Fermi Inc. (NASDAQ:FRMI) ended a three-day losing streak by jumping 6.91% on Tuesday, closing at $28.17 per share. The company raised $682 million from its IPO, offering 32.5 million shares at $21 each. The stock is already up 34% from its IPO price.

In addition, Fermi granted underwriters a 30-day option to purchase up to 4.87 million more shares at the IPO price, potentially raising an additional $102 million. The company also entered into an employment agreement with Toby Neugebauer to serve as CEO, with an annual base salary of $500,000.

Fermi is at the forefront of developing next-generation electric grids for AI, delivering highly redundant power at gigawatt scale. While FRMI shows investment potential, other AI stocks may offer higher returns with limited downside risk. Find out more about short-term AI stock options in our free report.

Read more at Yahoo Finance: Fermi Inc. (FRMI) Ends Losses, Jumps 7% on Bargain-Hunting