Stock Market Today, Oct. 13: Fermi Surges 14% on AMD Credit Support for Project Matador
Fermi (NASDAQ:FRMI), an AI campus and on-site power infrastructure developer, closed at $3.72, up 14.46%. The stock jumped after a premarket credit support agreement with AMD backed Phase 1 of Project Matador. Investors are monitoring financing progress for the 222-MW lease. Trading volume reached 86.0M shares, coming in about 352% above its three-month average of 19.0M shares. Fermi IPO’d in 2025 and has fallen 89% since going public.
The S&P 500 (SNPINDEX:^GSPC) closed at 7,805, down 0.02%, while Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 27,204, down 0.15%. Among integrated power generation and AI data-center infrastructure development peers, Quanta Services (NYSE:PWR) closed at $688.96, down 0.84%, while Talen Energy (NASDAQ:TLN) closed at $382.14, up 0.62%, as investors kept watching AI campus power demand and project execution.
Fermi secured a credit support agreement from AMD today, sending its stock 14% higher. The funding backstop will help Fermi support “a lease for phase one of Fermi’s Project Matador energy and AI buildout … with 222 megawatts (MW) of gross power capacity in line with Fermi’s first customer lease as announced on August 10, 2026.” Fermi and AMD also agreed to a separate framework to support an expansion plan up to 650 MW.
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