Applied Digital shares rip 40% higher on CoreWeave AI lease agreement
Published on: 2025-06-11 04:13:40
Shares of Applied Digital rose more than 40% after the company said it signed two long-term lease agreements with CoreWeave for artificial intelligence data centers.
Nvidia -backed CoreWeave climbed more than 7% following the announcement.
Financial terms of the two agreements were not provided, but Applied Digital said it expects $7 billion in total revenue over the approximately 15-year period.
"Through these newly signed long-term leases with CoreWeave, we are taking a step forward in our strategic expansion into advanced compute infrastructure," said Applied Digital CEO Wes Cummins in a release announcing the news.
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