On October 10, Akamai rose 5.08% in regular trading, trading at $106.05 per share, with turnover of $235 million. The move extends the stock's strong momentum following its landmark seven-year, $11.6 billion compute contract with Anthropic, which continues to provide support for the share price.

The agreement, the largest order in Akamai's history, involves the company providing CPU compute capacity to Anthropic to support its growing AI service demands. Akamai expects approximately $5.5 billion in related capital expenditures. As part of the transaction, Akamai issued Anthropic warrants to purchase approximately 7.7 million shares of non-voting convertible Series B Preferred Stock at an exercise price of $111.33 per share. Several investment banks have recently raised their ratings or price targets on Akamai, reflecting a market reassessment of the long-term growth prospects of its compute business.

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