Fuzzy Panda short Fermi, says ‘in even worse position’ after CEO departure

Fuzzy Panda Research is short Fermi (FRMI). “After the market closed Friday, Fermi CEO and co-founder Toby Neugebauer surprisingly ‘departed’ the company. We believe he was fired, and that puts Fermi in an even worse position. Those left to run the shop are Toby’s loyalists (aka FoT’s – Friends of Toby). We uncovered serious allegations of fraudulent transfers and misappropriation of assets against both Toby and his leftovers in the C-suite at Fermi,” Fuzzy Panda said in a recently published report. “Fermi is a not a field of AI dreams … it’s a field of dirt. Sure, if they built it a tenant would come. But they lack the capital needed to build it, the expertise to build it – and now they’ve had to even stopped building it. Fermi has a Catch-22 that no AI hyperscaler wants to be stuck in.” Shares of Fermi have dropped about 18% to $5.38 in morning trading.