Applied Digital shifts from crypto data centers to AI infrastructure with $36B in leases and strong growth outlook.

Applied Digital has evolved from focusing on crypto data centers to becoming a leading AI infrastructure platform, catering to the growing demand from hyperscalers for high-density capacity. The company holds $36 billion in contracted lease revenue across five AI Factory campuses, supporting 1.4 gigawatts of critical IT load with a diverse, investment-grade tenant base. Its strong financial backing includes multi-billion-dollar project-level debt and revolving credit facilities, enabling rapid expansion and future refinancing opportunities. Despite current negative GAAP earnings and a high valuation, the company's long-term goal of reaching $1 billion in net operating income within five years makes it an attractive investment on pullbacks.