New York, January 12, 2026, 18:39 EST — After-hours
Applied Digital Corporation (APLD) shares gained roughly 1.3%, closing at $38.21 in after-hours Monday. This followed a Form 144 filing from director Douglas Miller, who plans to sell 10,000 shares. The filing values the proposed sale at about $385,000 and also reveals Miller offloaded 8,000 shares on Nov. 28. (Applied Digital Corporation)
The filing arrives as Applied Digital’s shares remain under the spotlight following a strong revenue surprise last week, fueled by demand for large-scale data centers that support artificial intelligence. The company posted fiscal second-quarter revenue of $126.6 million and announced it had locked in billions in long-term leases, Reuters reported. (Reuters)
Rate bets also play a role. Investors have focused on inflation figures to gauge the direction of U.S. interest rates, which in turn affects the valuation of growth stocks linked to data centers and AI infrastructure. (Investopedia)
Form 144 is a notice insiders and affiliates file to signal their intent to sell restricted or control securities under SEC Rule 144. It doesn’t confirm a sale has taken place, and the plan can still be altered.
Applied Digital positions itself as a developer and operator of high-performance data centers and colocation facilities, with a strong emphasis on North Dakota. The company reported 600 megawatts of leased capacity spread over two campuses there—400 MW leased to CoreWeave at Polaris Forge 1, and 200 MW to a U.S.-based investment-grade hyperscaler at Polaris Forge 2. (Megawatts refer to the power capacity available to run servers.) Cummins added that Applied Digital is “in advanced discussions with another investment-grade hyperscaler across multiple regions.” (Applied Digital Corporation)
Wall Street is grappling with the lease pipeline versus the stock’s rapid climb. Following the quarterly report, Needham’s John Todaro stuck with a buy rating and set a $41 price target, Barron’s reported. (Barron’s)
The company’s earnings call replay is accessible until Jan. 14, per its investor relations calendar. (Applied Digital Corporation)
There’s plenty that could derail the plan. The whole operation depends on locking in and funding multi-year data center leases, staying on track with construction, and controlling power and building expenses. Any misstep could weigh on a stock that’s already adjusted sharply.
Traders are now focused on Tuesday’s U.S. CPI report for December 2025, set for release at 8:30 a.m. Eastern. Attention will also be on whether Applied Digital provides updates on customer contracts and financing in the next few weeks. (Bureau of Labor Statistics)
