Rick Perry, former US energy secretary, after ringing the closing bell during the Fermi Inc. initial public offering (IPO) at the Nasdaq MarketSite in New York, US, on Wednesday, Oct. 1, 2025. Fermi Inc. shares rose 55% in their debut after the energy real estate investment trust raised $682.5 million in its US listing, the latest sign of investors' hunger for exposure to a boom in artificial intelligence. Photographer: Victor J. Blue/Bloomberg Photo by Victor J. Blue / Bloomberg

(Bloomberg) — US efforts to develop artificial intelligence systems and the nuclear-energy infrastructure needed to power them are comparable to the World War II initiative to build the first atomic bomb, according to Fermi Inc., a power-plant developer planning a massive data-center campus in Texas.

“Make n

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