Applied Digital Hits New 52-Week High: APLD Stock Sees More Upside in HPC and AI Infrastructure Business

Applied Digital (APLD) stock has surged 130% in three months, hitting a 52-week high of $16.92. The company has expanded its business from crypto mining to high-performance computing (HPC) and artificial intelligence (AI) infrastructure. APLD is building out an AI-focused campus in Ellendale, North Dakota, and secured a 15-year lease agreement with CoreWeave, projected to generate $7 billion in revenue. Analysts see more upside in APLD stock.

Applied Digital Corporation (NASDAQ: APLD) has seen its stock price surge by 130% over the past three months, reaching a 52-week high of $16.92 on July 2, 2025. The stock's remarkable performance can be attributed to the company's strategic expansion into high-performance computing (HPC) and artificial intelligence (AI) infrastructure, alongside its ongoing crypto mining operations.

One of the key drivers of this growth is the company's ambitious Polaris Forge 2 project in Ellendale, North Dakota. This $3 billion AI-focused campus is set to begin operations in 2026 and reach full capacity by early 2027. The project leverages the state's cold climate, renewable energy, and favorable business environment to deliver 280 megawatts of sustainable, low-cost AI infrastructure. The facility is expected to create 200+ jobs and position North Dakota as a major AI epicenter, aligning with the projected $394 billion market growth through localized economic development [3].

Additionally, Applied Digital has secured a 15-year lease agreement with CoreWeave, a strategic partnership that is projected to generate $7 billion in revenue. This partnership ensures rapid deployment and competitive margins in the hyperscaler-driven demand market, further bolstering the company's position in the AI infrastructure landscape [3].

Analysts remain bullish on the stock, with several firms maintaining "Buy" ratings and raising their price targets. For instance, Craig-Hallum recently raised its price target for APLD from $12 to $23, reflecting strong confidence in the company's future performance [2].

Despite the positive outlook, it is crucial for investors to consider the company's financials and the broader market conditions. Applied Digital's stock price has fluctuated significantly, with the lowest price in the past year being $3.01. The company's market capitalization stands at approximately $4.4 billion, and its trading volume has been robust, with over 36 million shares traded today [2].

In conclusion, Applied Digital's stock performance is a testament to the company's strategic expansion into AI infrastructure and its strong partnerships. While the stock's volatility highlights the risks associated with the investment, the company's ambitious projects and analyst optimism suggest there is significant upside potential for investors.

References:
[1] https://www.marketbeat.com/instant-alerts/applied-digital-nasdaqapld-shares-down-38-heres-why-2025-08-15/
[2] https://site.financialmodelingprep.com/market-news/stock-article-for-68a34722f02aa2a14cdbbfae
[3] https://www.ainvest.com/news/applied-digital-polaris-forge-2-catalyst-ai-infrastructure-dominance-north-dakota-2508/