New York, Jan 13, 2026, 13:11 EST — Regular session
- Shares of Applied Digital dropped roughly 3.4% after a director submitted a filing to sell stock under SEC Rule 144
- The filing reveals a planned sale of 10,000 shares, worth roughly $385,000
- Investors are balancing insider supply with the latest AI data-center lease and buildout milestones
Shares of Applied Digital Corporation slipped roughly 3.4% to $36.90 by midday Tuesday, following a director’s filing to sell shares. The stock traded between $36.36 and $38.96 earlier in the session.
This matters now as Applied Digital has turned into a high-beta play on the AI data-center boom. With the stock reacting to contracts, power capacity, and financing news, even routine insider selling can weigh on sentiment.
Investors are weighing two major factors right now: execution risk tied to new data-center campuses and where U.S. interest rates head next. Each could alter the calculations on long-term leases and the financing costs for construction.
A Form 144 filing dated Jan. 12 revealed director Douglas Miller intends to sell up to 10,000 shares, valued at $385,410 in total. The filing noted 279.6 million shares outstanding and confirmed these shares came from restricted stock vesting. It also reported an earlier sale of 8,000 shares on Nov. 28. Form 144 is the required notice insiders submit when planning stock sales under SEC Rule 144. (Applied Digital Corporation)
Broader markets slipped as the S&P 500 ETF dropped roughly 0.3%, while the Nasdaq 100 ETF declined about 0.2%. This followed data revealing a 0.3% rise in U.S. consumer prices for December, matching forecasts. (Reuters)
Applied Digital reported fiscal second-quarter revenue of $126.6 million last week, a 250% jump from the same period a year ago. The company also announced it achieved “Ready-for-Service” status at its Polaris Forge 1 site, now delivering 100 megawatts (MW) to customer CoreWeave. Additionally, Applied Digital secured a roughly 15-year lease with a U.S.-based investment-grade hyperscaler—a major cloud provider—for 200 MW at the Polaris Forge 2 campus, starting in 2026. “Inbound demand has increased meaningfully,” CEO Wes Cummins said in the release. (Applied Digital Corporation)
The buildout demands heavy capital, and the stock’s performance hinges on confidence that leases will translate into operational capacity as scheduled and within budget. Investors are closely watching how much additional financing the company will require to expand power, cooling, and facilities.
The big question remains how fast Applied Digital can convert its pipeline into actual signed contracts and cash flow, given that these projects span years. Any delays, contract tweaks, or rising funding expenses could hit the stock price quickly.
The upcoming checkpoints are clear: further filings revealing insider moves, fresh updates on talks with hyperscalers, and key milestones tied to 2026 deliveries. Macro traders are zeroing in on the Federal Reserve’s January 27-28 policy meeting, hunting for hints on the rate trajectory shaping risk appetite. (Federal Reserve)
