Fermi Inc. · Brief

Next report

9 days

Nov 9 · after closeest.Q3 FY26

Expected move

±16.3%implied · straddle

2.183.04

spot 2.61exp Nov 13ATM strike 2.5ATM straddle 0.50IV 123%

Oct 30 close

Expected move

—≥ implied

Q2 FY26—▼−13.16%—

quarterimplied−15%0+15%realized×

Q2 FY26—▼−13.16%—

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Nov 9 report · est.

Bull2 of 3

7disclosed supplier and customer ties present in SEC filingsSEC filings

304many managers reporting positions in the latest quarterly filings13F · Jun 30 '26

Bear1

43a concentrated group of managers account for most of the reported value13F · Jun 30 '26

AI captions · Sep 28 '26once per report · top 2 per case

FRMI report session

No linked exposure.

Oct 26impliedImplied move: ±21.8% into Nov 9 earnings (Oct 26 close).Source

privateThesis 0 · Decisions 0 · Observations 0

No thesis.