Applied Digital Corporation

Cheap, abundant power is the foundation of Applied Digital's business. The company builds and operates large data centers in low-cost energy regions, especially rural North Dakota, and started out hosting cryptocurrency miners before pivoting toward high-performance computing. Its bigger bet now is on artificial intelligence: constructing what it calls AI factory campuses, huge purpose-built facilities leased to hyperscalers and other tenants that run GPU clusters for training and inference. It also ran a cloud arm renting out GPU capacity directly. The model is capital-hungry, financed with heavy borrowing and dependent on signing large, creditworthy tenants to long leases, so the stock swings on each new lease and financing announcement. Locating near stranded or underused power is the edge, since electricity is the largest ongoing cost of an AI data center. Based in Dallas, Texas, Applied Digital is a debt-heavy bet on AI infrastructure demand.

On MyRWA, APLD trades tokenized across 11 on-chain venues - see the listings below.