Why Applied Digital Stock Skyrocketed 31% Today
Shares of Applied Digital (NASDAQ: APLD) jumped on Thursday, finishing the day up 31%. The huge spike came as the S 500 and Nasdaq Composite lost 0.4% and 0.1%, respectively.
The Bitcoin miner-turned artificial intelligence (AI) cloud computing provider reported its second-quarter earnings. Despite somewhat mixed results, it was revealed that another major cloud provider intends to lease additional compute power.
Applied Digital announced that its partner CoreWeave exercised a lease option for an additional 150 MW of computing power, bringing the total contract value to $11 billion. This is the maximum the company can provide from its Ellendale, North Dakota, location.
Source Fool.com
