Shares of Applied Digital (
APLD
) surged over 4% in extended trading Thursday after Nvidia (
NVDA
) reported a stake in the company.
The world’s largest company by
market capitalization
held roughly 7.7 million Applied Digital shares as of Sept. 30, or a roughly 3% stake, according to a
Securities and Exchange Commission
filing Thursday.
Applied Digital is a U.S.-based provider of advanced digital infrastructure, designed to support high-performance computing and
artificial intelligence applications
.
In its fiscal first quarter ended Aug. 31, the company saw revenue growth of 67% year-over-year and said it had secured a $160 million investment from institutional and
accredited investors
.
Nvidia is scheduled to report its third-quarter results after the bell on Wednesday, Nov. 20.