13 Best Artificial Intelligence Stocks Under $50 to Buy Now

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4. Applied Digital Corp. (NASDAQ:APLD)

Share Price as of May 12: $5.39

Number of Hedge Fund Holders: 42

Applied Digital Corp. (NASDAQ:APLD) provides digital infrastructure solutions and cloud services for the HPC and AI industries. It operates through three segments: Data Center Hosting Business, Cloud Services Business, and HPC Hosting Business. It also offers infrastructure services to crypto mining customers and GPU computing solutions for workloads related to AI, ML, and other HPC tasks.

As of FQ3 2025, Applied Digital operates 286 megawatts of fully contracted data center hosting capacity for currency clients across 2 locations in North Dakota, which are both running at full capacity and making $35.2 million in revenue for the quarter. On April 15, Kevin Dede from H.C. Wainwright maintained a Buy rating on Applied Digital Corp. (NASDAQ:APLD) but lowered the price target from $12 to $7.

The Ellendale campus is expected to be a major growth catalyst for the company. This is Applied Digital’s next-gen data center development in North Dakota, which is backed by significant financing. This includes a potential investment of ~$5 billion from Macquarie Asset Management and a $375 million financing arrangement with Sumitomo Mitsui Bank Corporation. The first 100-megawatt building is expected to generate revenue in late 2025.

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