Core Insights - Applied Digital Corporation (NASDAQ:APLD) has been one of the top-performing mid-cap tech stocks over the past three years [1] - Roth Capital Partners has maintained a Buy rating on Applied Digital and increased the price target from $24 to $43, highlighting the potential for a new HPC colocation agreement at the Harwood site by late 2025 or early 2026 [1][3] Company Developments - The Harwood "Polaris Forge 2" AI campus is expected to start initial operations in 2026 and achieve full capacity by early 2027 [2] - Applied Digital has signed two 15-year leases with CoreWeave for 250 MW at its Ellendale, North Dakota campus, which is projected to generate approximately $7 billion over the lease term [3][4] Business Focus - Based in Dallas, Texas, Applied Digital designs, builds, and operates next-generation digital infrastructure and HPC data centers that support AI and high-performance computing workloads [4]