Why Applied Digital Stock Was a Major Winner on Wednesday

Applied Digital (NASDAQ:APLD) was a company and stock on the move Wednesday. The artificial intelligence (AI) data center operator's equity rose largely on the back of a new development contract it signed with a peer. Adding to this was a rather bullish new research note from an analyst. On a day when the S&P 500 index rose by 0.5%, Applied's stock ended the trading session almost 9% higher. Before market open, green data center developer Soluna Holdings (NASDAQ:SLNH) announced that it and Applied have agreed to form a joint-venture company. That entity, which doesn't yet have a name, will build a planned 50-megawatt, next-generation data center near Soluna's Dorothy 3 development site in Texas. It will be powered, in part, by a nearby wind farm. Image source: Getty Images.

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