Akamai Stock Heads Into New Test After $3.5 Billion AI Cloud Move
Akamai traded at $147.23 before the Nasdaq opened Tuesday, following its $3.5 billion zero-coupon convertible note sale to fund cloud infrastructure. The company used $236.6 million for note hedges and spent about $350 million repurchasing shares. Akamai’s CIS revenue rose 40% to $95 million last quarter. Shares are down 2.3% from May 18 highs.