Stock Market Today, March 30: Fermi Shares Plunge After Wider Loss and No Tenant for Flagship AI Project

Fermi (FRMI 13.27%), developer of energy infrastructure for AI data centers, closed Monday at $5.36, down 13.27%. The stock moved lower after wider-than-expected inaugural losses, a lack of tenant progress for its flagship AI project, and continued focus on when it might secure long-term anchor customers.
Trading volume reached 45.7 million shares, coming in about 480% above its three-month average of 7.9 million shares. Fermi IPO’d in 2025 and has fallen 84% since going public.

How the markets moved today

The S&P 500 (^GSPC 0.39%) slipped 0.39% to finish Monday at 6,344, while the Nasdaq Composite (^IXIC 0.73%) fell 0.73% to close at 20,795. Within data center REITs, industry peers Equinix (EQIX +0.11%) closed at $964.05 (+0.11%) and Digital Realty Trust (DLR 0.06%) ended at $175.2 (-0.13%), showing more muted moves than Fermi.

What this means for investors

Data center REITs have been one avenue for investors to participate in the massive capital spending from megacap tech companies building out AI infrastructure. Despite initial excitement at its IPO, Fermi disappointed investors in December saying that a potential tenant had cancelled an agreement intended to assist in financing the construction at its massive Texas location, posing a setback for the newly listed firm.

The company’s latest earnings release didn’t diffuse those concerns. Though management told investors it was being deliberate, no new tenant was announced for the flagship Project Matador.

The report emphasized the progress of Project Matador’s construction, ongoing negotiations with potential tenants, and capital plans that rely on finalized tenant and financing agreements, underscoring an extended revenue timeline.