Applied Digital CEO weighs in on $7B data center deal with CoreWeave
Wes Cummins, Applied Digital CEO, joins 'Squawk on the Street' to discuss the company's deal with CoreWeave, demand outside of CoreWeave and much more.
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Applied Digital stock is seeing strong momentum following the announcement of the company's big deal with CoreWeave. B. Riley raised its one-year price target on Applied Digital stock from $8 to $15 per share today. Applied Digital expects to generate $7 billion in revenue over 15 years through its contracts with CoreWeave. 10 stocks we like better than Applied Digital › Applied Digital (NASDAQ: APLD) stock closed out Wednesday's trading with another day of explosive gains. The company's share price was up 29.6% at the end of the daily session. Applied Digital stock rocketed higher today after B. Riley published new coverage on the company and dramatically increased its one-year valuation forecast. Investors are feeling bullish after the data-center specialist announced a major new deal with CoreWeave. Applied Digital stock is now up roughly 78% over the last week of trading. Before the market opened this morning, B. Riley reiterated a buy rating on Applied Digital and delivered a huge price-target increase for the stock. The investment firm raised its one-year price forecast from $8 per share to $15 per share following news that Applied Digital has signed a large contract with CoreWeave. At today's closing price, Applied Digital would have to rise roughly 13% higher to hit B. Riley's price target. On Monday, Applied Digital announced that it had entered into agreements to two 15-year lease agreements with CoreWeave. Applied Digital will provide data center and artificial intelligence (AI) processing hardware and services through the lease, and is expected to see approximately $7 billion in revenue from the deal. Applied Digital is restructuring some aspects of its business, but the company's recently announced deal with CoreWeave has quickly shifted the story surrounding the stock. While the company is valued at roughly $3 billion on the heels of its latest valuation run-up, having roughly $7 billion in sales already contracted for over the next 15 years establishes an encouraging performance floor. And in addition to the future sales contribution, CoreWeave's endorsement is also an encouraging sign. Before you buy stock in Applied Digital, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Applied Digital wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $656,825!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $865,550!* Now, it's worth noting Stock Advisor's total average return is 994% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why Applied Digital Stock Skyrocketed Again Today was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
