Nvidia client Northern Data's stock cools after spike on report of possible U.S. IPO
By Steve Goldstein
Shares of Germany's Northern Data fell 8% on Wednesday, one day after a surge following a report it may list its cloud-computing and data-center businesses in the U.S.
Northern Data shares (XE:NB2) closed Tuesday up 31%, as Bloomberg News reported it may list its cloud-computing unit Taiga and its data-center arm Ardent at a valuation between $10 billion and $16 billion. The company hasn't publicly commented on the report.
The Frankfurt-based company said Monday it's the first company in Europe to acquire Nvidia's (NVDA) H200 graphics processing units through a new partnership with Super Micro Computer (SMCI).
In addition to its cloud and data-center offerings, Northern Data is also a crypto miner. The company as a whole only has a market value of EUR1.76 billion, or $1.9 billion.
It said last week that it expects 2023 results at the higher end of guidance that ranged for an adjusted EBITDA loss between EUR5 million and EUR20 million on revenue between EUR65 million and EUR75 million. It expects revenue to more than triple this year.
-Steve Goldstein
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07-03-24 0910ET
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