Fermi Makes $13B Nasdaq Debut; Tesco Boosts Profit Forecast Amid Criticism
Fermi, a leading developer of electric grids and data centers, has made a significant debut on the Nasdaq and the London Stock Exchange, achieving a valuation of over $13 billion. Meanwhile, Tesco, the UK's largest supermarket chain, has boosted its full-year profit forecast to £3.1 billion, a move that has drawn criticism from unions amidst the rising cost of living.
Fermi's impressive listing comes as the company plans ambitious expansion. It aims to construct 15 million square feet of AI data center capacity, powered by an innovative mix of energy sources including natural gas, solar power, battery storage, and nuclear reactors. This approach underscores Fermi's commitment to sustainability and efficiency.
Tesco's profit upgrade reflects a strong performance driven by increased market share and sales. The retailer's share of the market has risen to 28.4%, buoyed by a 5% sales increase, particularly in barbecue-related items during the summer. However, the company has absorbed additional operating costs, such as higher employer National Insurance Contributions and a new packaging levy, which have impacted its pre-tax profit, down 6.3% to £1.3 billion.
A cyber attack on Asahi Group has led to a shortage of Asahi Super Dry beer in Japan, with retailers warning of potential stockouts within days. This incident highlights the potential disruptions that cyber threats can pose to global supply chains.
Fermi's successful listing signals confidence in the company's growth prospects and commitment to sustainable energy solutions. Tesco's profit upgrade, despite absorbing additional costs, demonstrates the retailer's resilience. However, the company and its CEO, Ken Murphy, have urged the Chancellor to deliver a 'pro-growth and pro-jobs' Budget to help keep prices down and maintain value for customers, warning of potential food price increases due to higher taxes.
