Australia's Macquarie on Tuesday agreed to take a 15% stake in Applied Digital's high-performance computing business and invest up to $5 billion in the company's artificial intelligence data centers amid booming AI demand.

Macquarie will invest up to $5 billion in data centers being built by artificial-intelligence infrastructure company Applied Digital, adding to the Australian bank’s substantial AI-related investments.

The campus is the one of several Applied Digital datacenters that Macquarie intends to plow money into. Under the agreement, the financial services firm has been granted first right of refusal for all future AI datacenters Applied may pursue over the next 30 months up to $4.1 billion.