15 AI Stocks That Are Skyrocketing

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4. Applied Digital Corporation (NASDAQ:APLD)

6-Month Performance: 150.39%

Number of Hedge Fund Holders: 38

Applied Digital Corporation (NASDAQ:APLD) ranks among the best AI stocks that are skyrocketing. On January 28, Northland increased its price target on Applied Digital Corporation (NASDAQ:APLD) from $40 to $56 and maintained its Outperform rating on the stock.

This update comes after “some exciting commentary” from the company’s Q2 earnings call. Applied Digital Corporation’s (NASDAQ:APLD) management pointed out that it is in advanced discussions with a new top-of-the-stack IG hyperscaler for up to three sites totaling about 900 megawatts (MW).

Earlier, on January 8, Craig-Hallum also raised its price target on Applied Digital Corporation (NASDAQ:APLD) from $39 to $40 and kept its Buy rating. The firm pointed to advanced talks on three sites representing 900 MW of potential capacity, with each campus possibly expanding to 1 gigawatt (GW). Together with the existing Forge 1 and Forge 2 campuses, this could translate to 5 GW of growth capacity over the next several years.

Craig-Hallum also noted Applied Digital Corporation’s (NASDAQ:APLD) technology investments. These include a $15 million investment in Corintis, a private firm developing liquid chip-cooling technology for AI applications, and a partnership with Babcock & Wilcox Enterprises, Inc. (NASDAQ:BW).

Applied Digital Corporation (NASDAQ:APLD) is a technology company that designs, develops, and operates digital infrastructure for the high-performance computing (HPC) and artificial intelligence (AI) industries.

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