Applied Digital Rallies As Co. Sees Strong Demand For Its AI Cloud Service

(RTTNews) - Shares of Applied Digital Corporation (APLD) are surging more than 15% Friday morning at $11.14.

Applied Digital today said its AI Cloud Service has secured the second AI customer with an agreement worth up to $460 million over 36-months.

Last month the company had launched its Cloud Services that provides high-performance computing power for AI applications.

"As the AI industry continues to grow at unprecedented levels, we continue to see extraordinary demand for our new cloud service as a result," said Applied Digital CEO and Chairman, Wes Cummins.

APLD has traded in the range of $0.85 - $11.53 in the last 1 year.