Why Did Applied Digital Stock Plummet This Week?

Applied Digital's stock tumbled 12% this week despite landing an $11 billion AI data center deal with CoreWeave.Shares of Applied Digital (APLD -3.07%) fell this week, down 13.1% as of market close on Friday. The drop comes as the S&P 500 and the Nasdaq-100 were up 0.3% and 0.1%, respectively.The AI data center company announced last week that it secured an additional 150MW (megawatt) lease agreement with CoreWeave. Shares slid this week as investors weighed concerns around valuation and how the expanded ca ...