On August 12, APPLIED DIGITAL CORP rose 9.73% in regular trading, trading at approximately $31.10/share, with turnover of $119 million.
On the news front, AI computing giant CoreWeave reported earnings significantly above expectations, sending its stock surging over 19%, which lifted the broader data center and AI infrastructure sector. APPLIED DIGITAL CORP, as a key colocation partner of CoreWeave, directly benefits from the validated strength of AI computing demand.
The company previously reported Q4 revenue of $258.7 million, representing a 407% year-over-year increase, with adjusted EPS of $0.04 versus the consensus estimate of -$0.22. Additionally, the company signed a power supply agreement with an MDU Resources subsidiary to provide energy for its 430-megawatt AI factory in North Dakota, expected to begin operations in August next year, demonstrating a clear capacity expansion trajectory. B. Riley recently raised its price target on the stock to $75 from $66, maintaining a Buy rating, while the analyst consensus target stands at approximately $74.
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