FRMI Surges 27% on OpenAI Ohio Data Center Lease Reports

Citizens analysts said reports of OpenAI exploring a 10-gigawatt data center lease in Ohio drove Fermi LLC (FRMI) shares up 27% during Wednesday afternoon trading. OpenAI is reportedly in talks to lease the facility on federal land with potential financial backing from Nvidia, according to The Information. The proposed campus could cost over $500 billion at full scale and signal OpenAI's shift toward controlling dedicated infrastructure rather than relying solely on cloud providers. Citizens stated the project could increase chances of Fermi securing its first major commercial tenant, citing Fermi's existing 6-gigawatt permits and expected approval for the remaining 5 gigawatts, with initial capacity potentially operational by 2027.
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