Fermi (FRMI) said Tuesday it has signed a credit support agreement with Advanced Micro Devices (AMD) regarding a lease for the first phase of Fermi's Project Matador energy and artificial intelligence buildout in Carson County, Texas.
The companies said they have also signed an agreement that outlines a framework for the next two phases, which includes an expansion of up to 650 megawatts of gross power capacity.
Financial terms were not disclosed.
Shares of Fermi rose more than 16% in recent premarket activity Tuesday, while AMD declined nearly 2%.
Price: 3.79, Change: +0.54, Percent Change: +16.61
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