Applied Digital (APLD) Pops 8.7% as Market Mood Brightens

APLD +8.66%

We recently published 10 Stocks Racking Up Big Gains. Applied Digital Corporation (NASDAQ:APLD) is one of the top performers of last week.

Applied Digital rallied for a second day on Friday, jumping 8.66 percent to end at $27.10 apiece, after mirroring an overall market optimism over increasing hopes for an interest rate cut.

The US central bank is set to meet on December 9 and 10 for its last Federal Open Market Committee meeting this year, and economists are placing bets on a 25-basis point rate cut.

Further adding to the sentiment was JPMorgan’s revised outlook late this week, saying that it now expects the Federal Reserve to implement a 0.25 percentage-point cut on December 10 after arguing earlier that it would likely wait until January to lower the benchmark rates.

The overall optimism spilled over to all sectoral indices, having eked out gains during the session. The rally was led by the technology sector, up 30.49 percent.

In other news, Applied Digital Corporation (NASDAQ:APLD) on Monday announced the completion of the second phase of Polaris Forge 1 campus, which is capable of powering 100 MW of critical IT load.

The facility forms part of its 400 MW 15-year lease agreements with CoreWeave Inc., which is expected to generate $11 billion in revenues for Applied Digital Corporation (NASDAQ:APLD).

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.