Shares in data centre real estate group Fermi almost halved on Friday after the company said its first tenant had terminated an agreement to help fund a massive artificial intelligence campus in West Texas.
The stock fell as much as 46 per cent after the company, which was co-founded by former US energy secretary Rick Perry and raised $682mn in an explosive stock market listing in October, said the tenant had pulled $150mn it had pledged to invest in construction of the data centre.
Fermi said that although the tenant had declined to provide funding, the parties were still negotiating lease terms.
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