Applied Digital Onboards First Major Customer for Cloud Service

Successful Onboarding Validates Company’s Next-Generation Digital Infrastructure Supporting the Rapidly Growing Artificial Intelligence (AI) Application Markets

DALLAS, July 14, 2023 (GLOBE NEWSWIRE) — Applied Digital Corporation (Nasdaq: APLD) (“Applied Digital ” or the “Company”), a designer, builder, and operator of next-generation digital infrastructure designed for High-Performance Computing (“HPC”) applications, today announced the successful onboarding of its previously-announced first major AI Cloud Services customer, Character.AI. The onboarding, which includes the activation of the first compute cluster for Character.AI, comes just two months after the Company signed its first major AI customer in May 2023. In conjunction, Applied Digital received the first prepayment of its 24-month, $180 million contract, and the services are expected to be fully in place by year-end. The Company will receive additional prepayments as servers are commissioned.

Character.AI is a neural language model chatbot application that generates human-like text responses and participates in contextual conversation.

“We are happy to support Character.AI with our first H100 deployment and look forward to supporting their trajectory toward immense growth within the AI market,” said Applied Digital CEO and Chairman, Wes Cummins. “This milestone serves as a strong validation of Applied Digital’s mission of providing cutting-edge solutions for key players in the AI field through our cloud service.”

“The Applied Digital team has been exceptional to work with, and we’re looking forward to growing this partnership into the future,” said Noam Shazeer, CEO of Character.AI.

Applied Digital’s next-generation datacenters are ideal for hosting HPC applications on-premises. This solution, architected with Supermicro optimized AI servers, provides high compute power at a lower cost to replenish the power density needed for AI/ML workloads.

“We are happy to be working with the Applied Digital team in providing Character.AI a scalable AI Infrastructure designed for optimal performance with green computing efficiency,” said Charles Liang, president, and CEO of Supermicro. “We look forward to further collaboration to deliver first-to-market innovation for the AI market.”

About Applied Digital
Applied Digital (Nasdaq: APLD) designs, develops and operates next-generation datacenters across North America to provide digital infrastructure solutions to the rapidly growing high-performance computing (HPC) industry. Find more information at www.applieddigital.com. Follow us on Twitter at @APLDdigital.

About Character.AI

Founded in 2021 by AI pioneers Noam Shazeer and Daniel De Freitas, Character.AI is a conversational artificial intelligence platform that uses large language models, deep learning algorithms that can recognize, summarize, translate, predict, and generate text and other content, to provide individuals with a personalized artificial intelligence experience. The platform lets anyone create and engage with Characters, allowing users to build their own, personalized use cases and share them with others. For more information, visit: https://beta.character.ai/

Forward-Looking Statements
This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives. These statements use words, and variations of words, such as “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “deliver,” “outlook,” “expect,” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including our evolving business model, or estimates or predictions of actions by suppliers, (ii) statements of future economic performance, and (iii) statements of assumptions underlying other statements and statements about the Company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company’s expectations and projections. These risks, uncertainties, and other factors include: decline in demand for our products and services; the volatility of the crypto asset industry; the inability to comply with developments and changes in regulation; cash flow and access to capital; and maintenance of third-party relationships. Information in this release is as of the dates and time periods indicated herein, and the Company does not undertake to update any of the information contained in these materials, except as required by law.

Investor Relations Contacts 
Matt Glover or Alex Kovtun
Gateway Group, Inc. 
(949) 574-3860 
[email protected]

Media Contact 
Robert Collins, Brenlyn Motlagh 
Gateway Group, Inc. 
(949) 899-3135 
[email protected]

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