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Applied Digital (APLD) stock soared more than 4% in after-hours trading Thursday after Nvidia (NVDA) announced an investment in the company.
The world’s largest company by market capitalization owned about 7.7 million shares of Applied Digital stock, or about 3%, as of Sept. 30, according to a filing with the Securities and Exchange Commission on Thursday.
Applied Digital is a U.S.-based provider of advanced digital infrastructure designed to support high-performance computing and artificial intelligence applications.
In its fiscal first quarter, which ended Aug. 31, the company reported a 67% year-over-year revenue increase and announced it had secured $160 million in investment from institutional and accredited investors.
Nvidia is scheduled to report its third quarter results after the bell on Wednesday, November 20th.
