Why Applied Digital Stock Jumped 8.6% Today
Shares of Applied Digital (NASDAQ: APLD) jumped on Thursday, finishing the day up 8.6%. The spike came as the S 500 and the Nasdaq Composite finished up 0.7% and 1.3%, respectively.
The artificial intelligence (AI) data center company announced today that it secured $100 million in financing to "fund the pre-lease development costs for new data center projects."
In a press release on Thursday, the company said that it has entered into a loan facility with its previous financing partner, Macquarie Group, to fund the initial planning, permitting, and early construction of several new data center campuses it is building for an as-yet-unnamed "investment-grade hyperscaler."
Source Fool.com
