5 Best Data Center Stocks to Buy Right Now

4. Applied Digital Corp (NASDAQ:APLD)

Stock Upside Potential: 75.17%

Number of Hedge Fund Holders: 40

Applied Digital Corp (NASDAQ:APLD) is one of the best data center stocks to buy right now. On April 10, H.C. Wainwright reiterated its Buy rating on Applied Digital (NASDAQ:APLD), maintaining a $40 price target following the release of the company’s fiscal third‑quarter results.

According to management, the company operates one of the few 100 MW direct-to-chip liquid-cooled data centers online. The company is also starting to see the earnings power of its platform with revenue from the first building. The data center hosting business, which operates 286 MW of Bitcoin mining capacity, also continues to deliver strong results, with an operating profit of $14 million.

Total revenue for the fiscal third quarter of 2026 came in at $126.6 million, representing a 139% from the prior year. The company’s net loss also dropped to $100.9 million. In addition, Applied Digital posted an adjusted net income of $33.2 million and adjusted net income per diluted share of $0.09.

During the quarter, the company completed a $2.15 billion private offering for use in the development and construction of a 200MW critical IT load at the Polaris Forge AI factory.

Applied Digital Corp (NASDAQ:APLD) designs, builds, and operates next-generation data centers and high-performance computing (HPC) infrastructure tailored for artificial intelligence (AI) and cloud applications. They provide GPU-driven cloud services and infrastructure for AI, machine learning, and blockchain, targeting hyperscalers and enterprises.