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J. Edward Moreno12/12/25

Fermi drops after tenant terminates $150 million contract

Fermi fell in early trading on Friday after it disclosed that its first tenant for its planned Project Matador power grid site has terminated its $150 million contract.

Fermi, which was cofounded by former Energy Secretary Rick Perry, plans to build nuclear energy infrastructure to power data centers. In September, Fermi announced that it had entered into a nonbinding letter of intent with a tenant to lease a portion of Project Matador. That contract was terminated on Thursday, Fermi said in a Friday regulatory filing.

Fermi, which currently generates no revenue, said it is talking to other potential tenants for the Project Matador Site and “remains confident that it will be able to meet its expected power delivery schedule at Project Matador as the demand for behind-the-meter power for AI remains robust over the near and long term.”

Fermi, which went public in October, is now down more than 70% since its IPO. Last month the company had its first quarterly earnings report, in which it reported steeper-than-expected losses.

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Claire Yubin Oh21m

Klarna jumps after filing reveals that chairman Michael Moritz bought ~$50 million in stock

Shares of Klarna rose 6% in premarket trading on Friday after the company’s Chairman Michael Moritz purchased shares worth ~$50 million.

Per the buy now, pay later giant’s regulatory filings reported late on Thursday, Moritz purchased over 3.47 million shares between March 3 and 11 through an associated entity in multiple open market purchase transactions. On the same day, the company also filed its Chief Product Design Officer David Fock’s purchase, worth ~$0.4 million, made during the same period.

The filings also showed that Klarna’s two other executives sold a total of 56,502 shares under pre-established plans.

Klarna has had a volatile few days, dropping 11% yesterday amidst a tough day for the market as a whole, after the company's post-IPO lockup period expired for early investors.

Claire Yubin Oh

Adobe sinks as CEO departs after 18 years at the helm, overshadowing solid Q1 results

ARR exited the quarter up 10.9% on this time last year, a slight slowdown that might compound AI concerns.

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Avocado, toast?

Meta reportedly delays the launch of its new AI model because it’s just not that good

Meta’s AI leaders have “instead discussed temporarily licensing Gemini to power the company’s AI products, though no decisions have been reached,” according to the New York Times.

Meta Connect developer conference

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Hims & Hers sees surge turn sour in its biggest reversal since the 2025 stock market bottom

Hims & Hers erased gains of more than 5% in early trading to close down more than 7% on Thursday.

It’s the first time the telehealth company saw an intraday gain of 5% or more turn into a loss of 5% or more since April 8, 2025, which marked that year’s bottom for the S&P 500 amid the tariff-induced tumult.

Hims has been on an absolute tear this week after reaching a renewed partnership with Novo Nordisk to sell its weight-loss drugs, a pact that resolves the massive legal overhang that had been plaguing the stock. The momentum continued as Wall Street scrambled to boost its outlook on the shares following this arrangement.

There’s not much in the way of company-specific news to point to: Hims, like many other firms, tanked after the market opened as oil climbed.

Perhaps this is just a consolidation period — the so-called pause that refreshes — or a potential sign that the stock has squeezed all the juice it could out of one catalyst as the overall market wobbles under the weight of high oil prices brought about by the ongoing war in the Middle East.

Tasha Matsumoto

Stocks tumble as Brent crude closes above $100

Investors were plagued by inflation fears amid rising oil prices and ongoing private credit concerns.

Black Bear in Yukon Territory

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