Applied Digital (APLD) Loses 4.9% as Nvidia Disposes of Shares

We recently published 10 Losing Stocks in an Otherwise Optimistic Market. Applied Digital Corp. (NASDAQ:APLD) was one of the worst performers on Wednesday.

Applied Digital extended its losing streak to a sixth straight day on Wednesday, dropping 4.92 percent to close at $31.91 apiece, as investor sentiment was further dragged by news that Nvidia Corp. has entirely disposed of its stake in the company.

Apart from Applied Digital Corp. (NASDAQ:APLD), Nvidia—considered the technology benchmark bolstering AI—also sold shares in Recursion Pharmaceuticals, WeRide, and Arm Holdings. It did not divulge the reason for the sale transactions.

Applied Digital (APLD) Loses 4.9% as Nvidia Disposes of Shares

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In contrast, Nvidia acquired shares in CoreWeave Inc., Intel Corp., Nebius Group, Nokia Corp., and Synopsys Inc.

In other news, Applied Digital Corp. (NASDAQ:APLD) last month officially broke ground for its new AI factory campus in Dallas, Texas.

Called the Delta Forge 1, the new facility is capable of supporting 430 MW of total utility power and up to 300 MW of critical IT load. It could also scale up capacity over the next two years.

The facility will feature two 150-MW facilities on a 500-acre land area. Once fully operational, Applied Digital Corp. (NASDAQ:APLD) expects to generate more than 200 jobs, in addition to long-term contractors.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.