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Artificial-intelligence chip giant Nvidia is joining other investors in a $160 million financing round for Applied Digital, a company that operates data centers and is building a business leasing out computing power for AI.
Investors in the deal include Nvidia and real-estate firm Related Companies, Applied Digital Chief Executive Wes Cummins said. The deal will bring in capital for Applied Digital via a purchase of new shares from the Nasdaq-listed company, which had a market value of more than $500 million as of Wednesday's close.