Applied Digital stock climbs 16% as AI demand fuels data center growth

Core Insights - Applied Digital shares increased by 16% following a strong first-quarter revenue report driven by artificial intelligence data center demand, resulting in a year-to-date stock increase of over 350% [1] Financial Performance - First-quarter revenue reached $64.2 million, representing an 84% increase from $34.85 million in the same period last year, exceeding LSEG estimates of $50 million [1][3] - The company reported a loss per share of 7 cents, which was better than the expected loss of 13 cents [3] Strategic Developments - During the quarter, Applied Digital expanded its $7 billion lease agreement with CoreWeave by adding another 150 megawatts at the Polaris Forge 1 campus in North Dakota, raising the anticipated contracted lease revenue for the project to $11 billion [2]