Applied Digital (APLD, Financials) surged 103% last week after announcing a long-term hosting agreement with CoreWeave, an AI infrastructure firm backed by Nvidia (NVDA, Financials).
The deal, valued at $7 billion over 15 years, will see Applied lease space at its North Dakota facility to host CoreWeave's expanding AI compute stack. The move accelerates Applied's pivot deeper into AI data center infrastructure.
Shares closed Friday at $13.86, tripling over the past 12 months amid strong interest in AI-adjacent plays. Both Applied and CoreWeave count Nvidia as a key backer, linking them to the broader AI rally.
Technical analysts flagged a bullish cup-and-handle breakout, with price clearing key resistance last week. Volume confirmed the move, and momentum indicators show strength.
