Fermi secures preliminary approval for a low-emissions natural gas plant to meet AI power demands

Power provider Fermi said it has received preliminary approval from the Texas Commission on Environmental Quality for the planned 6 gigawatts of natural gas generation that’s part of its “Project Matador” to meet the ever-growing power demands of the AI boom.

“At Fermi, our private grid model ensures that the growing demand for AI is met privately,” Fermi America CEO and cofounder Toby Neugebauer said.

Final approval is still subject to a formal meeting and public comment.

The initial gas generators are already en route to the campus, with plans to have these installed and online in 2026, Fermi said.

Microsoft CEO Satya Nadella recently remarked that “the ability to get the builds done fast enough close to power” is the biggest constraint he faces, just ahead of an announced deal with IREN to purchase power-secured cloud computing capacity.

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Tempus AI dives after hours, despite strong Q3 numbers

The medical diagnostic company, which is developing new AI-driven tests, has at times been a favorite of retail investors.

Matt Phillips36s

Luke Kawa4m

Super Micro tumbles after reporting disappointing results, boosts full-year sales outlook

Super Micro Computer just released results for its fiscal Q1, the three months ended September 30, and they’re a top- and bottom-line miss — but with very strong sales guidance for the current quarter and a boost to the full-year outlook.

Shares are sinking in after-hours trading.

The Q1 results:

Net sales: $5 billion (estimate: $6.1 billion, guidance of about $5 billion)
Adjusted diluted net income per share: $$0.35 (estimate: $0.41, guidance of $0.40 to $0.52).

Its fiscal Q2 guidance:

Net sales: $10 to 11 billion (estimate: $8.1 billion)
Adjusted diluted net income per share: $0.46 to $0.54 (estimate: $0.62).

The server giant took away some of the suspense from these results by announcing preliminary figures on October 23, saying Q1 net sales would be about $5 billion, which it attributed to “recent design wins in excess of $12 billion, requesting delivery in the second quarter of fiscal year 2026” — that is, the quarter we’re currently in. That figure was far short of the consensus estimate and its previously-issued guidance for the quarter.

(Hilariously, the consensus estimate only went down to $6.1 billion from $6.5 billion after that release).

At that time, president and CEO Charlies Liang reiterated expectations for $33 billion in sales for fiscal year 2026. Management now upped that full-year sales outlook to $36 billion. Analysts were expecting $32.6 billion.

Pushing back the timing of expected sales has been a common theme for Super Micro this calendar year.

Tasha Matsumoto, Luke Kawa

11m

Stocks sell off as tech falls and investors question frothy valuations

Stocks tumbled and the VIX rose as investors worried about a broader pullback.

Brown bear (Ursus arctos) looks out of its den in the woods under a large rock in winter

Palantir tumbles after delivering spectacular results

Palantir’s exceptional earnings receive ugly reaction

The valuation agita hitting high-flying stocks overshadowed the AI and intelligence software company’s blowout quarterly update.

Matt Phillips5h

Luke Kawa6h

The negative reaction after Palantir’s earnings is spreading to other volatile retail favorites

Palantir is the poster child for a richly valued, retail darling, megacap momentum stock. It’s going down on largely good news, and that’s cascading to hit smaller, volatile segments of the market also beloved by the retail community.

Fuel cell company Bloom Energy and no-revenues nuclear company Oklo are both off about 5% or more in early trading.
Neoclouds Nebius and CoreWeave are facing significant selling pressure.
The quantum space is getting rocked, with D-Wave Quantum, Rigetti, IonQ, and Quantum Computing all down between 3% and 5% as of 9:42 a.m. ET.
Other story stocks deep in the red include SoundHound AI, Rocket Lab, and Opendoor Technologies.

Goldman Sachs baskets that track retail favorites and nonprofitable tech stocks are down more than 2% and 3% as of 9:43 a.m. ET, respectively, while the Invesco S&P 500 High Beta ETF is also off more than 2%.

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