A buzzy data center startup calls itself a utility. That could be a problem.

At a Wall Street conference in December, Toby Neugebauer, the CEO of Fermi America, pitched his company as a cutting-edge utility built to power the artificial intelligence boom. "We're one of the most sophisticated utilities on the planet," Neugebauer told an audience of UBS clients. "There will not be a more sophisticated utility. When you look at redundancy, when you look at technology, there won't be another one."There's just one problem. Fermi America has a specialized corporate structure that limits i ...