April 8 : Applied Digital on Wednesday beat estimates for quarterly revenue, driven by strong demand for its data center services from enterprises to support a boom in generative AI applications.

Big tech and AI companies are racing to lock in power and data center capacity, signing long-term deals worth billions of dollars as demand for AI computing surges.

The rapid rise of AI is reshaping data center design, driving demand for facilities that can handle soaring power and cooling needs. The shift favors Applied Digital, which expects hyperscalers to pour more than $400 billion annually into infrastructure.

In 2025 alone, companies announced 17 major high-performance computing deals worth more than $70 billion, according to B. Riley Securities analysts, underscoring the scale of investment flowing into AI infrastructure.

The company's third-quarter revenue rose 139 per cent to $126.6 million, compared with analysts' estimates of $76.6 million, according to data compiled by LSEG.