Kawundo.com
(Reuters) – Applied Digital shares soared nearly 43% in early trading on Thursday, after the data center operator said it would receive $160 million in financing from a group of investors, including chip giant Nvidia.
Investors in the deal would also include privately owned real estate firm Related Companies.
Applied Digital in August posted a bigger-than-expected loss for the fourth quarter due to substantial expenses related to facilities and equipment that have yet to generate revenue.
The company designs and operates data centers to provide digital infrastructure solutions, primarily to businesses looking to adopt generative artificial intelligence technology.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Shilpi Majumdar)
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