Why Applied Digital Stock Plummeted Today
Applied Digital (NASDAQ: APLD) stock got hit with another round of big sell-offs in Monday's trading. The company's share price dropped 14% by the time the market closed.
Tech stocks were rocked following some bearish news for Nvidia and other artificial intelligence (AI) stocks. Applied Digital stock often makes big moves in conjunction with valuation shifts for Nvidia, and its share price tumbled lower today.
Nvidia and other AI stocks are seeing strong bearish momentum today following reports that the company's most advanced processors are still being sold into China despite export bans. The chips are reportedly included in servers that have been sold by third-party sellers, and it's possible that this could result in additional restrictions being put on advanced semiconductors and chip manufacturing equipment. The Trump administration was already said to be ramping up export restrictions on the category, and it wouldn't be surprising to see some action on that front in the not-too-distant future.
Source Fool.com
