Applied Digital shares rip 40% higher on CoreWeave AI lease agreement

Core Insights - Shares of Applied Digital increased by over 40% following the announcement of two long-term lease agreements with CoreWeave for AI data centers [1] - CoreWeave, backed by Nvidia, saw its shares rise by more than 7% after the news [1] - Applied Digital anticipates total revenue of $7 billion over the approximately 15-year duration of the agreements [1] Company Strategy - The newly signed long-term leases with CoreWeave represent a strategic expansion into advanced compute infrastructure for Applied Digital, as stated by CEO Wes Cummins [2]