Applied Digital Corporation (NASDAQ:APLD) is one of the 15 AI Stocks That Are Skyrocketing. On January 28, Northland increased its price target on Applied Digital Corporation (NASDAQ:APLD) from $40 to $56 and maintained its Outperform rating on the stock.
This update comes after “some exciting commentary” from the company’s Q2 earnings call. Applied Digital Corporation’s (NASDAQ:APLD) management pointed out that it is in advanced discussions with a new top-of-the-stack IG hyperscaler for up to three sites totaling about 900 megawatts (MW).
Earlier, on January 8, Craig-Hallum also raised its price target on Applied Digital Corporation (NASDAQ:APLD) from $39 to $40 and kept its Buy rating. The firm pointed to advanced talks on three sites representing 900 MW of potential capacity, with each campus possibly expanding to 1 gigawatt (GW). Together with the existing Forge 1 and Forge 2 campuses, this could translate to 5 GW of growth capacity over the next several years.
Craig-Hallum also noted Applied Digital Corporation’s (NASDAQ:APLD) technology investments. These include a $15 million investment in Corintis, a private firm developing liquid chip-cooling technology for AI applications, and a partnership with Babcock & Wilcox Enterprises, Inc. (NASDAQ:BW).
Applied Digital Corporation (NASDAQ:APLD) is a technology company that designs, develops, and operates digital infrastructure for the high-performance computing (HPC) and artificial intelligence (AI) industries.
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Disclosure: None. This article is originally published at Insider Monkey.
