APLD Raises $160 Million from Nvidia, Others at $3.24 per Share

Sep 5, 2024, 12:32 PM

Applied Digital (APLD) has raised $160 million in funding from Nvidia and other investors, as reported by WSJ. The financing round involved the issuance of 49 million shares at $3.24 each. Applied Digital, which leases out data-center space and has initiated an AI cloud-computing service using Nvidia chips, received significant backing from the artificial intelligence chip giant. The stock saw a 23.5% pre-market increase following the announcement.