Key Takeaways Applied Digital shares popped after the company agreed to lease data center space to CoreWeave.Both companies are backed by Nvidia, the chipmaking giant most associated with the rise of artificial intelligence.

Applied Digital (NASDAQ: APLD) stock closed out Wednesday's trading with another day of explosive gains. The company's share price was up 29.6% at the end of the daily session. Applied Digital stock rocketed higher today after B.

Under the twin agreements announced on 2 June, Applied Digital will deliver 250 MW of critical IT load to host CoreWeave’s GPU clusters. The first 100 MW hall should come online in the fourth quarter of 2025, and the second 150 MW hall is slated for mid-2026. CoreWeave also retains an option for another 150 MW if demand stays red-hot.