Amarillo AI Plant Hit With New Uncertainty After CEO Resigns

One of the biggest hot-button topics in Amarillo for a while now has been the AI plant that Fermi is building here. There have been concerns over the water usage, the deal with Amarillo, and what it's all going to mean for the city.

It's been through a lot of ups and downs along the way as they continue to build the plant, and now they're facing another big issue that has raised even more concerns about the future of the plant.

Fermi CEO Resigns

Toby Neugebauer was the company's CEO until Friday, when he abruptly stepped down from his post. There was no reason given as to why he resigned from his post; he just...left.

To account for the lack of a CEO, Fermi had to move quickly. They created an interim Office of the CEO that includes the current Chief Operating Officer of Fermi, Jacobo Ortiz. We are expecting to hear more about their plan moving forward later today.

Stock Prices Tumble

Fermi was already struggling as they had posted a very substantial net loss in the fourth quarter of 2025, and they were also showing some very high non-cash expenses. So the financial picture of Fermi was already looking a bit bleak.

After the resignation of Neugebauer, the company saw a sharp drop in its stock price, falling nearly 30% from where it was prior to the announcement. As of the writing of this article, they were showing another 16% decline in stock price as it was sitting at $5.46 per share on Monday morning.