What Could Derail Applied Digital Stock?

If investors holding Applied Digital (APLD) have a primary worry, it is likely not demand. The company generated $341.9 million in revenue during the fiscal first quarter of 2027, representing a 322% increase from a year earlier. Yet the stock still lost 23% over three months, while the S&P 500 gained 2.8%. The fundamental issue is that every data center must be built before a tenant pays rent on it. So where will the money to build them come from.