Nvidia Stake Sends This AI Stock Higher Thursday [Video]

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.