CoreWeave, Applied Digital Shares Are Trending Wednesday: What's Going On?

by Adam Eckert Benzinga Staff Writer

Zinger Key Points

CoreWeave hits new highs multiple times this week in the wake of the company's data center deal with Applied Digital.
Applied Digital shares are up approximately 20% Wednesday, trading at new 52-week highs.
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CoreWeave Inc CRWV and Applied Digital Corp APLD and trending on Wednesday and seeing increased investor attention on social platforms. Here’s a look at what’s going on.

What To Know: CoreWeave stock has hit new highs multiple times already this week in the wake of the company’s data center deal with Applied Digital.

The Ai infrastructure companies signed two approximately 15-year lease agreements with in which Applied Digital will provide CoreWeave with 250 megawatts (MW) of critical IT load at its data center site in North Dakota.

CoreWeave also has an option to expand capacity by an additional 150 MW, bringing the total potential load to 400 MW. Applied Digital forecasted approximately $7 billion in revenue over the contract period.

Applied Digital shares soared 48.5% on Monday following the announcement. CoreWeave shares also saw continued buying which helped the stock break out to new highs on Tuesday. CoreWeave shares were up in Wednesday’s pre-market session before pulling back at the open. The stock is up more than 175% over the past month, according to Benzinga Pro.

After taking a breather on Tuesday, Applied Digital shares are now surging again on Wednesday with the stock up more than 20% at last check, trading at $12.39, which marks new 52-week highs for the stock.

The first 100 MW data center is expected to be ready for service in the fourth quarter of 2025. A second 150 MW data center facility is currently under construction and is expected to be ready for service in mid-2026. A third optional 150 MW data center is in the planning stages and could be ready for service in 2027, according to Applied Digital.

“We believe these leases solidify Applied Digital’s position as an emerging provider of infrastructure critical to the next generation of artificial intelligence and high-performance computing,” said Wes Cummins, chairman and CEO of Applied Digital.

"As demand for AI accelerates exponentially, we believe that we are uniquely positioned to deliver substantial returns while supporting the evolving and dynamic needs of these rapidly evolving sectors."

The AI infrastructure space has been hot in recent months as the rise of generative AI and large language models has created incredible demand for high-performance computing. Many big chip players continue to post strong growth, driven by surging data center demand.

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Photo: Gorodenkoff/Shutterstock.

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