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Applied Digital Corp. (NASDAQ:APLD) is trading at a new 52-week high on Wednesday. The Nasdaq is up 1.70% while the S&P 500 has gained 1.20%.
ChronoScale Spin-Off Debuts on Nasdaq
The surge follows the separation of Applied Digital’s cloud business. The company contributed the unit to EKSO Bionics to form ChronoScale Corporation. The new entity began trading on the Nasdaq today as a specialized AI compute platform. Applied Digital remains the dominant shareholder with an approximate 97% stake.
Management Defends Strategic Pivot
CEO Wes Cummins explained the logic behind the restructuring. “Separating the predictable returns of data center hosting from …
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