Applied Digital (APLD) Extends Rally for 11th Day on AI Boom

We recently published 10 Stocks Stealing Wall Street’s Spotlight. Applied Digital Corp. (NASDAQ:APLD) is one of the top performers on Monday.

Applied Digital extended its rally for the 11th consecutive day on Monday, as investor sentiment was bolstered by an overall optimism for the artificial intelligence sector.

In intra-day trading, Applied Digital Corp. (NASDAQ:APLD) surged to its highest price of $24.85 before paring gains to finish the day just up by 19.38 percent at $24.45 apiece.

The broader industry optimism was fueled by Nvidia Corp.’s $100 billion investment in OpenAI, allaying concerns of an AI bubble.

Under the agreement, Nvidia said the amount will cover the deployment of at least 10 GW of Nvidia systems for OpenAI’s next-generation AI infrastructure to train and run its next generation of models on the path to deploying superintelligence.

The first phase is targeted to come online in the second half of 2026 using the Nvidia Vera Rubin platform.

Companies offering high-performance computing services, such as Applied Digital Corp. (NASDAQ:APLD) stand to benefit from the broader expansion amid optimism for strong growth in the overall sector.

While we acknowledge the potential of APLD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.