Macquarie will invest up to $5 billion in data centers being built by artificial-intelligence infrastructure company Applied Digital, adding to the Australian bank’s substantial AI-related investments.

Investment firm Macquarie is to invest billions of dollars into data center firm Applied Digital. First reported by the Wall Street Journal and confirmed by the company, Macquarie Asset Management (MAM) is set to invest $5 billion into Applied, a cryptomining firm pivoting to AI and HPC data centers.

Macquarie’s funds will help Applied Digital complete construction of an AI data centre in North Dakota, and potentially finance additional ones.

Shares of Applied Digital were trading sharply higher after the operator of artificial-intelligence data centers announced it would be receiving up to $5 billion from Macquarie Asset Management. Applied Digital stock gained 25% to $9.

Australia's Macquarie on Tuesday agreed to take a 15% stake in Applied Digital's high-performance computing business and invest up to $5 billion in the company's artificial intelligence data centers amid booming AI demand.

Macquarie Asset Management (MAM) has agreed to provide up to $5 billion in preferred equity financing to Applied Digital, a developer of high-performance computing (HPC) data centers.

Australian bank Macquarie will invest up to $5 billion in data centers being built by Applied Digital. Shares in the AI infrastructure company jumped 17% Tuesday morning. Read more:

Key Takeaways Applied Digital shares surged in intraday trading Tuesday after announcing that Macquarie Asset Management is investing up to $5 billion in its high-performance computing data centers.Nvidia is already an investor in Applied Digital data centers and announced a stake in the company last year.