Nvidia completed the liquidation of its holdings in Applied Digital last week, exiting the position it had built during the past year. The sale removes one of the biggest institutional investors from the digital asset miner’s cap table.

Following the announcement, Applied Digital’s shares saw wider intraday swings as traders adjusted to the loss of a major backer. Volume spiked by over 40% on the first trading day after the news, suggesting heightened short-term volatility.

Without Nvidia’s support, Applied Digital must seek alternative sources of capital to fund expansion of its data center and mining operations. Management may need to pursue equity offerings or attract new venture partners to maintain its growth trajectory.