Stock Market Today: Applied Digital Soars 31% on CoreWeave Deal and Earnings Surprise

Core Insights - Applied Digital's stock surged 31% to close at $13.14, driven by a strong fiscal Q4 earnings report and an expansion of its lease with CoreWeave [2][4] - The company reported $38 million in revenue for fiscal Q4, a 41% increase year over year, and an adjusted EPS loss of $0.03, surpassing analyst expectations [4] - CoreWeave exercised a 150-megawatt lease option, increasing total contracted capacity to 400 MW, potentially unlocking up to $11 billion in revenue over the next 15 years [4][5] Market Performance - Applied Digital significantly outperformed broader market indices, with the S&P 500 declining 0.4% and the Nasdaq Composite effectively flat [3] - The trading volume for Applied Digital was more than 2.5 times its recent average, indicating strong institutional interest [2] Future Outlook - CEO Wes Cummins highlighted plans to generate $1 billion in annual NOI within 3–5 years, driven by demand from hyperscale cloud customers [5]