Applied Digital Surges to 60th in Volume on $1.84 Billion Rush Amid $11B AI Infrastructure Deal

On July 31, 2025, Applied Digital (NASDAQ: APLD) saw a significant surge in trading activity, with a volume of $1.84 billion, a 514.72% increase from the previous day, ranking it 60th in market volume. The stock closed up 31.01%, reflecting strong investor interest.

The jump was driven by Applied’s announcement of a 15-year, 400-megawatt lease agreement with AI infrastructure firm CoreWeave, securing $11 billion in future revenue. The company also reported adjusted earnings that exceeded analyst estimates. Analysts at Citizens and Compass Point upgraded their ratings, raising price targets to $16 and $13, respectively. The deal and strong earnings signaled confidence in Applied’s pivot to AI-focused infrastructure, aligning with broader industry trends in high-performance computing.

The stock’s 31% rise, despite a broader market decline, highlighted its volatility and the sector’s growth potential. Analysts note that while short-term momentum is positive, long-term sustainability depends on competition from tech giants building their own facilities. The company’s Polaris Forge 1 project, targeting AI and HPC workloads, has gained traction, supported by its zero-debt structure and liquidity. However, profitability remains a concern, with mixed results in recent quarters.

A backtest of a strategy purchasing top-volume stocks and holding for a day showed a 166.71% return from 2022 to July 2025, outperforming the 29.18% benchmark. This underscores the role of liquidity in driving short-term gains, though future performance may vary with market dynamics.