格隆汇10月10日｜AI数据中心公司Applied Digital(APLD.US)股价飙升26%，股价创2004年1月以来最高 纪录。 ...

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Economic Indicators - Canada's labor market added 60,400 new jobs in September, significantly exceeding economists' forecasts of a 5,000-job gain [2] - The unemployment rate remained steady at 7.1%, contrary to expectations for a slight increase to 7.2% [2] - The probability of a Bank of Canada (BoC) rate cut in October decreased to 57% from 72% following the positive jobs report [2] Venture Capital - Kalshi, a prediction market platform, raised over $300 million in a funding round, achieving a valuation of $5 billion [3] - The funding round was led by Sequoia Capital and Andreessen Horowitz, with participation from Paradigm, CapitalG, and Coinbase Ventures [3] - Kalshi's trading volume is projected to reach $50 billion annually, indicating its disruptive potential in event contracts and sports betting [3] Corporate Developments - Applied Digital (APLD) shares surged by 30% in pre-market trading after reporting fiscal Q1 2026 revenue of $64.22 million, surpassing estimates of $49.99 million [5] - Qualcomm (QCOM) shares declined in pre-market trading due to an antitrust investigation by China's SAMR related to its acquisition of Autotalks [6] - Ford Motor Company (F) announced leadership changes, appointing Sam Basile as vice president of Advanced Product Development [7] - Venture Global (VG) shares fell by 18.3% after losing a partial arbitration ruling to BP regarding LNG sales [7] - Levi Strauss & Co. (LEVI) shares slipped 6.9% despite beating earnings expectations, due to concerns over tariff impacts on future gross margins [7]

Market Overview - U.S. equity markets are showing a cautious upward trend in premarket trading amid a prolonged government shutdown and anticipation of crucial economic data [1] - Major indices futures indicate a modest positive open, with Dow Jones Industrial Average futures rising by approximately 0.06% to 0.11%, S&P 500 futures up between 0.08% and 0.12%, and Nasdaq 100 futures leading with a gain of around 0.2% to 0.14% [2] - Asian markets presented a mixed picture, with South Korea's KOSPI hitting a record high while Japan's Nikkei 225 experienced a drop [3] Major Market Index Performance - The S&P 500 fell 0.28% to 6,735.10, and the Nasdaq Composite slipped 0.08% to 23,024.63, both retreating from recent intraday records [4] - The Dow Jones Industrial Average posted the largest decline, dropping 0.52% to 46,358.42, with the S&P 500 and Nasdaq on track for modest weekly gains while the Dow is set for a 0.9% weekly loss [4] Upcoming Economic Events - Key focus for investors includes the release of the University of Michigan's consumer sentiment index, with preliminary data indicating a greater-than-expected deterioration in consumer sentiment [5] - The week will conclude with the highly anticipated U.S. Non-Farm Payrolls and Unemployment Rate data, alongside Canada's employment figures [5] Corporate Developments - Applied Digital shares surged 25% to 25.74% in premarket trading after reporting better-than-expected quarterly revenue of $64.2 million, an 84% year-over-year increase, and finalizing a new lease agreement with CoreWeave for an additional 150 megawatts [7] - Intel shares climbed 1.7% in premarket after TD Cowen raised its price target from $20 to $35, signaling renewed optimism in Intel's AI and data center strategies [7] - Nvidia shares reached an all-time high and are up nearly 1% further before the bell, with a market capitalization of approximately $4.7 trillion [12] - Qualcomm experienced a dip of 1.5% in premarket trading due to an antitrust probe initiated by Chinese regulators [12] - Levi Strauss & Co. saw its stock plunge 7.7% despite reporting better-than-expected Q3 results with a 7% year-over-year increase in net revenues to $1.5 billion [12] - Delta Air Lines surged 4.3% following a report of record third-quarter revenue and a positive outlook for Q4 [12] - PepsiCo's stock rose 4.2% after surpassing analyst estimates in Q3 results and announcing a new chief financial officer [12]

