Why Applied Digital Stock Soared 16.5% on Friday
Shares of Applied Digital (NASDAQ: APLD) jumped on Friday, finishing the day up 16.5%. The gain came as the S 500 and the Nasdaq Composite finished up 0.8% and 1.3%, respectively.
The artificial intelligence (AI) data center company announced yesterday that it has secured a new loan facility. The timing could not have been better as Micron's earnings beat on Wednesday renewed confidence in the AI trade.
Applied Digital announced on Thursday that it has obtained new financing from Macquarie Group -- a key funding partner. The initial $100 million draw will support "pre-lease development costs for new data center projects." The loan will cover planning, permitting, and initial construction costs associated with campuses it is developing for an unnamed "investment-grade hyperscaler."
Source Fool.com
Micron Technology Inc. Stock
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