We recently published a list of Shares of 10 Firms Soar on Friday. In this article, we are going to take a look at where Applied Digital Corporation (NASDAQ:APLD) stands against other firms that soared on Friday.

Wall Street finished mixed anew on Friday, as investors continued to weigh fresh developments on tariffs and inflation data.

The Nasdaq was the sole index eking out gains, up 0.41 percent. The Dow Jones decreased by 0.37 percent while the S&P 500 was little changed, dipping 0.01 percent.

In line with Nasdaq’s rally, 10 companies predominantly under the technology sector led the charge. In this article, we detailed the reasons behind their stellar performance.

To come up with this list of biggest advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A team of technicians in a server room, testing and managing the newest server solutions.

Applied Digital Corporation (NASDAQ:APLD)

Applied Digital Corporation (NASDAQ:APLD) saw its share prices surge by 15.17 percent on Friday to end at $9.11 apiece following news that the company raised $375 million in fresh funds from Sumitomo Mitsui Banking Corp. for the development of its Ellendale campus in North Dakota.

According to Applied Digital (NASDAQ:APLD), part of the proceeds will be used for repaying its existing obligations under Macquarie capital senior secured notes, which saw the latter investing $5 billion in APLD’s AI data center business last month.

The remainder of the proceeds would be used for the development of the campus’ first and second buildings.

The Ellendale campus is one of APLD’s major milestones which began construction in 2022. The facility currently houses the 180MW ELN01 for hosting crypto mining hardware and the 100MW ELN02 for high-performance computing (HPC). Two other buildings dedicated to HPC are expected to be completed over the next few years, totaling 300 MW.

Overall, APLD ranks 5th on our list of firms that soared on Friday. While we acknowledge the potential of APLD as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than APLD but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.