Fermi Inc. shares surged 14% on October 13, 2026, after AMD announced it would provide credit support for the first phase of Project Matador, its AI-focused power campus in Texas. The support covers a 222 MW lease with TensorWave, expected to generate approximately $6.5 billion in revenue over 15 years. AMD also committed to an expansion framework of up to 650 MW, nearly three times the Phase 1 capacity. Project Matador targets 17 GW of total capacity on 8,400 acres, with 6 GW already permitted and over $1.5 billion invested. The announcement provided relief for Fermi shareholders, as the stock had fallen 59% year to date prior to this news.
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