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To: Julius Wong who wrote (7756)9/5/2024 12:22:52 PM
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Applied Digital stock jumps after Nvidia backs $160M funding round

Sep. 05, 2024 9:15 AM ET
By: Preeti Singh, SA News Editor

DKosig

Shares of Applied Digital (NASDAQ: APLD) jumped over 50% premarket on Thursday after disclosure that AI chip giant Nvidia (NASDAQ: NVDA) is joining other investors in a $160M financing round for the company.

Through a private placement, Applied Digital ( APLD) agreed to issue 49,382,720 shares of its common stock at a price per share of $3.24, representing the last closing price on September 4, 2024.

Investors in the deal include Nvidia ( NVDA) and real-estate firm Related Companies.

The deal brings fresh capital for Applied Digital ( APLD) and is expected to help fund growth at the company and underpin planned debt-financing deals.

The data-center and AI cloud firm, which had a market value of more than $500M as of Wednesday's close, is seeking debt financing for a major data-center project in North Dakota, as well as to expand its cloud-computing business, the WSJ reported.

Applied Digital ( APLD) already serves as a Preferred NVIDIA Cloud Partner. "We have been doing a lot with Nvidia, and I think we're unique in that we have both the cloud aspect and the data center build-out," Applied Digital chief executive Wes Cummins told WSJ. "I think both are important to them."

Nvidia ( NVDA) has been ramping up its investment activity amid the AI boom, backing companies that use its chips. The company most recently participated in a $100M financing round for Japanese AI research company, Sakana AI.
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