APLD

APLD

APLD

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Hood River Capital – Small Cap Growth Fund	-	31.3%	APLD, QXO	AI, consumer, growth, industrials, small caps, technology	The fund focuses on US small cap growth stocks and believes small caps have the ability to outperform over the coming quarters given the Fed has begun its easing cycle and small caps typically outperform during easing cycles. The Russell 2000 Growth Index currently trades at a slight discount to the S&P 500 despite typically trading at a 20% premium.	QXO APLD	View
2025 Q2	Jul 18, 2025	Pernas Research	19.3%	10.5%	AMD, APLD, CGEH, CSCO, GOOGL, NVDA, ORCL, RELY, STX, XMTR	AI, Data centers, growth, infrastructure, semiconductors, small caps, technology	AI-related names drove significant portfolio returns with APLD and CGEH posting triple-digit gains. The manager views the AI investment cycle as lasting at least 12-16 months, comparing it favorably to the fiber buildout era. Unlike fiber's debt-financed overbuild, AI spending is demand-linked with high data center utilization and contracted demand supporting continued capital deployment.		View
2025 Q4	Feb 18, 2026	Starboard Value	0.0%	0.0%	AMD, APLD, CIFR, DLR, EQIX, HUT, RIOT, WULF	Activist, AI, crypto, Data centers, Power, value	Riot is positioned to capitalize on the massive AI/HPC data center opportunity as AI companies scale capacity exponentially. The company's sites are well-suited for AI training, inference, edge computing, and various data center applications, with power being the biggest constraint for AI buildout. Riot's transformation from bitcoin mining to AI/HPC data centers represents tremendous value creation potential. The company has 1.7GW of fully available power at prime locations that could generate over $1.6 billion of annual EBITDA if monetized at recent precedent transaction rates. Cryptocurrency mining companies have become attractive sources of near-term power capacity for AI/HPC companies. From August to year-end 2025, four crypto mining companies announced AI/HPC deals for approximately 1.4GW of gross capacity at attractive leasing rates.	RIOT	View
2023 Q3	Nov 30, 2023	Spear Advisors	-3.5%	0.0%	APLD, ASTS, AVAV, COHR, KLAC, KRMN, LRCX, MKSI, NVDA, WULF	AI, Automation, energy, Industrial, semiconductors, Space, technology	The fund invests in companies benefiting from artificial intelligence trends as one of its core secular themes. AI is highlighted as a key breakthrough trend in industrial technology that the fund targets.		View
2025 Q3	Oct 29, 2025	Pernas Research	31.7%	47.2%	AMD, APLD, CGEH, CSCO, GOOGL, NVDA, ORCL, RELY, STX, WCG, XMTR	AI, Data centers, growth, semiconductors, small caps, technology	AI-related names drove significant portfolio returns with APLD and CGEH posting triple-digit gains. The manager compares current AI investment cycle to fiber buildout, arguing AI has more durable CAPEX with demand-linked spending and high data center utilization. Expects AI investment cycle to last 12-16 months with low probability of collapse.	NVDA NVDA	View
2025 Q3	Oct 24, 2025	NCG Micro Cap Growth Strategy	4.6%	5.2%	ADMA, ADPT, AEHR, AMPX, AMSC, AORT, APLD, ATRO, BRCF, CCB, CDNA, EVLV, FEIM, KEST, LEU, LMB, OPRX, PAR, PGY, PI, PKE, PL, PRCH, WULF, XMTR, ZETA	AI, defense, growth, Micro Cap, nuclear, Onshoring, small cap	AI infrastructure buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. The infrastructure needed to support AI development is creating substantial near-term investment opportunities.	ATRO	View
2025 Q3	Oct 24, 2025	NCG Small Cap Growth Strategy	5.9%	3.9%	AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, STRL, TOL, VCEL, XMTR	AI, defense, growth, infrastructure, nuclear, small cap, Speculation, valuation	Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support the AI buildout is spurring significant increases in investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors.	BE XMTR	View
2025 Q3	Oct 24, 2025	NCG SMID Cap Growth Strategy	7.1%	4.3%	AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, SPRY, STRL, TOL, XMTR	AI, earnings, growth, industrials, infrastructure, Rate Cuts, small caps, technology	Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support the AI buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors.		View
2025 Q4	Jan 20, 2026	Pernas Research	4.8%	54.3%	ADBE, APLD, CARD.L, CELH, META, NKE, PSFE, SEMR, STX	AI, defense, Mean reversion, small caps, technology, value	AI represents a consequential technological shift reshaping business and consumer behaviors. The AI-driven capex cycle is expected to persist over the next 12-16 months. The manager sees a barbell opportunity in owning clear AI winners alongside companies mislabeled as AI losers. Smaller-cap companies offer outsized opportunity due to their ability to pivot quickly in a period of rapidly increasing dynamism. Over the past two years, multi-baggers among smaller-cap names have been roughly double the 20-year average due to their organizational flexibility. The definition of defense is expanding beyond traditional military applications. Robotics, AI, cybersecurity, and data infrastructure are now central components of national security as the peace dividend and security provided by Pax Americana are eroding.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Hood River Capital - Small Cap Growth Fund	Applied Digital Corporation	Information Technology	IT Services	Bull	NASDAQ	AI, Co-investment, data centers, digital infrastructure, high-performance computing, Nvidia partnership, technology infrastructure	View Pitch
Sep 16, 2025	Short Thesis	The Bear Cave	Applied Digital Corp	Information Technology	IT Services (Data Centers / Hosting)	Bear		Competition, Crypto, Dilution, Execution, Hosting	View Pitch
Sep 16, 2025	Short Thesis	Wolfpack	Applied Digital Corp	Information Technology	IT Services (Data Centers / Hosting)	Bear		AI, CapEx, Contracts, Crypto, datacenters	View Pitch
Sep 16, 2025	Short Thesis	Guasty Winds	Applied Digital Corp	Information Technology	IT Services (Data Centers / Hosting)	Bear	NASDAQ	AI, CapEx, Contracts, Crypto, datacenters	View Pitch
Sep 16, 2025	Short Thesis	Friendly Bear	Applied Digital Corp	Information Technology	Data Processing & Outsourced Services (Data Centers/HPC)	Bear	NASDAQ	AI, Capital, Credibility, Crypto, data centers	View Pitch
Aug 13, 2025	Seeking Alpha	The Alpha Analyst	Applied Digital Corporation	Information Technology	Information Technology Services	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Ahmed Abdelazim	Applied Digital Corporation	Information Technology	Information Technology Services	Bull	NASDAQ	—	View Pitch

BSD Shareholders of APLD

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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