🟢 APLD is trading 4.5% up today after spinning off its AI-focused cloud business

APLD is trading 4.5% up at approximately $48 in pre-market after the company announced a major corporate restructuring.

• Applied Digital has completed the spinoff of its cloud business into a new company called ChronoScale to target the AI compute market.
• Applied Digital will retain a controlling equity stake in the new entity, separating its cloud services from its core data center operations.
• This strategic move aims to increase the company's exposure to public AI compute markets and clarify its business structure for investors.