RUM Group jumps on $13.7 billion AI cloud services deal
RUM•Deal terms and capital needs
Under the six-year deal, the customer will buy GPU services from RUM's Georgia site currently under development.
As part of the deal, the customer has the option to buy about 51 million of RUM's shares for one cent each.
The company said it currently lacks funds and plans to raise capital to fulfill the contract.
As of the last close, the stock was up 43.2% year to date.
RUM shares rise after AI cloud services deal
Shares of video platform and cloud services provider RUM Group RUM.O rose 2.8% to $9.3 in premarket trading.
The stock was set to open at its highest in over two months, if gains hold.
RUM, which hosts Trump's Truth social platform, said it signed a $13.7 billion AI deal with an unnamed U.S.-based cloud customer.
