09:21 AM EDT, 09/05/2024 (MT Newswires) -- Applied Digital ( APLD ) shares were up 51% in recent Thursday premarket activity after the data-center and artificial intelligence company said chipmaker Nvidia ( NVDA ) joined its $160 million financing round.

Nvidia ( NVDA ) is joining real-estate firm Related Companies among other investors in a deal to provide capital for Applied Digital ( APLD ) through a purchase of new shares, Applied Digital ( APLD ) said.

Applied Digital ( APLD ) said that as part of the private placement deal, it has agreed to issue 49 million shares of its common stock at its Tuesday closing price of $3.24 each.

Applied Digital ( APLD ) said the funds would be used to bring its data center and GPU cloud technology to market at scale.

Price: 4.9488, Change: +1.71, Percent Change: +52.74