The US Department of Justice is suing two men for allegedly laundering over $389 million in cryptocurrency.

Reuters, October 7 – Applied Digital (APLD.O) reported a more than fourfold increase in first-quarter revenue, but its net loss widened compared to the same period last year, as the company ramped up investments to meet the growing demand for data center services. The Dallas, Texas-based company primarily develops and operates data centers to support artificial intelligence and other high-performance computing tasks. In volatile after-hours trading on Wednesday, its stock price rose nearly 2%. Details are as follows: According to data compiled by the London Stock Exchange Group (LSEG), the company’s first-quarter revenue surged from $80.9 million a year earlier to $341.9 million, surpassing the average analyst estimate of $133.8 million. Net loss attributable to common shareholders was $221 million, or $0.76 per share, compared to $18.5 million, or $0.07 per share, in the prior year period. As of August 31, Applied Digital held $3.7 billion in cash, cash equivalents and restricted cash, while carrying $6.4 billion in debt. Total costs and expenses this quarter jumped from $90.7 million a year earlier to $404.3 million. Applied Digital stated that the increase in costs resulted from higher spending to prepare customers’ data centers, increased stock-based compensation, and higher interest expenses as the company expanded its AI infrastructure. “We are focused on long-term development, with a clear commitment to building large-scale, sustainable AI factory campuses, and signing durable, high-quality long-term contracts with leading, proven, investment-grade hyperscale enterprises in the AI industry,” CEO Wes Cummins said in a statement. (For the convenience of non-native English speakers, Reuters provides automated translations of its reports into several other languages. Since automated translations may contain errors or lack necessary context, Reuters does not guarantee the accuracy of the automated translations and provides them solely for reader convenience. Reuters is not liable for any damages or losses caused by the use of automated translation features.)

05:24 PM EDT, 10/07/2026 (MT Newswires) -- General Dynamics (GD) on Wednesday said its board has elected company President Danny Deep as CEO, effective Jan. 1, 2027. Deep will succeed Phebe Novakovic, who has served as CEO since 2013 and will transition to executive chairman. Deep has been with the company for 25 years and became president in 2025, the company said.

Reuters, October 7 — Chip manufacturer Wolfspeed (WOLF.N) announced on Wednesday that it has received a conditional loan commitment of up to 1.5 billions USD from the U.S. Department of Defense (DoD) to expand domestic production of silicon carbide materials and power devices. Boosted by this news, its stock price surged by 27% in after-hours trading. Wolfspeed uses silicon carbide to produce chips, which are more energy efficient and widely utilized in electric vehicles, solar inverters, and industrial power systems that require large amounts of power conversion. The company stated that this 30-year conditional loan commitment, provided through the DoD’s Office of Strategic Capital, demonstrates efforts to optimize its capital structure and solidify its financial foundation. Wolfspeed plans to use the funds to upgrade its gallium nitride technology to meet the demands of next-generation communication infrastructure and electronic warfare systems, as well as to develop radiation-resistant capabilities. The financing is subject to due diligence, the signing of definitive agreements, government approvals, and other conditions. According to proposed terms, Wolfspeed will be required to issue warrants to the DoD, allowing it to purchase up to 7.5% of Wolfspeed’s fully diluted equity. (For convenience of non-English readers, Reuters provides automated translations of its reports in multiple languages. Since automated translations may be inaccurate or lack necessary context, Reuters does not guarantee the accuracy of these translations and provides them for reader convenience only. Reuters bears no responsibility for any damage or loss resulting from the use of such features.)