenant [5]. - Allegations suggest that Fermi overstated tenant demand and misrepresented the agreement with the First Tenant [6]. Stock Performance - Following the announcement of the First Tenant's termination of the construction funding agreement on December 11, 2025, Fermi's stock dropped by $5.16, or over 33%, from $15.25 to $10.09 per share [7].

Core Viewpoint - Fermi Inc. is facing a securities fraud class action lawsuit related to its initial public offering and subsequent securities transactions, with a deadline for potential lead plaintiffs approaching [1][5][4]. Group 1: Lawsuit Details - The lawsuit was filed in the United States District Court for the Southern District of New York on behalf of investors who purchased Fermi securities during the class period from October 1, 2025, to December 11, 2025 [5]. - Allegations include misrepresentations in the Registration Statement concerning tenant demand at the Company's Project Matador campus [6]. Group 2: Legal Actions and Deadlines - Investors wishing to serve as lead plaintiffs must file necessary documents by March 6, 2026, although participation in any recovery does not require serving as a lead plaintiff [4]. - All legal representation is on a contingency fee basis, meaning shareholders incur no fees or expenses [4]. Group 3: Company Background - Bernstein Liebhard LLP, the law firm handling the case, has recovered over $3.5 billion for clients since its inception in 1993 and has a strong track record in class action litigation [7].

Summary of Data Center Infrastructure and AI Demand Industry Overview - The report focuses on the **Data Center Real Estate Investment Trusts (REITs)** and the broader **AI infrastructure landscape**. - Demand for data center capacity has surged, with **5.8GW** of capacity leased in North America in **4Q25**, leading to a total absorption of **15.6GW** for the year, more than double the **~7GW** in **2024** [2][45]. Key Demand Insights - The demand pipeline in the U.S. is projected at **~26GW**, driven by **11GW** of hyperscale self-build capacity currently in development [2]. - Major players like **Oracle**, **Meta**, and **AWS** are increasing their leasing activities, particularly in tertiary markets [2]. - Forward demand signals are positive, with significant AI infrastructure projects reaching operational capacity targets of **1GW** [3][21]. Supply Constraints - Supply constraints are becoming more acute, with grid interconnection queues extending to **6+ years** in most markets and data center vacancy rates at historic lows of **<2%** [4][60]. - The adoption of **Bring Your Own Generation (BYOG)** approaches is expected to increase, particularly for larger campus locations [4]. - Labor scarcity is a growing concern, with each **GW** build requiring **3-7K** workers, while the labor pool is only growing by **~24K** per year [4][9]. Data Center REITs Outlook - The report maintains a constructive outlook on data center REITs, particularly **Digital Realty (DLR)** and **Equinix (EQIX)**, due to tight industry conditions that are expected to drive pricing higher [5][9]. - **DLR** is projected to see **7.4%** growth in FFO/share for **2026E**, supported by hyperscale leasing and mark-to-market opportunities [8]. - **EQIX** is expected to achieve **8.6%** normalized recurring revenue growth in **2026E**, with shares trading at a discounted valuation [8]. AI Infrastructure Developments - The race to **Artificial General Intelligence (AGI)** is intensifying, with major AI infrastructure projects ramping up to meet the demands of new models [9][14]. - Upcoming releases of models trained on **Blackwell systems** and the rollout of **Rubin** in **2H26** are expected to significantly impact power density and data center designs [3][41]. - The current environment is characterized by the development of greenfield data center facilities to support higher power and compute-intensive workloads [9]. Financial Projections - Hyperscale capital expenditures are projected to reach **~$585B** in **2026**, a nearly **40%** increase from previous estimates [46]. - Incremental cloud revenues are expected to rise to **$106B** in **2026**, up from **$69B** in **2025** [50]. Conclusion - The data center market is experiencing unprecedented growth driven by AI demand, with significant investments and developments expected in the coming years. However, supply constraints and labor shortages pose challenges that could impact the pace of growth. The outlook for established data center REITs remains positive, supported by strong demand and pricing dynamics.

