Shout out to Recent_Whole3294.
I’m gonna be honest I thought I knew almost everything there is to know about Fermi. But he apparently read the million page Texas tech ground lease document and found this awesome info.

Permitted Phase One Subtenants  

1. Google and affiliates.

2. Amazon.com and Amazon Web Services.

3. Meta and affiliates.

4. Microsoft and affiliates.

5. Apple and affiliates.

6. Oracle and affiliates.

7. Tencent Cloud and affiliates.

8. IBM Cloud and affiliates.

9. SAP Cloud and affiliates.

10. Salesforce Cloud and affiliates.

11. Coreweave and affiliates.

12. Paperspace and affiliates.

13. Nebius and affiliates.

14. Lambda Labs and affiliates.

15. Vast AI and affiliates.

16. OVH and affiliates.

17. Vultr and affiliates.

18. DigitalOcean and affiliates.

19. Rackspace and affiliates.

20. xAI and affiliates.

21. OpenAI and affiliates.

22. Crusoe and affiliates.

23. Nvidia Corporation and affiliates.

There is another competitor in the market for selling GPU's, thats why we are seeing a sharp pullback in companies like Nebius and Corweave, which I think is a bit of an overreaction because there is plenty of demand to go around, but I get it. But how does this affect Fermi?

If Meta plans to become another could provider, we have another trillion dollar company that will be trying to secure power. Meta's cloud ambitions increase total industry demand for power infrastructure, it doesn't decrease it.

I think its possible smaller companies that were evaluating Fermi that were just needing GPU access could potentially do business with Meta instead. But Hyperscalers, Enterprise compute operators, and the big chip players are looking to add gigawatts of dedicated power, they are trying to secure physical infrastructure for years.

Hey all, this video is the March construction update but it seems like there are a lot of people here that have no clue what the site looks like, so just posting this for those people to see.

A couple of things that are further along since this video was uploaded:

1. Some gas turbine pads are poured
2. Substation is mostly complete
3. The XCEL power line tie in is complete
4. 2.5m gallon water tank is complete and primed awaiting paint.
5. More gas lines have been added and run further into the site near the turbine pads I think (I can’t see over a hill to know exactly where the pads are)

Again the site progress completed so far is great, but it really isn’t the main attraction for clients imo, it’s the long lead time turbines (2.2 gigs), gas permit, 18mgd water secured, 350 million cubic feet per day natural gas from ET, TT land advantages, adjacent to pantex, etc.

The proxy vote is now active on your brokerage website. You must vote online by July 9, 11:59 p.m. ET. 2026 contested consent meeting to be held Friday, July 10, 2026.

The board recommends you submit the WHITE card.

I’m not going to tell anyone how to vote but the sooner we can end this board dispute the sooner we can sign tenants IMO.

I can’t speak for all brokerages, but for those that use Charles Schwab, log in, click on corporate actions, then click proxy events.

LETS GO FERMI 2.0!!! 💪

I contacted Charles Schwab and they said you should expect to be able to vote online in your account within 1-2 weeks. I’m assuming Fidelity/ Vanguard and others will be the same.
You just click “corporate actions” at the top of the page and it will take you to the vote when it’s ready. Just fyi for those interested in voting online.

So let’s break this down
-Toby needs 50%
-He has 40.3% already.

•Let’s assume 25% of shares don’t vote.
•9.3% is owned by caddis (against Toby)
•8% Fermi current administration owned shares against Toby (minus Miles Everson and Larry Kellerman)

•42.3% against Toby

•That leaves 17.4% of shares to be pulled either way. Toby would have to get 55% of these shares to vote for him to reach the 50% to call a special meeting.

-Not impossible, but not easy either. These are just my estimates.

I have been reading about this board battle for probably 8 hours today 😂. It’s more important than people think… here’s the path that Toby could take and my understanding of his backup plans.

1. He must collect 50% shareholder vote (green card) to call a meeting.
   -Toby and friends currently control just over 40% of the shares. They need just over 9% of shareholders to vote yes and the meeting gets called. I think the majority of individual shareholders, and institutional investors are against him, I also think that a lot of people won’t do anything, which is the same and voting against Toby, so those are positives. But if he is able to rally 9% of shareholders to vote for him there will be a meeting.

2. July 15th, if the meeting gets called, here is where we will see if Toby can change the structure of the board. He has to get a 70% vote to: Increase board size, or remove current board members. I believe there is almost a 0% chance that he will get a 70% vote, so what are the backup plans he has?

3. He will challenge the 70% bylaw in court. This is the biggest question mark in all of this. From what I have read, Fermi has a strong leg to stand on with changing the bylaw from 50-70%. But it would be up to a judge to decide.
   The board’s strongest arguments
   •We had authority to adopt it
   This is probably their strongest legal argument.
   The board’s first question to the court will be:
   “Did we have authority under the charter and bylaws to adopt this amendment?” If the answer is yes, the board starts from a favorable position.
   Toby’s strongest arguments
   1. The timing looks bad
   This is probably his strongest argument. The board adopted the amendment on May 13, after: Toby had already launched his campaign. Litigation was underway. The control fight was public.

4. If Toby can’t hit the 70% number, he could try to say that the removal of Haas, McIntire, and Robbin-Coker is “for cause”. Fermi has said that the for cause claim is “entirely without merit”. If a court rules there is no legal cause, then the removal fails and those directors stay on the board. I don’t think there is anything “for cause” related that Toby can pin on the current board that would hold up in court.

Who knows how things will play out for sure. I think the odds are in the current boards favor though. Submit white card on your brokerage and buckle up I guess.