On June 29, Applied Digital fell 5.12% in regular trading, trading at $36.78/share, with turnover of $137 million. The stock continued its multi-session decline as the market fully digested a recent power supply agreement and broader AI infrastructure sector pressure weighed on sentiment.

On the news front, the company recently signed a power supply agreement with Montana-Dakota Utilities, a subsidiary of MDU Resources, to provide 430 megawatts of electricity for its Polaris Forge 3 AI factory in North Dakota, with the facility expected to begin operations in August next year. However, the agreement did not disclose financial details, and the stock has weakened persistently since the announcement. Within the sector, CoreWeave fell 6.11% on the same day, reflecting broad-based pressure across AI infrastructure names.

The pullback follows a strong rally earlier in June when the company announced a $5.2 billion, 15-year lease agreement with a U.S. investment-grade hyperscaler for 210 megawatts at its Delta Forge 2 campus, and a planned $1.59 billion senior secured notes offering to finance expansion at its Ellendale, North Dakota data center campus.

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