Core Viewpoint - A class action lawsuit has been filed against Fermi Inc. and its executives due to significant stock price drops linked to potential violations of federal securities laws [1][3]. Group 1: Lawsuit Details - The lawsuit asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as claims under Sections 11 and 15 of the Securities Act of 1933 [3]. - Investors have until March 6, 2026, to request to lead the case, which is pending in the U.S. District Court for the Southern District of New York [3]. Group 2: Company Background - Fermi Inc. is an energy and AI infrastructure company aiming to build large-scale nuclear reactors to support grid-independent data centers for AI companies [4]. - The company's flagship project, Project Matador, is designed to provide dedicated power for AI workloads [4]. Group 3: IPO and Allegations - Fermi completed its IPO in October 2025, claiming strong demand for Project Matador and securing a 20-year lease with an investment-grade-rated tenant [5]. - Allegations suggest that Fermi overstated tenant demand and misrepresented the agreement with the First Tenant [6]. Group 4: Stock Price Impact - Following the announcement that the First Tenant terminated the Advance in Aid of Construction Agreement, Fermi's stock dropped by $5.16 per share, over 33%, from $15.25 to $10.09 on December 12, 2025 [7].

Core Viewpoint - The Fermi Inc. class action lawsuit alleges that the company and its executives made misleading statements regarding its Project Matador campus, leading to significant financial losses for investors following the termination of a key funding agreement [3][4][5]. Company Overview - Fermi Inc. is positioned as an energy and AI infrastructure company, having conducted its initial public offering (IPO) in October 2025, selling 37,375,000 shares at a price of $21.00 per share [2]. Allegations of the Lawsuit - The lawsuit claims that Fermi overstated tenant demand for its Project Matador campus and failed to disclose reliance on a single tenant's funding commitment, which posed a risk of termination [3]. - On December 12, 2025, Fermi announced that the first tenant for Project Matador had terminated a $150 million funding agreement, resulting in a nearly 34% drop in stock price [4]. - By the time the lawsuit commenced, Fermi's stock price had fallen to as low as $8.59 per share, marking a 59% decline from the IPO price [5]. Legal Process - The Private Securities Litigation Reform Act of 1995 allows investors who purchased Fermi common stock during the IPO or the class period to seek appointment as lead plaintiff in the class action lawsuit [6]. - The lead plaintiff represents the interests of all class members and can select a law firm for litigation [6]. Law Firm Background - Robbins Geller Rudman & Dowd LLP is a leading law firm specializing in securities fraud and shareholder litigation, having secured over $2.5 billion for investors in 2024 alone [7]. - The firm has a strong track record, being ranked 1 in monetary relief for investors in securities class actions for four out of the last five years [7].

Core Viewpoint - A class action lawsuit has been filed against Fermi Inc. and its executives due to significant stock price drops linked to alleged violations of federal securities laws [1][3]. Company Overview - Fermi Inc. is an energy and AI infrastructure company aiming to build large-scale nuclear reactors to support grid-independent data centers for AI companies [4]. - The company's flagship project is Project Matador, designed to provide dedicated power for AI workloads [4]. IPO and Allegations - Fermi completed its IPO in October 2025, claiming strong demand for Project Matador and securing a 20-year lease with an investment-grade-rated tenant [5]. - Allegations suggest that Fermi overstated tenant demand and misrepresented the agreement with the First Tenant [6]. Stock Price Impact - On December 12, 2025, Fermi's stock dropped by $5.16 per share, over 33%, following the termination of the Advance in Aid of Construction Agreement by the First Tenant [7].

Core Viewpoint - A class action lawsuit has been filed against Fermi Inc. for allegedly misleading investors regarding tenant demand and funding commitments for its Project Matador campus, leading to significant financial losses for shareholders [4]. Group 1: Lawsuit Details - The lawsuit is on behalf of investors who purchased securities from September 28, 2025, to December 11, 2025, alleging that Fermi overstated tenant demand and the reliance on a single tenant's funding for Project Matador [4]. - The lawsuit claims there was a significant risk that the primary tenant would terminate its funding commitment, which ultimately occurred [4]. Group 2: Financial Impact - Fermi began trading on NASDAQ at $21.00 per share on October 1, 2025, but after the announcement of the termination of a $150 million funding agreement on December 12, 2025, the share price dropped by $5.16, or approximately 33.8%, closing at $10.09 [5].