TL;DR up front
FRMI IPO'd at $21, spiked to $37, got crushed to $4.47 when the CEO was fired, and is sitting around $6.50 now. This week they signed their first real customer and hinted the lease will be guaranteed by an unnamed major AI company, and the market thinks it's AMD. AMD just raised its largest-ever bond offering, settling Monday. Separately, and I think more importantly, CoreWeave and Nebius both reported earnings this week showing they can't get enough contracted power at any price, which tells me something about where this whole sector is headed regardless of what happens with the AMD rumor specifically. Institutions have been building positions aggressively. A subpoena dropped after close today, and I don't think it's what people are going to assume it is.