12 Best Strong Buy Tech Stocks to Invest In Now

10. Applied Digital Corporation (NASDAQ:APLD)

Number of Hedge Fund Holders: 40

Applied Digital Corporation (NASDAQ:APLD) is also one of the best Strong Buy stocks on this list.

TheFly reported on May 21 that Lake Street raised its price target on APLD to $70 from $55 while reaffirming a Buy rating on the shares. The firm pointed to the company’s expanding hyperscaler customer base, highlighting the addition of a fourth major lease agreement that added approximately $7.5 billion in contracted revenue. This brought APLD’s total contracted revenue backlog to roughly $31 billion, equivalent to about $2.1 billion annually. Lake Street stated that market demand for large-scale digital infrastructure remains strong and expressed confidence that the company could continue securing additional business opportunities as it strengthens its position within the hyperscale data center market.

Additionally, on May 20, Applied Digital Corporation (NASDAQ:APLD) announced a long-term lease agreement for its Polaris Forge 3 AI data center campus with the same U.S.-based investment-grade hyperscaler previously involved in Delta Forge 1. The project is designed to deliver 300 megawatts of critical IT capacity supported by approximately 430 megawatts of utility power for large-scale artificial intelligence and high-performance computing workloads. The 15-year agreement carries an estimated base contract value of $7.5 billion and increases the company’s total contracted lease revenue across four AI campuses to approximately $31 billion. APLD stated that the facility will incorporate advanced liquid-cooling systems and proprietary waterless cooling technology to support high-density AI infrastructure deployments.

Applied Digital Corporation (NASDAQ:APLD) is a U.S.-based digital infrastructure company that develops and operates large-scale data centers for AI, high-performance computing, and cloud services.