Why Applied Digital Stock Is Soaring Today
Applied Digital (NASDAQ: APLD) stock is posting big gains in Tuesday's trading. The company's share price was up 9.4% as of 11:30 a.m. ET and had been up as much as 25.1% earlier in the day's trading.
Applied Digital is soaring today following news that Macquarie Asset Management will be investing up to $5 billion in the company. The stock is also getting a boost from the latest inflation report from the Bureau of Labor Statistics.
Applied Digital published a press release today announcing that it had entered into an agreement to receive up to $5 billion in funding from Macquarie to bolster its high-performance computing (HPC) initiatives. Through multiple funds that it manages, Macquarie will be investing up to $900 million in one of Applied Digital's HPC data centers.
Source Fool.com
