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APLD Signs Artificial Intelligence Hosting Deal Worth Up to $460M
APLD shares surged on Nasdaq after the firm announced its second AI cloud hosting deal.
Updated Jun 23, 2023, 4:17 p.m. Published Jun 23, 2023, 3:18 p.m.
Applied Digital (APLD) signed a deal to host artificial intelligence (AI) cloud computing loads in its data centers in an agreement that could be worth as much as $460 million over 36 months, the firm said in a Friday press release.
Shares of the Texas-based crypto miner surged as much as 17% on Nasdaq after the announcement, its second AI hosting agreement in two months.
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Like other crypto miners, Applied Digital has been looking for alternative revenue streams to bolster income amid lukewarm crypto markets. Possibilities include AI, cloud computing and other high-performance computing applications that are forecast to continue growing.
The agreement follows one in May that Applied Digital said was worth up to $180 million in the next two years. It has partnered with hardware maker Supermicro for its AI and cloud offering.
Miners have access to cheap electricity and data center infrastructure, which can be deployed to power other types of data centers. Once they take that route, however, they have to build customer-facing capabilities, compete with infrastructure giants like Amazon Web Services and, often, improve the quality of their data centers.
This week, Iris Energy (IREN) said it is reviving its strategy to pursue high-performance computing clients.
Read more: Crypto and Bitcoin Miners Rebrand and Diversify to Survive: A Look at Their New Strategies
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