Applied Digital's stock dropped 4% to $23.72, pushing its 2026 performance into negative territory with a 3% year-to-date loss. This decline reflects a broader sell-off in smaller AI data center hosting companies like Core Scientific and Cipher Mining, despite solid revenue and earnings growth reported by Applied Digital. The sell-off is driven by rising equity costs amid expectations of continued hyperscaler capital expenditure, which pressures these leveraged buildout plays. Meanwhile, larger data center and semiconductor ETFs remain relatively stable, highlighting a rotation favoring established AI infrastructure over smaller, riskier players. Investors should watch for stabilization or further declines as earnings and capex updates unfold.
Applied Digital trades at $23.72 on Pluang as of Sep 16, 2026 01:02 WIB, down 3.50% for the day and holding a market cap of $6.99 billion. Core Scientific and Cipher Mining also show declines, with prices at $16.25 and $15.10, down 4.19% and 3.42% respectively. These figures highlight ongoing pressure on smaller AI data center companies amid the broader market rotation away from leveraged buildout plays.
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