Shares of APPLIED DIGITAL CORP (APLD) surged 5.02% intraday on Wednesday, as investors grew optimistic about the company's growth prospects in the artificial intelligence (AI) space.
The rally followed reports that AI chip giant Nvidia had disclosed a strategic investment in APLD, acquiring a roughly 3% stake in the digital infrastructure solutions provider as of September 30. This move by Nvidia highlights APLD's potential in powering AI and high-performance computing applications.
According to analysts, APLD's focus on building state-of-the-art data centers tailored for AI workloads positions the company for significant growth. The company is finalizing a lease agreement with a major hyperscaler for a 100 MW facility designed for AI applications. Furthermore, APLD plans to expand this location to a total capacity of 400 MW, showcasing the increasing demand for its AI-optimized infrastructure.
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