Applied Digital (APLD) Q4 2025 Earnings Call July 30, 2025 05:00 PM ET Company ParticipantsMatt Glover - Senior MDWes Cummins - Chairman and CEOSaidal Mohmand - CFOMike Grondahl - Head - Equities & Director - ResearchConference Call ParticipantsNick Giles - Senior Research AnalystRob Brown - Senior Research Analyst, Founding Partner & Chief Strategy OfficerDarren Aftahi - MD & Senior Research AnalystGeorge Sutton - Senior Research AnalystOperatorGood afternoon, and welcome to the Applied Digital's Fiscal Fo ...

Company Acquisition - CoreWeave is acquiring Core Scientific for $9 billion, aiming to enhance its data center infrastructure and profitability [1][2] - The acquisition is expected to generate significant cost savings by streamlining operations and eliminating lease overhead [2][3] Strategic Goals - The deal allows CoreWeave to pursue infrastructure financing strategies, reducing capital costs and providing more control over power capacity [3][4] - CoreWeave's CEO stated that this acquisition accelerates their strategy to deploy AI and high-performance computing (HPC) workloads at scale [3][4] Market Context - The acquisition occurs amidst a record high in AI startup mergers and acquisitions, with deal volume and valuation increasing significantly [5][6] - Mergermarket data indicates that the value of M&A deals involving AI startups rose by 288% to $49.9 billion last year, with a 53% increase in the number of deals [6][7] - In 2024, AI-related M&A spending has already surpassed the previous year by 11%, totaling $55.3 billion from January 1 to July 2 [7]