Applied Digital Signs First Major Customer for Latest Artificial Intelligence Cloud Service
May 16 2023 - 8:00AM
Applied Digital Corporation (Nasdaq: APLD) (“Applied Digital” or
the “Company”), a designer, builder and operator of next-generation
digital infrastructure that is designed for High-Performance
Computing (“HPC”) applications, today announced that its recently
launched AI Cloud Service, through its wholly-owned subsidiary Sai
Computing, has secured its first major AI customer with an
agreement worth up to $180 million over a 24-month period.
The customer will make a significant pre-payment as part of the
agreement. The service is expected to start coming online this June
and is expected to be fully ramped up by the end of the year.
“The amount of demand we are seeing from emerging applications
for these high-power compute solutions is unprecedented and likely
just the tip of the iceberg,” said Applied Digital CEO and
Chairman, Wes Cummins. “With a surge in demand for high-performance
compute power to support the growing AI industry, we are excited to
be at the forefront of this transformation. This partnership not
only reaffirms our commitment to advancing emerging technology
applications but also solidifies our position as a key player in
the digital infrastructure landscape.”
Applied Digital’s next-generation datacenters are ideal hosting
sites for HPC applications that can offer lower cost, high compute
power solutions compared to traditional datacenters that are
typically higher cost and do not have the ability in most current
facilities to provide the power density required for AI/ML
workload.
About Applied Digital Applied Digital
(Nasdaq: APLD) designs, develops and operates next-generation
datacenters across North America to provide digital infrastructure
solutions to the rapidly growing high-performance computing (HPC)
industry. Find more information at www.applieddigital.com. Follow
us on Twitter at @APLDdigital.
About Sai Computing Sai
Computing Holdings LLC. provides GPU compute solutions to help
customers more cost-effectively execute critical AI, ML, rendering,
web3, and other HPC workloads. Our infrastructure is purpose-built
for high-performance at ultra-low cost.
Forward-Looking Statements
This release contains "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995 regarding,
among other things, future operating and financial performance,
product development, market position, business strategy and
objectives. These statements use words, and variations of words,
such as "continue," "build," "future," "increase," "drive,"
"believe," "look," "ahead," "confident," "deliver," "outlook,"
"expect," and "predict." Other examples of forward-looking
statements may include, but are not limited to, (i) statements of
Company plans and objectives, including our evolving business
model, or estimates or predictions of actions by suppliers, (ii)
statements of future economic performance, and (iii) statements of
assumptions underlying other statements and statements about the
Company or its business. You are cautioned not to rely on these
forward-looking statements. These statements are based on current
expectations of future events and thus are inherently subject to
uncertainty. If underlying assumptions prove inaccurate or known or
unknown risks or uncertainties materialize, actual results could
vary materially from the Company's expectations and projections.
These risks, uncertainties, and other factors include: decline in
demand for our products and services; the volatility of the crypto
asset industry; the inability to comply with developments and
changes in regulation; cash flow and access to capital; and
maintenance of third party relationships. Information in this
release is as of the dates and time periods indicated herein, and
the Company does not undertake to update any of the information
contained in these materials, except as required by law.
Investor Relations Contacts
Matt Glover or Alex Kovtun
Gateway Group, Inc.
(949) 574-3860
APLD@gatewayir.com
Media Contact
Robert Collins, Brenlyn Motlagh
Gateway Group, Inc.
(949) 899.3135
APLD@gatewayir.com
Applied Digital (NASDAQ:APLD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Applied Digital (NASDAQ:APLD)
Historical Stock Chart
From Apr 2023 to Apr 2024