Market Movements - US stock index futures are all up ahead of the market opening, with Dow futures rising by 0.11%, S&P 500 futures by 0.08%, and Nasdaq futures by 0.09% [1] - European indices show mixed results, with Germany's DAX down by 0.25%, UK's FTSE 100 down by 0.01%, and France's CAC40 remaining unchanged [2][3] - WTI crude oil has decreased by 1.17% to $60.79 per barrel, while Brent crude oil has fallen by 1.09% to $64.51 per barrel [3][4] Company News - Tesla's wholesale sales in China rebounded in September, increasing by 2.8% year-on-year to 90,812 vehicles, ending a two-month decline [8] - Google has been designated as the first company with "strategic market status" in the UK, leading to stricter scrutiny of its online search and advertising business by the Competition and Markets Authority [9] - Qualcomm is under investigation for failing to legally report its acquisition of Autotalks, causing its stock to drop nearly 2% in pre-market trading [9] - Applied Digital reported a significant revenue increase of 84% year-on-year in Q1, driven by surging demand for data center services to support generative AI applications [10] - Stellantis announced a 13% year-on-year increase in global vehicle deliveries in Q3, attributed to new model launches and strong demand in North America [11] Economic Insights - Nuveen Asset Management's CIO suggests that robust corporate earnings, particularly from large tech companies, will likely sustain the US stock market's upward trend into year-end [5] - A report from the Boston Fed indicates rising inflation expectations pose a greater risk to the Fed's ability to control prices, with consumer expectations for one-year inflation increasing [6] - The upcoming release of the US Consumer Price Index (CPI) for September is anticipated to occur on schedule, despite the federal government shutdown [6]

Core Insights - Applied Digital (NASDAQ: APLD) experienced a surge of over 20% following the release of its first-quarter financial results, which significantly exceeded Wall Street estimates [1] Financial Performance - The company reported blockbuster financials for the first quarter, indicating strong performance in the artificial intelligence (AI) sector [1]

Group 1 - Applied Digital Corp (NASDAQ:APLD) shares increased by 24.6% to $36.50 in pre-market trading following the release of its fiscal first-quarter 2026 earnings report [1][2] - The company reported first-quarter revenue of $64.22 million, surpassing analyst estimates of $49.99 million [1] - Applied Digital's first-quarter adjusted loss was three cents per share, better than the analyst expectations of a loss of 13 cents per share [1] Group 2 - Safe & Green Holdings Corp (NASDAQ:SGBX) saw a significant gain of 85.5% to $6.01 in pre-market trading after regaining Nasdaq compliance [5] - Brookfield Corp (NYSE:BN) surged 51.1% to $68.00 following the completion of a three-for-two stock split [5] - SWK Holdings Corp (NASDAQ:SWKH) rose 45.5% to $21.00 after Runway Growth Finance Corp agreed to acquire the company [5]

AI基建热潮正改写全球科技格局，从硅谷算力中心到北美腹地数据园区，一场"智能时代基础设 施"竞速赛已打响。AppliedDigitalCorporation（APLD）凭借高功率密度数据中心建设、电力资 源整合硬实力，在千军万马中突围，成为北美AI基建赛道核心玩家。这家成立22年的企业，正借 电力缺口红利，以"快交付、大规模、低能耗"优势，在3500亿美金AI基建蛋糕中抢占关键席位。 01 APLD是谁？ 北美AI基建的"实干派" 提到 AI基建，多数人先想到英伟达、微软等巨头，但支撑算力需求的"底座"——高功率数据中 心，才是变革核心载体，APLD正是这一"底座"的关键服务商。 APLD成立于2001年，总部位于美国得克萨斯州达拉斯，早期业务多元，近年随AI算力需求爆发 收缩战线，聚焦数据中心托管与高性能计算（HPC）托管（云服务业务待出售），定位清晰：北 美高性能计算与AI数字基础设施核心服务商，最终目标转型为AI数据中心房地产投资信托 （REIT）——以"稳定租金收益"绑定AI产业长期增长。 AI基建的"硬实力"门槛下，APLD的核心竞争力集中在三维度： 5年10亿NOI目标，CoreWeave成"压舱 ...

