Applied Digital announced the energization of its HPC data center's main substation in Ellendale, advancing its build-out for AI applications.
Quiver AI Summary
Applied Digital Corporation has announced a significant milestone in the development of its high-performance computing (HPC) data center in Ellendale, North Dakota, with the successful activation of its main substation transformer. This event marks progress in the facility's build-out, facilitating support for advanced AI and HPC applications. The milestone was celebrated with local stakeholders, including utility provider Montana-Dakota Utilities and community representatives. Applied Digital's Chief Development Officer emphasized the importance of collaboration in reaching this stage, which will initiate equipment commissioning and further solidify relationships with the local community through a recently submitted petition for property annexation. The partnership has also been recognized with an award for its community impact.
Potential Positives
- Successful energization of the main substation transformer marks a significant milestone in the development of the Ellendale HPC data center, progressing towards full operational capability.
- The milestone event showcases the collaborative effort between Applied Digital, Montana-Dakota Utilities, and the Ellendale community, highlighting strong partnerships that can enhance project outcomes.
- The company's recent annexation petition is expected to generate increased revenue streams and expanded municipal services for the local community, benefiting both Applied Digital and Ellendale.
- Recognition with the Community Impact award underscores Applied Digital's commitment to positively impacting the local community and enhancing its reputation as a responsible corporate citizen.
Potential Negatives
- The press release highlights significant reliance on forward-looking statements, which may create uncertainty regarding the company's future performance and objectives.
- The mention of potential risks and uncertainties related to construction completion, financing availability, and compliance with regulations may indicate vulnerabilities in the company’s operations.
- The company’s need for annexation of property to solidify its partnership with the local community could signal challenges in its current operational stability or local support.
FAQ
What is the recent milestone achieved by Applied Digital in Ellendale?
Applied Digital successfully energized its on-site main substation transformer, marking a major step in developing its HPC data center.
How does this milestone impact the Ellendale HPC campus?
This milestone enables the facility to progress toward supporting AI and high-performance computing, bringing the campus closer to being fully operational.
What community recognition has Applied Digital received recently?
The partnership with the City of Ellendale received the Community Impact award at the 18th Annual Data Center Dynamics Awards.
What are Applied Digital's future plans for its data center in Ellendale?
The company plans to initiate equipment commissioning activities and continue building its infrastructure to support advanced computing solutions.
How will annexation benefit the Ellendale community?
The annexation is expected to increase revenue streams and expand municipal services, benefiting both residents and the wider region.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$APLD Insider Trading Activity
$APLD insiders have traded $APLD stock on the open market 7 times in the past 6 months. Of those trades, 0 have been purchases and 7 have been sales.
Here’s a breakdown of recent trading of $APLD stock by insiders over the last 6 months:
- WES CUMMINS (CEO; Chairman) sold 200,000 shares.
- RICHARD N NOTTENBURG has traded it 4 times. They made 0 purchases and 4 sales, selling 179,369 shares.
- DOUGLAS S MILLER has traded it 2 times. They made 0 purchases and 2 sales, selling 20,000 shares.
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$APLD Hedge Fund Activity
We have seen 122 institutional investors add shares of $APLD stock to their portfolio, and 67 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- NVIDIA CORP added 7,716,050 shares (+inf%) to their portfolio in Q3 2024
- CLEARFIELD CAPITAL MANAGEMENT LP added 7,611,770 shares (+171.0%) to their portfolio in Q3 2024
- MILLENNIUM MANAGEMENT LLC added 6,654,057 shares (+695.8%) to their portfolio in Q3 2024
- DIAMETER CAPITAL PARTNERS LP added 6,327,161 shares (+inf%) to their portfolio in Q3 2024
- EQUITEC PROPRIETARY MARKETS, LLC removed 4,228,125 shares (-100.0%) from their portfolio in Q2 2024
- HOOD RIVER CAPITAL MANAGEMENT LLC added 4,086,337 shares (+42.6%) to their portfolio in Q3 2024
- SONA ASSET MANAGEMENT (US) LLC added 3,641,158 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
ELLENDALE, N.D., Dec. 17, 2024 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) (“Applied Digital” or the “Company”), a designer, builder, and operator of next-generation digital infrastructure designed for High-Performance Computing (HPC) applications, today announced a major milestone in the development of its purpose-built HPC data center in Ellendale, N.D., with the successful energization of its on-site main substation transformer. This milestone signals the facility’s progression into the next stage of its build-out, setting the foundation for a data center capable of supporting cutting-edge AI and high-performance computing.
The energization of the on-site main substation transformer marks a critical step toward bringing the Ellendale HPC campus fully online. This milestone was celebrated at an event that brought together key partners and stakeholders who have been instrumental in the project’s development. Participants included representatives from Applied Digital, utility provider Montana-Dakota Utilities (“MDU”), and members of the Ellendale community, including Mayor Don Flaherty.
“This energization milestone is a testament to the power of collaboration,” said Todd Gale, Chief Development Officer at Applied Digital. “We believe it demonstrates our progress in bringing our Ellendale HPC campus to life, showcasing both technological innovation and the strength of our partnerships with Ellendale and MDU. This achievement will allow the Company to initiate equipment commissioning activities, bringing us closer to delivering the infrastructure we believe will define the future of AI and digital transformation in Ellendale and beyond.”
This milestone comes shortly after Applied Digital submitted a petition for annexation of its property to the City of Ellendale, a move aimed at further solidifying its partnership with the local community. The annexation is expected to bring increased revenue streams and expanded municipal services to the community, benefiting Ellendale, its residents, and the region.
The partnership between Applied Digital and the City of Ellendale was recently recognized with the Community Impact award at the 18th Annual Data Center Dynamics Awards, underscoring the Company’s unwavering commitment to the Ellendale community.
About Applied Digital
Applied Digital (Nasdaq: APLD) develops, builds and operates next-generation data centers and cloud infrastructure. Different by design, the Company’s purpose-built facilities are engineered to unleash the power of accelerated compute and deliver secure, scalable and sustainable digital hosting, along with turnkey CSaaS and GPU-as-a-Service solutions. Backed by deep hyperscale expertise and a robust pipeline of available power, Applied Digital aims to accommodate AI Factories and beyond to support the world’s most exacting AI/ML, blockchain and high-performance computing (HPC) workloads.
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 "will," "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: our ability to complete construction of the Ellendale HPC data center; availability of financing to continue to grow our business; our ability to timely and successfully build new hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with developments and changes in regulation; cash flow and access to capital; decline in demand for our products and services; 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.