Why Applied Digital Stock Plummeted Today
Applied Digital (NASDAQ: APLD) stock saw a dramatic valuation pullback in Monday's trading. The data-center specialist's share price ended the daily session down 15.3%. Meanwhile, the S 500 (SNPINDEX: ^GSPC) fell 0.5% in the session, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) dropped 1.2%.
Applied Digital got hit with big sell-offs today as investors reduced their positions in artificial intelligence (AI) stocks ahead of Nvidia's fourth-quarter earnings release. The company's share price was also under pressure due to reports that could be cutting back its spending on data centers.
Nvidia is gearing up to release its fourth-quarter earnings report after market close on Wednesday, and investors are making some big moves ahead of the market-shaping release. More than any other stock, Nvidia is central to bullish momentum in the tech sector right now -- but traders are reducing their holdings in the stock ahead of the release.
Source Fool.com
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