New York, Jan 25, 2026, 06:15 EST — Market closed
- Shares of Applied Digital surged during the final U.S. session following the announcement of a new AI data-center campus construction
- With markets reopening, investors are zeroing in on rates and funding, searching for signs of follow-through
- A director revealed a minor share transfer in the latest SEC filing
Applied Digital’s stock surged 8.5% on Friday, ending at $37.69 on roughly 48.1 million shares changing hands. The jump came after the company announced it had started construction on a new “AI factory” data-center campus. 1
The Nasdaq-listed company stays in focus as investors wrestle with one key question: who controls the land and power needed for AI computing? The Nasdaq Composite rose roughly 0.4% on Friday, offering little momentum for a stock that’s been volatile on isolated news events. 2
Applied Digital announced its Delta Forge 1 campus will initially handle 430 megawatts of total utility power across two buildings. That translates to as much as 300 MW of “critical IT load,” the power actually available for servers and network equipment. CEO Wes Cummins called Delta Forge 1 a major step forward for the company’s expansion. He said operations are slated to begin by mid-2027. 3
The company referred to the site simply as a “strategic southern U.S. market,” stopping short of specifying a state. Industry source DataCenterDynamics pointed out that this vagueness complicates efforts to assess grid access and permitting schedules. 4
A separate securities filing revealed that director Douglas S. Miller gifted 6,000 shares on Jan. 22, cutting his stake to 194,859 shares post-transaction, per the Form 4. 5
Applied Digital is pitching investors on long-term leases for AI-focused data-center capacity. Back in October, it locked in a hefty $5 billion, 15-year AI infrastructure deal with a U.S. hyperscaler for 200 MW at its Polaris Forge 2 facility in North Dakota, according to Reuters. 6
Applied Digital operates in the same competitive space as major data-center landlords like Digital Realty and Equinix — a segment that typically reacts to shifts in big-cloud spending, power supply, and development timelines.
The downside remains clear-cut. Building these campuses demands time, cash, and tight coordination. If customers hold off on commitments, costs climb, or power delivery falters, the stock can lose gains fast.
The risk looms alongside the macro calendar. The Federal Reserve’s policy-setting committee gathers Jan. 27-28, a meeting known to reset rate expectations and shake up capital-heavy growth stocks. 7
Applied Digital’s IR calendar shows no scheduled investor events or calls. 8
As markets reopen Monday, traders will zero in on any new updates about Delta Forge 1, particularly regarding customer discussions and project specifics. The next major event on Wall Street’s radar is the anticipated earnings report around April 13, though that date could change. 9
