(Reuters) -Investment bank Macquarie will invest up to $5 billion in Applied Digital’s AI data centers and take a 15% stake in the company, the Wall Street Journal reported on Tuesday, sending the technology company’s shares higher of 30% of premarket trading.

The artificial intelligence boom has prompted companies to invest heavily in technology capable of processing large amounts of data.

Macquarie’s asset management arm has agreed to invest up to $900 million in a data center campus being developed by Applied Digital in North Dakota, the report said.

It also has the right of first refusal to invest an additional $4.1 billion in the company’s future data centers over 30 months, according to a WSJ report.

Applied Digital and Macquarie did not immediately respond to Reuters requests for comment.

The new funding will be used to pay off the debt Applied Digital took out to build the North Dakota facilities and allow it to recoup more than $300 million in its equity investment, the report said.

Shares of Applied Digital have more than tripled in the past two years as investors bet on AI companies and data center providers to deliver strong levels of growth.

Microsoft (NASDAQ 🙂 said earlier this month that it will invest about $80 billion in AI data centers by fiscal 2025 to meet growing computing needs.

Applied Digital is scheduled to report second-quarter results on Tuesday after the markets close.