Stock Track | APPLIED DIGITAL CORP Soars 5.24% on Nvidia Investment, AI Growth Prospects

Stock Track11-20 22:33

Shares of APPLIED DIGITAL CORP (APLD) surged 5.24% in Wednesday's intraday trading, outpacing the broader market, as investors grew increasingly bullish on the company's growth prospects in the artificial intelligence (AI) space.

The rally was fueled by 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, positioning the company for significant growth in this rapidly expanding sector.

According to analysts, APLD's focus on building state-of-the-art data centers tailored for AI workloads is a key driver of its growth prospects. The company is currently finalizing a lease agreement with a major hyperscaler for a 100 MW facility designed specifically for AI applications. APLD also plans to expand this location to a total capacity of 400 MW, showcasing the increasing demand for its AI-optimized infrastructure solutions.

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