Is Rick Perry’s AI Energy IPO a Bubble or Warning?: Liam Denning

The classic stock market bubble is an informational vacuum suspended within a sphere of gloss. The bubble that has enveloped certain, artificial intelligence-adjacent parts of the electricity business fits that description. However, when it comes to the most recent initial public offering in the sector, that of Fermi Inc., there is some useful signal in the noise.

Fermi has several trappings of a bandwagon IPO. Its stated mission is to “power the artificial intelligence (“AI”) needs of tomorrow,” and one of its co-founders is former Texas Governor and Energy Secretary Rick Perry.

Its first project is to develop a datacenter and energy campus in the ...