What Sent Applied Digital Stock Higher?
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Applied Digital (APLD) stock rose 7.4% on Wednesday, November 11, 2026, while the S&P 500 gained 1.3%. The earnings calendar showed no earnings report from the company. The gain came the day CoreWeave’s results revived buying in AI data center stocks, and every company on Applied Digital’s peer list rose as well. What does CoreWeave’s quarter have to do with Applied Digital?
How Applied Digital Is Tied To CoreWeave
CoreWeave is one of Applied Digital’s tenants. Applied Digital builds large data center campuses to lease to major customers. On its October 7, 2026 call, management said the full 400 megawatts of the CoreWeave campus at Polaris Forge 1 are now funded.
U.S. stocks advanced on November 11 after CoreWeave’s earnings update eased worries that artificial-intelligence profits would not arrive soon enough to cover the debt taken on to build the infrastructure. Applied Digital also borrows heavily for construction. The company carries total debt equal to 124.2% of its market value, compared with 19.5% for the S&P 500. Management said on the same call that more than 80% of that debt does not come due until fiscal 2031 or later.
Did Applied Digital Rise Alone Or With Peers?
Applied Digital climbed alongside the companies on its Trefis peer list rather than moving with its sub-industry. Every peer gained during that session: MARA, Riot Platforms, Cleanspark, Core Scientific and Hut 8. Hut 8 rose 7.6%, about as much as Applied Digital, and Core Scientific rose 11.0%.
Its official sub-industry, IT consulting and other services, barely moved. The median of the 12 other companies in it with a market value of $2 billion or more fell 0.5%, and only one of them rose 5% or more. The technology sector fund XLK gained 3.2%, well short of Applied Digital’s rise.
Where Does Applied Digital Stock Stand Now?
Gains of this size are common for Applied Digital. The stock recorded 35 sessions with a rise at least this large over the prior 365 days, with the latest coming on November 9, 2026, two sessions earlier.
Those jumps have not made up for a hard year. Applied Digital stock lost 43.0% over the 12 months to November 11, while the S&P 500 returned 12.8%. The shares reached their highest close of that year at $49.65 on May 28, 2026. Over the past six months the stock has lost 60.6%, touching its lowest close of $14.17 on November 5, less than a week before this gain.
Applied Digital still trades at 6.1 times its sales over the past twelve months, against 3.2 times for the S&P 500.
The company is expected to report its fiscal second quarter of 2027 in January 2027. Revenue from its HPC hosting business, which leases data center space to tenants such as CoreWeave, was $262.6 million in the fiscal first quarter, and it is the figure to watch.
Does This Mean You Should Act On APLD?
Betting on a single stock is always risky, whichever way you lean. The Trefis High Quality (HQ) Portfolio holds 30 quality companies in equal weight and has returned 105% since its September 2020 launch.
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