#5 - Applied Digital (OTCMKTS:APLD)
Applied Digital Corp. (OTCMKTS: APLD) is a direct way to invest in the growth of data centers. The company changed its name from Applied Blockchain to Applied Digital to reflect its pivot into the data center space.
Data centers became important with the rise of cloud computing. The demand for data storage created by generative AI is driving exponential growth in the sector. In fact, IndustryARC predicts that the data center market size will reach $418 billion by 2030. If those growth estimates are correct, that would be a compound annual growth rate (CAGR) of 9.6%.
Applied Digital’s topline shows strong year-over-year growth that could get a boost from hyperscalers. However, investors should exercise a little caution because the company is not profitable. APLD stock is up 12% in 2024 but is up approximately 118% in the last six months.
About Applied Digital
Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.
Read More - Current Price
- $9.85
- Consensus Rating
- N/A
- Ratings Breakdown
- 0 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- N/A
