Applied Digital: Riding The Data Center Wave Before It Gets Crowded

Applied Digital receives a Buy rating, driven by robust triple-digit revenue growth and strong future demand signals. APLD is positioned as a significant beneficiary in the data center market, which may still be in its early innings. Despite substantial appreciation and not being the cheapest data center play, I see no structural concerns undermining the bullish thesis. Potential risks include recent rapid price gains and the possibility of a near-term breather, but catalysts remain compelling. Now, roughly 230% increase later over the past year, I have decided to initiate my coverage on Applied Digital (APLD). Why now? I have been closely monitoring the company's performance. And, quite frankly, I liked it a