Core Insights - Applied Digital (APLD.US) reported first-quarter revenue exceeding Wall Street expectations, showcasing strong growth despite a net loss, driven by surging demand for data center services to support rapidly growing generative AI applications [1][3] - The company's stock surged over 12% in after-hours trading following the earnings report [1] Financial Performance - For the quarter ending August 31, revenue increased by 84% year-over-year to $64.2 million, surpassing analyst expectations of $50 million [1] - Adjusted loss per share was $0.03, better than the anticipated loss of $0.13 [1] - The data center hosting segment generated $37.9 million in revenue, while total revenue costs rose by 144% to $55.6 million, with approximately $25 million attributed to high-performance computing hosting facility construction and client preparation [1] Business Transformation and Market Position - Applied Digital has successfully transitioned from cryptocurrency mining to becoming a key player in AI infrastructure, designing and operating specialized data centers for AI and blockchain applications [3] - The demand for high-performance data center infrastructure is driven by companies competing to deploy next-generation AI models [3] Strategic Partnerships and Future Outlook - In August, Applied Digital signed a new lease agreement with CoreWeave (CRWV.US) to add 150 MW of power capacity to its North Dakota data center, with total contracted lease revenue expected to reach approximately $11 billion [3] - Roth Capital anticipates that Applied Digital will secure another high-performance computing hosting agreement by year-end, with expectations for more large hosting contracts in the future [3] Leadership Perspective - The CEO of Applied Digital emphasized that the new lease validates the company's platform strength and execution capabilities, positioning it as a trusted strategic partner for top global tech firms [4] - The company is poised to become an indispensable infrastructure provider in the AI era, similar to the role of "pickaxes and shovels" during the gold rush [4] Expansion Potential - The Polaris Forge 1 facility has significant expansion potential, with expectations to exceed 1 GW of total capacity between 2028 and 2030 [5] - As of the end of the quarter, the company held approximately $114.1 million in cash and cash equivalents, with total debt at $687.3 million [5] - Applied Digital aims to focus on acquiring capital at the lowest cost and establishing a replicable financing structure to support large-scale business expansion across the U.S. [5]

Financial Data and Key Metrics Changes - Revenues for the first fiscal quarter of 2026 were $64.2 million, up 84% from $34.8 million in the fiscal first quarter of 2025, primarily due to $26.3 million from tenant fit-out services [18][19] - Adjusted net loss was $7.6 million or $0.03 per share, while adjusted EBITDA was $0.5 million compared to $6.3 million the prior year [20][21] - The company ended the first fiscal quarter with $114.1 million in cash and $687.3 million in debt, excluding $362.5 million in proceeds from financing that occurred after the quarter end [21] Business Line Data and Key Metrics Changes - The HPC data center hosting segment expanded its long-term lease agreements with CoreWeave, increasing total contract value to approximately $11 billion [5][6] - The blockchain hosting business continues to operate 286 MW of fully contracted capacity across two North Dakota locations, with strong Bitcoin prices positively impacting customers [14] Market Data and Key Metrics Changes - Publicly traded hyperscalers are projected to invest over $350 billion in AI data centers this year, highlighting unprecedented investment in AI infrastructure [8] - The Department of Energy estimates a power shortfall for data centers in the range of 40 GW-50 GW, with some experts suggesting it could exceed 90 GW [23] Company Strategy and Development Direction - The company is focused on delivering purpose-built infrastructure for AI and high-performance computing sectors, with plans to scale beyond 1 GW starting in 2028 to 2030 [6][12] - The company aims to reach a goal of $1 billion in net operating income (NOI) run rate within five years, supported by long-term contracts with hyperscale tenants [22] Management's Comments on Operating Environment and Future Outlook - Management believes that the limiting factor in AI infrastructure deployment is the lack of suitable data centers, positioning the company to meet this challenge [9] - The company is actively evaluating new sites across additional states and regions to meet accelerating demand [23] Other Important Information - The company has secured an initial $112.5 million draw from a $5 billion preferred equity facility with Macquarie Asset Management to advance construction of Polaris Forge 1 [15][16] - The company has built and funded more than $1.6 billion in property and equipment, transitioning from a small Bitcoin hosting center to executing transactions with leading hyperscalers [16] Q&A Session Summary Question: What are the largest remaining factors for project financing? - Management indicated that project financing will entail both buildings coming online over the next year, with a focus on finalizing credit agreement documents [30] Question: What is the current status of power infrastructure at Polaris Forge 2? - Management confirmed that 280 MW of initial utility power is in place, with infrastructure being built to meet the timeline for coming online in 2026 and fully online in 2027 [32] Question: What is the timeline for new hyperscaler negotiations? - Management stated that negotiations are ongoing, with expectations for contracts to be in place in the near term as they continue to engage with new and existing customers [37] Question: What does the Macquarie Asset Management financing do for future growth? - The financing allows the company to scale larger, minimizing dilution at the public company level while unlocking significant capital for future projects [46] Question: How does the company define its active pipeline? - The active pipeline includes projects that are expected to move into construction within the next six to twelve months, with ongoing work on permitting and power [52] Question: What are the supply chain challenges faced by the company? - Management noted that while lead times have stretched in the industry, they secured necessary equipment two years ago, mitigating pricing inflation and supply chain issues [70]