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Giant Data Center Developer Fermi Crashes 22% After CEO, CFO Abruptly Quit
Last November, we warned that storms clouds were gathering over the torrid, and in some cases chaotic, rollout of US data centers, after Fermi's massive 11 GW energy and data center project in Texas, called Project Matador, which the company has envisioned to be the world's largest AI data center and energy campus in the Texas Panhandle, near Amarillo, was struggling to close the deal with its first major data center tenant (and since Fermi is set up as REIT that allocates income from tenants to shareholders, the delay may raise doubts about attracting other potential money-generating tenants, in a toxic feedback loop).
Fermi's Project Matador - The President Donald J. Trump Advanced Energy and Intelligence Campus.Fast forward 6 months, and the Fermi story has gone from bad to catastrophic, after the developer of nuclear power for AI data centers, slumped following the sudden departure of co-founder and Chief Executive Officer Toby Neugebauer and the company’s chief financial officer.
The exit of Neugebauer was the definition of a Friday night bomb: it was disclosed in a filing late Friday after the close of trading. Fermi held a conference call over the weekend for analysts, during which it said the board had been considering the change in management for at least three months, according to a research note from Evercore ISI.
On Monday, Fermi issued a statement revealing that Miles Everson resigned as CFO, and that it’s planning a new corporate headquarters in Dallas. Fermi said it has created a “interim office of the CEO,” comprising Jacobo Ortiz Blanes and Anna Bofa, both company executives who will now serve as co-presidents, while it searches for Neugebauer’s replacement. Neugebauer, a major shareholder in the company, will remain on the board. Everson was elected to the board, Fermi said.
As we reported in late 2025, Fermi - which has been developing a massive AI campus in Texas that it expects to initially power with natural gas and eventually plans to add as many as four nuclear reactors - has been dogged by challenges in recent months, including the loss of a key anchor tenant for the site.
The change at the top of the company “indicates that there was friction between customers and Neugebauer, and negotiations could be simpler going forward,” Stifel Nicolaus analyst Stephen Gengaro said in a note.
For the company's sake, he better be right: the company has so far failed to line up tenants for its complex; and without tenants there is no company (not to mention, what it means for the broader AI space where euphoria is absolutely oozing everywhere). Fermi said in December that a potential user had terminated a $150 million deal.
FRMI shares fell as much as 22% Monday, the most intraday since March 30 when the company said on an earnings conference call that it still hadn’t signed up customers for the campus, which it’s calling Project Matador. Fermi has slumped 69% since its initial public offering last year, giving it a market value of $4.1 billion.
“Fermi’s ability to ink a contract from hyperscalers who are scrambling to secure scarce available power has been perplexing,” Gengaro wrote in the research note. “Some potential customers could be taking a ‘prove-it-to-me’ approach to Fermi’s power campus.”
Some analysts said the management overhaul, despite triggering a stock drop, may ultimately be a positive for Fermi.
“Overall, we view this transition as changing the ‘tone at the top,’ but maintaining the same tenacity and vigor the industry has seen from an operational perspective,” Evercore analysts led by Nicholas Amicucci wrote in their note.
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Anti-ICE Protestors Face Trial After Judge Denies Dismissal Of Federal Charges
Authored by Bryan Hyde via American Greatness,
Three defendants who took part in an anti-Immigration and Customs Enforcement (ICE) protest last year are headed to federal trial on May 18 after a judge denied their motions to dismiss the case.
The defendants were part of a June 2025 protest near an ICE facility in Spokane, Washington, where they allegedly tried to block and damage law enforcement vehicles in response to the detainment of two Venezuelan men.
The protest against the Trump administration’s immigration agenda coincided with demonstrations in Seattle, Portland, and other major cities.
Just the News reports that the three defendants are part of a group of nine protestors who were arrested and later indicted by the Trump administration on federal conspiracy charges.
Six of the defendants took plea deals, including former Spokane City Council president Ben Stuckart, but the remaining three protestors, Jac Archer, Justice Forral, and Bajun Malvalwalla, chose to file a motion to dismiss their charges as protected free speech.
Malvawalla, a US Army veteran, has alleged that he was assaulted by federal agents during his arrest.
Attorneys for the defendants argued that their clients’ actions were constitutionally protected and challenged the indictment’s sufficiency.
The Dept. of Justice (DOJ) called the motion “meritless” and argued that the demonstration went beyond a constitutionally protected protest, alleging that the defendants blocked a transport van from leaving the federal facility, deflated its tires, and piled objects in front of the exits to stop the agents.
According to Just the News, a pretrial conference is scheduled on May 5 and the court will also consider motions that day by acting US Attorney General Todd Blanche seeking to exclude certain defense arguments and evidence at trial.
Blanche specifically wants the court to exclude arguments about whether the demonstration was a constitutionally protected protest, and references to other major immigration-related protests.
He also is asking the court to reject claims of political influence, including former acting US Attorney Richard Baker, who resigned days before the indictment, a well as arguments that two Venezuelan immigrants whose transport sparked the protest were here legally.
Liz Moore with the Peace and Justice Action League of Spokane is calling on residents of Spokane “To make sure that immigrant neighbors and loved ones in our community are not isolated and targeted and they experience support.”
Tyler Durden Mon, 04/20/2026 - 13:00