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Applied Digital Corp

Applied Digital Corp

APLD
$25.79USD↓-2.46%-0.65 today

MARKET CAP

7.4B

P/E (TTM)

—

FWD P/E

—

DAY RANGE

$24 – $26

52W RANGE

$10
$51

AI Summary

Stalk
StalkMedium

APLD is in a Stage 2 advancing corrective reset within a broader uptrend, confirmed by higher-highs and higher-lows and a rising 50 DMA. A late-June support failure and 9/21 EMA regime flip have driven a pullback, creating short-term resistance. Medium-term bias remains bullish, but execution readiness is unfavorable. We'll wait for a pullback into the rising 50 DMA support zone for buyable pullbacks.

  • ↑Revenue jumped 139% YoY to $126.6M in Q3’26 driven by HPC hosting demand.
  • ↑Signed 15-year, ~$7B CoreWeave lease, bolstering a $1B annual NOI target.
  • ↓86% of revenue tied to two customers risks contract renewals.
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

Applied Digital Corporation (NASDAQ: APLD) is a leader in the high-performance computing (HPC) sector, focusing on data center hosting and cloud services that leverage artificial intelligence (AI). The company is uniquely positioned to capitalize on the growing demand for AI infrastructure, actively engaging with hyperscalers to provide specialized data center facilities, particularly through its Polaris Forge campus in North Dakota. With strategic partnerships and significant investments planned, APLD aims to become a key player in the rapidly expanding AI infrastructure landscape.

Bull says

  • ↑Revenue jumped 139% YoY to $126.6M in Q3’26 driven by HPC hosting demand.
  • ↑Signed 15-year, ~$7B CoreWeave lease, bolstering a $1B annual NOI target.
  • ↑Polaris Forge’s 100MW liquid-cooled data center now online; 300MW expansion planned.
  • ↑Base Electron energy initiative enhances grid capacity for sustainable data center power.
  • ↑US data center colocation market slated to hit $85.2B by 2031, aiding growth.
  • ↑Strong momentum and liquidity factors support APLD’s rapid expansion profile.

Bear says

  • ↓86% of revenue tied to two customers risks contract renewals.
  • ↓Q3’26 net loss of $100.9M ($0.36/sh) underscores unprofitability.
  • ↓Short interest at 2.98% and sector sell-offs weigh on sentiment.
  • ↓Construction delays and complex hyperscaler onboarding could postpone revenue.
  • ↓Lack of expected tax exemptions raises regulatory and cost pressures.
  • ↓Weak profitability and earnings yield factors highlight fundamental headwinds.

Investment themes with APLD

Datacenter↑ +0.45%

Infrastructure powering data storage and cloud computing

EQIX · DLR · AMT

Earnings Call · Q3 2026 · Mgmt. Guidance

Updated 04-09-2026bullish

Transcript signals

Bull points

  • This quarter, we realized a full quarter of lease revenue from our 100-megawatt data center in the HPC hosting business.
  • This included delivering an unconditional springing parent guarantees from Corweave, Inc., and securing a $50 million letter of credit.
  • We believe this improved credit support not only de-risks the existing 250 megawatts lease capacity, but should also help lower our cost of capital when placing the remaining 150 megawatt tranche, although there can be no guarantees on timing or pricing.

Bear points

  • As a result, this segment reported a loss of $52.2 million.
Read full transcript analysis ›