Why Did Applied Digital Stock Sink 5.8% Today?
Shares of Applied Digital (NASDAQ: APLD) fell on Wednesday, finishing down 5.8%. The drop came as the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) fell 0.5% and 1%, respectively.
The stock of the artificial intelligence (AI) data center company announced another multibillion-dollar deal today to provide data center capacity. The press release referred to the new customer as an "investment-grade hyperscaler," but didn't name the company directly.
Regardless, the as-yet-unnamed company has agreed to pay Applied Digital up to $5 billion over 15 years for 200 megawatts of capacity. This brings the company's leased capacity to a total of 600 megawatts across its two Polaris Forge sites.
Source Fool.com
