Applied Digital Jumps Premarket After Nvidia Reports A Stake in the Company

Tiger Newspress11-15

Shares of APPLIED DIGITAL CORP surged 5% in premarket trading on Friday after NVIDIA Corp reported a stake in the company.

The world’s largest company by market capitalization held roughly 7.7 million Applied Digital shares as of Sept. 30, or a roughly 3% stake, according to a Securities and Exchange Commission filing Thursday.

Applied Digital is a U.S.-based provider of advanced digital infrastructure, designed to support high-performance computing and artificial intelligence applications.

In its fiscal first quarter ended Aug. 31, the company saw revenue growth of 67% year-over-year and said it had secured a $160 million investment from institutional and accredited investors.

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