Fermi is trading 4.15% down now at $5.88 after investors continued reacting to a federal subpoena concerning Project Matador.
- Eastern District of New York requested company documents on the Texas data-center campus and former management; SEC made a similar request.
- Disclosure heightened regulatory uncertainty around Fermi’s ambitious development plans and pressured shares for a second consecutive session. Technology and growth-stock weakness, including a 1.27% Nasdaq decline, added pressure; the subpoena remains the clearest company-specific catalyst.