What's Going On With DigitalOcean Stock Today?

DigitalOcean Holdings, Inc. DOCN shares popped Thursday after the company announced it acquired PaperSpace for $111 million in cash.

What To Know: Benefits for PaperSpace's customers will now include such things as access to a broader cloud services platform, whereas DigitalOcean customers exploring or already building AI/ML applications will now be able to leverage GPUs alongside their CPU workloads.

"We are excited to expand our portfolio tailored to the world's SMBs and startups with simplified AI/ML offerings," said Yancey Spruill, CEO of DigitalOcean.

"This acquisition marks a significant milestone in DigitalOcean's journey to revolutionize how SMBs and startups harness the power of the cloud and AI/ML for their applications and businesses. The combined offerings allow customers to focus more on building applications and growing their businesses and less on the infrastructure powering them."

Related Link: Stocks Tumble, Yields Climb As Investors Fear Upcoming Rate Hikes Amid Booming Job Growth: What's Driving Markets Thursday?

DOCN Price Action: Shares of DOCN were up 11.6% at $44.39 at the time of publication, according to Benzinga Pro.

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