Applied Digital (APLD) Gains 5% as CEO Bares Negotiations for 3 Campuses

We recently published 10 Stocks Shining Bright Amid Wall Street’s Dull Spell. Applied Digital Corporation (NASDAQ:APLD) is one of the top performers on Tuesday.

Applied Digital jumped by 5.48 percent on Tuesday to close at $24.24 apiece as investors took heart from its chief executive’s hints that the company is currently in talks with companies for three of its campuses, alongside bargain-hunting following four straight days of decline.

“We’re negotiating for two or three other campuses at the moment. The demand just keeps coming,” Applied Digital Corporation (NASDAQ:APLD) CEO Wes Cummins was quoted as saying in an interview shared on the firm’s social media on Monday.

It was unclear whether negotiations were for a potential leasing partnership or a fundraising activity, but investors took the announcement as a cue about its ongoing expansion program.

“We’ve developed an ability to execute on construction and financing—that’s a critical pillar too…We expect to just continue to add more customers and scale across more sites,” he added.

At present, Applied Digital Corporation (NASDAQ:APLD) boasts of $16 billion worth of multi-year partnerships with hyperscalers, of which $11 billion came from CoreWeave Inc. alone.

Its first facility in Ellendale, North Dakota came online only this month, successfully delivering a full 100 MW critical IT load.

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.