Is Applied Digital Stock a Buy?

A new class of cloud computing companies, called neoclouds, is rushing to capitalize on the artificial intelligence supercycle. Neoclouds specialize in building data centers designed to meet the rigorous requirements of training and powering AI software and systems.

One compelling neocloud to consider investing in is Applied Digital (NASDAQ: APLD). It owns data centers and leases out their compute capacity to AI enterprises. Its stock has tumbled by about 50% since hitting a 52-week high of $50.73 in May. But that share price drop could be a buying opportunity. 

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