When someone types a question into an AI chatbot, the answer is worked out on racks of powerful chips that need huge amounts of electricity and cooling. Applied Digital may sit one step behind answers like that. It builds and owns data center campuses and leases them to companies running artificial-intelligence computing. Tenants bring their own computers. Applied Digital supplies the land, the power connection, the cooling and the building. It began by hosting crypto miners (operators of computers that earn digital currency) and still does, but AI leases now carry the group.
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