Applied Digital (APLD) Faces 7.56% Decline Amid Lack of Leads, Signs $7 Billion Deal

Applied Digital Corporation (NASDAQ:APLD) lost 7.56% as it struggled to find momentum in the market. The lack of catalysts led to a second day of decline, closing at $9.66 per share, in line with broader market trends.

In a significant development, APLD signed a $7 billion lease agreement with CoreWeave, Inc. (NASDAQ:CRWV). The deal involves delivering 250 megawatts of IT load to host CoreWeave’s AI and HPC infrastructure in North Dakota.

The company plans to deliver 100 MW of data center by the end of 2021, with an additional 150 MW expected to be online by mid-2026. B. Riley has raised APLD’s price target to $15, citing growth potential and positive outlook.

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Read more at Yahoo Finance: Applied Digital (APLD) Loses 7.56% on Lack of Leads