DUG Technology Ltd (ASX: DUG) shares are catching the eye on Friday afternoon.
At the time of writing, the ASX All Ords tech share is up 9% to a new 52-week high of $2.34.
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Why is this ASX All Ords share jumping?
Investors have been buying the analytical software development company's shares after it released an announcement after lunch.
In case you're not familiar with DUG Technology, it delivers innovative software products and cost-effective, cloud-based high-performance computing (HPC) as a service backed by tailored support for technology onboarding.
Its expertise in algorithm development and code optimisation allows its clients to leverage big data and solve complex problems. These clients come from a diverse range of industries including radio-astronomy, biomedicine, and meteorology, as well as the resource, government, and education sectors.
What was the announcement?
This afternoon the ASX All Ords share announced that it has deployed 600 new Intel Xeon CPU Max Series machines.
In addition, it is investing in 1,500 AMD EPYCTM Genoa machines costing US$18.2 million to support the growth of its Services business line. It notes that it has executed a letter of intent received from First National Capital to lease the compute.
The ASX All Ords share's managing director, Dr Matthew Lamont, was very pleased with the news. He said:
It is very exciting to see our HPC capabilities grow in response to the increasing demand for our services. The Intel machines are already benefiting our active MP-FWI projects. The AMD machines are needed to accelerate delivery of both current and imminent projects, and to support the unprecedented demand we continue to see moving forward. These are exciting times indeed.
DUG Technology shares are now up 170% over the last 12 months.
