Applied Digital's shares surged after reporting second-quarter revenue significantly exceeding analyst expectations, driven by robust demand for AI-powered data centers. The company secured substantial long-term lease agreements with major customers, including a $5 billion deal with a U.S. hyperscaler for 200 MW capacity in North Dakota. CEO Wes Cummins highlighted the Dakotas' advantages for hyperscalers, positioning Applied Digital for continued growth in AI infrastructure.