AI Nuclear Power Developer Fermi Slides on CEO’s Abrupt Exit

Fermi Inc. plunged more than 20% Monday after a management shakeup that included the abrupt departure of its chief executive officer, potentially threatening its plans to build the world’s biggest private power grid for a data-center campus.

The company co-founded by former US Energy Secretary Rick Perry is developing an AI campus in Texas that would initially be powered by natural gas, with plans to add as many as four nuclear reactors. But Fermi has been dogged by challenges in recent months, including the loss of a key anchor tenant for the site.