T1 Energy Inc. (TE) shares surged 5.17% in pre-market trading on Wednesday, continuing a recent bullish momentum for the energy company.

The rally is primarily attributed to two key positive developments. First, hedge fund Situational Awareness LP, managed by former OpenAI researcher Leopold Aschenbrenner, has built a major core position in the company by purchasing over 10 million shares valued at approximately $43.9 million. The fund operates under an AI infrastructure investment framework and views T1 Energy as a foundational energy asset poised to support growing AI computing demand, with potential for its Norwegian industrial park to become an AI data center hub.

Second, the company's first-quarter earnings significantly exceeded expectations, reporting a loss per share of $0.08 compared to the consensus estimate of a $0.17 loss, representing a more than 50% narrowing of losses. This combination of institutional endorsement and fundamental improvement has fueled continued investor optimism despite recent share disposals by major shareholder Trina Solar.