Fermi Inc. (NASDAQ:FRMI) is one of the biggest losers on Monday, dropping 14.87% to close at $8.59 per share as a major tenant withdraws from a leasing agreement, extending a four-day losing streak. The company remains in discussions with other potential leasing partners. Fermi also signed a power supply agreement with Xcel Energy.

Initially, Xcel Energy subsidiary Southwestern Public Service Company will deliver 86 MW of power capacity to Fermi’s data center campus in Texas, eventually ramping up to 200 MW. Fermi CEO Toby Neugebauer highlights the partnership with Xcel Energy as crucial for developing reliable and cost-effective power for AI applications. The company aims to demonstrate that large-scale energy for AI can be developed on time and on budget.

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Read more at Yahoo Finance: Fermi (FRMI) Nosedives 15% as Partner Withdraws from Deal