APPLIED DIGITAL CORP (APLD) stock surged 5.47% in pre-market trading on Tuesday, as part of a broader overnight rally in Nvidia-linked AI and semiconductor stocks.
The company's shares jumped 6% in overnight trading, according to reports, as investors piled into stocks linked to Nvidia's AI capabilities. Other gainers included Serve Robotics (SERV) up 8%, Arbe Robotics (ARBE) up 6%, and SoundHound AI (SOUN) up 3%, with Nvidia (NVDA) itself rising 1%.
The rally appears to be fueled by growing market optimism around Nvidia's leadership in AI and autonomous driving technology. Analysts have been bullish on stocks leveraging Nvidia's AI prowess, with Morgan Stanley raising its price target on Tesla to $430 on expectations of AI-enabled self-driving cars.
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