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 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.