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Why Is Ault Alliance (AULT) Stock Up 5% Today?

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  • Ault Alliance (AULT) stock is rising on Thursday alongside a data center upgrade.
  • Its Michigan data center is ready to accept as many as 40 AI clusters.
  • That’s without any effect on its crypto-mining business.
AULT Stock - Why Is Ault Alliance (AULT) Stock Up 5% Today?

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Ault Alliance (NYSEMKT:AULT) stock is getting a boost on Thursday as investors react to an update on the capabilities of its Michigan data center.

According to a press release from the company, it’s now ready for as many as 40 artificial intelligence (AI) clusters at the facility. That includes clusters containing memory, data storage, networking, and GPUs from Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD).

Sentinum, a wholly-owned subsidiary of Ault Alliance, operates the Michigan data center. Its ability to accept more AIs comes after it upgraded the location’s electrical resources in the second quarter to meet the growing demand for AI storage.

Milton Ault III, executive chairman of Ault Alliance, said the following about the data center upgrade in the news release:

“The deployment of AI clusters at our Michigan data center represents a pivotal step in our technological advancement and strategic growth. These state-of-the-art AI clusters are expected to significantly enhance our capabilities to support generative AI and machine learning, without disrupting our current Bitcoin mining operations.”

How This Affects AULT Stock Today

Investors are celebrating news of the data center upgrade with heavy trading of AULT stock. As of this writing, more than 33 million shares of the company’s stock have changed hands. That’s well above its daily average trading volume of about 8.2 million shares.

AULT stock is up 5.6% as of Thursday morning but is still down 99.6% since the start of the year.

Investors looking for more of the latest stock market stories are in the right place!

We have coverage of all the hottest stock market news ready to go on Thursday! Among that is what’s moving Ethereum (ETH-USD), Alibaba (NYSE:BABA) and Nio (NYSE:NIO) stock today. All of that news is ready to go at the links below!

More Thursday Stock Market News

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2023/11/why-is-ault-alliance-ault-stock-up-5-today/.

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