Shares of Applied Digital Corp (APLD) are skyrocketing in pre-market trading, surging 19.03% following a major announcement regarding long-term lease agreements. The company has entered into 15-year lease agreements with CoreWeave, a move that is expected to generate substantial revenue over the coming years.
In a statement released early Monday, Applied Digital Corp revealed that it anticipates generating $7 billion in revenue from these leases over the 15-year term. This significant revenue projection has caught the attention of investors, driving the stock's pre-market rally.
The market's enthusiastic response to this news underscores the potential long-term value that investors see in Applied Digital Corp's strategic partnership with CoreWeave. As the trading day progresses, all eyes will be on APLD to see if it can maintain this momentum and how the broader market reacts to this development in the technology infrastructure sector.
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