Applied Digital Corp (APLD) stock surged 5.13% in the 24-hour period, continuing its upward trajectory following a significant deal announcement with CoreWeave. The company, which specializes in AI infrastructure, revealed it has entered into two 15-year lease agreements that are expected to generate approximately $7 billion in revenue over their duration.
The leases involve Applied Digital providing 250 megawatts to host CoreWeave's artificial intelligence and high-performance computing infrastructure at its data center campus in Ellendale, North Dakota. This strategic move positions Applied Digital as a key player in the rapidly growing AI infrastructure sector.
Investors responded positively to the news, with Applied Digital's stock price reflecting the market's optimism about the company's future prospects. The deal not only secures a substantial long-term revenue stream but also solidifies Applied Digital's role in supporting the expansion of AI and high-performance computing capabilities.
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