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Luke Kawa10/9/25

Applied Digital soars after posting quarterly revenue beat in Q1, touting strong pipeline of data center demand from hyperscalers

Shares of Applied Digital are soaring more than 25% after the company reported better-than-expected results for its fiscal Q1 and said hyperscalers are lining up to secure capacity as it plans a multiyear expansion.

During the conference call with analysts, Chairman and CEO Wes Cummins said that Applied Digital is “in advanced discussions with an investment-grade hyperscaler” to lease capacity at its Polaris Forge 2 campus, which is expected to begin to come online in 2026 and could scale to up to 1 gigawatt. He added that management has “also entered negotiations with two additional hyperscalers for two new locations.”

The data center company, which counts Nvidia and CoreWeave among its major share and warrant holders, booked $64.2 million in revenues (Bloomberg-compiled consensus estimate: $46.1 million) with an adjusted diluted loss per share of $0.03 (estimate: loss of $0.13) for the three-month period ended August 31.

Its big revenue beat was driven by “tenant fit-out” revenue from CoreWeave as Applied Digital began to ready a data center for use by installing power, cooling, networking, and other infrastructure. While CFO Saidal Mohmand said these revenues are a “one-time, low-margin business,” he still expects them to “ramp significantly over the next quarter” and finds it “strategically important” that APLD’s customers can rely on them “for end-to-end services required to deploy state-of-the-art data centers.”

During the conference call, Cummins reiterated his expectation that Applied Digital will reach a run rate of $1 billion of net operating income within five years.

The options-implied move for the stock on earnings was a whopping 17.6%, per Bloomberg data.

Applied Digital is also one of the components in the Roundhill Meme Stock ETF, which relaunched this week.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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