Applied Digital Corporation (NASDAQ: APLD) surged 5.21% in after-hours trading on Wednesday, following the release of its fiscal second-quarter 2026 results. The company reported revenue of $126.6 million, a 2.5x year-over-year increase, driven by its AI-focused data centers and partnerships like CoreWeave.
Key growth catalysts include the expansion of its Polaris Forge 1 campus and a $11 billion lease agreement with CoreWeave. Analysts remain bullish, with Arete Research initiating coverage at "Buy" and a $99 price target, citing the company's strategic focus on AI infrastructure.