Applied Digital shares rip 40% higher on CoreWeave AI lease agreement

Applied Digital shares rip 40% higher on CoreWeave AI lease agreement


Vcg | Visual China Group | Getty Images

Shares of Applied Digital rose more than 40% after the company said it signed two long-term lease agreements with CoreWeave for artificial intelligence data centers.

Nvidia-backed CoreWeave climbed more than 7% following the announcement.

Financial terms of the two agreements were not provided, but Applied Digital said it expects $7 billion in total revenue over the approximately 15-year period.

“Through these newly signed long-term leases with CoreWeave, we are taking a step forward in our strategic expansion into advanced compute infrastructure,” said Applied Digital CEO Wes Cummins in a release announcing the news.

CoreWeave will provide AI and high-performance computing infrastructure for the Applied Digital data center campus in Ellendale, North Dakota, according to the release.

Applied Digital will provide 250 megawatts of critical IT load for CoreWeave. The campus is designed to host 400 MW of load.

CoreWeave shares have been on a tear over the past couple weeks, setting a record high of $130.76 on May 29. The company, which rents AI servers powered by Nvidia chips, started trading at $39 on March 28.



Source

‘Cyber plague’: Experts warn of growing infostealer threat after billions of login details exposed
Technology

‘Cyber plague’: Experts warn of growing infostealer threat after billions of login details exposed

“Someone, somewhere is having data exfiltrated from their machines as we speak,” says Volodymyr Diachenko, co-founder of the cybersecurity consultancy SecurityDiscovery. Sarayut Thaneerat | Moment | Getty Images Cybercriminals have intensified their efforts to steal and sell online passwords, experts warn. The alarm comes after the discovery of online datasets containing billions of exposed account […]

Read More
Adopt or die? How Southeast Asian small businesses are using AI to stay competitive
Technology

Adopt or die? How Southeast Asian small businesses are using AI to stay competitive

ASEAN member nations’ flags outside the Pullman Hotel, the venue for the ASEAN Foreign Ministers’ retreat meeting in Luang Prabang, Laos, in January 2024. Tang Chhin Sothytang Chhin Sothy | Afp | Getty Images The U.S. and China are usually top of mind when it comes to artificial intelligence and generative AI. But Southeast Asia’s […]

Read More
Meta wins AI copyright case, but judge says others could bring lawsuits
Technology

Meta wins AI copyright case, but judge says others could bring lawsuits

Meta CEO Mark Zuckerberg makes a keynote speech during the Meta Connect annual event, at the company’s headquarters in Menlo Park, California, on Sept. 25, 2024. Manuel Orbegozo | Reuters Meta on Wednesday prevailed against a group of 13 authors in a major copyright case involving the company’s Llama artificial intelligence model, but the judge […]

Read More