Why Applied Digital Stock Rocketed 44% Today
Data center designer, developer, and operator Applied Digital (NASDAQ: APLD) saw its shares take off like a rocket Tuesday morning after announcing that its Sai Computing subsidiary has signed a $180 million, 24-month contract to support the work of a "major AI customer."
The customer's name was not disclosed. But including the words "million-dollar" and "artificial intelligence" in the press release seems to have had the intended effect: Today, Applied Digital's stock is off to the races -- up 48.2% through 11:45 a.m. ET.
What Applied Digital did say is that the contract was for the company's recently launched AI Cloud Service, that it will entail a "significant pre-payment," and that Applied Digital will begin supporting the customer in June, with its service being "fully ramped up" by year-end.
Source Fool.com
