Why Is Applied Digital Stock Jumping Today?
Shares of Applied Digital (NASDAQ: APLD) are climbing on Monday, up 7% as of 2:56 p.m. ET. The jump comes as the S 500 and the Nasdaq Composite were both moving higher.
The artificial intelligence (AI) data center company's stock is still rising after it released its quarterly earnings that surpassed analysts' revenue targets. The company's top line grew 84% year over year to reach $64.2 million. Wall Street had expected $50 million.
The growth is fueled by what seems like an unquenchable demand for AI computation resources. In its press release, the company highlighted major developments demonstrating the strength of that demand, including a deal with the AI-first cloud computing company CoreWeave, potentially worth $11 billion.
Source Fool.com
