10 Companies Jump on Better Earnings, Outlook

3. VNET Group Inc. (NASDAQ:VNET)

Shares of VNET grew for a third day on Wednesday, adding 12.86 percent to its valuation to close at $8.51 apiece on continued investor confidence about its business on the back of the booming Artificial Intelligence industry.

VNET—a carrier-neutral data center services provider based in China that operates cloud services and server management products—is planning to heavily invest in AI to grow its business.

In its earnings call in November last year, the company announced targets to increase its capital expenditures this year on the back of robust demand for its wholesale services. It underscored that it would work closely with its strategic suppliers and maximize the synergies in order to ensure that its capital spending would grow at a steady pace.

At the same call, the company said it expects to deliver approximately 191 megawatts (MW) of IT capacity up until the first quarter of 2025, as well as some 105 MW in the second and third quarters of 2025.