Applied Digital stock climbed 9.7% on Friday, November 6, 2026, far outpacing the S&P 500’s 0.3% gain, as investors bid up the company alongside a tight group of former bitcoin miners now positioned as AI data center landlords. The move recovered a slice of the prior session’s 14.7% decline and placed Applied Digital near the middle of a peer group that posted gains across the board.
A Cluster of AI Data Center Builders Moves Together
All five of Applied Digital’s industry peers finished higher on Friday, with advances ranging from Core Scientific’s 3.3% to Hut 8’s 14.6%. Applied Digital lagged Hut 8 and Riot Platforms but stayed ahead of CleanSpark, which added 8.5%, and MARA, which rose 8.1%. The broader market was far quieter: the technology sector fund XLK gained 1.5%, and the Nasdaq Composite added 1.1%. The day’s upward action was concentrated in this specific cluster of data center developers rather than technology stocks at large.
The rally came even as bitcoin traded flat, suggesting that investors were pricing these companies on their AI data center ambitions rather than their legacy crypto exposure. Applied Digital’s older hosting business remains active, with its Data Center Hosting segment operating two bitcoin hosting sites and generating $37.8 million in revenue during fiscal Q1 2027.
Contracted Revenue Backs the AI Pivot
On an October 7, 2026 call, management said Applied Digital has about $36 billion in contracted revenue across five campuses. The high-performance computing hosting business, which covers the campuses leased to AI customers, brought in $262.6 million in fiscal Q1 2027 and is the metric to watch when the company reports fiscal Q2 2027 results in January 2027. That operational mix explains why Applied Digital trades in tandem with miners that investors now value as AI data center developers.
Thursday’s sharp drop, by contrast, followed a news report that cited deepening fears over Texas data centers. The Friday rebound did not erase that context, but it did lift the entire peer group rather than Applied Digital alone.
Where the Stock Stands After the Gain
Friday’s close of $15.55 came one day after Applied Digital recorded a one-year low close of $14.17 on November 5. The stock’s highest close was $49.65 on May 28, 2026. Despite Friday’s advance, shares remain down 53.0% over the past twelve months, compared with a 9.8% gain for the S&P 500. The longer decline is steep: Applied Digital lost 62.3% over the past six months and 34.8% in the past month alone. Year-to-date, the stock is down 36.6%, while the S&P 500 and Nasdaq-100 proxies SPY and QQQ are up 8.4% and 7.1%, respectively.
A 9.7% single-day move is not unusual for Applied Digital. The stock recorded 15 sessions with a gain of at least that size in the prior 365 days. On valuation, the shares still trade at 5.3 times trailing twelve-month revenue, compared with 3.1 times for the S&P 500.
What to Watch Next
With fiscal Q2 2027 results due in January 2027, investors will focus on revenue from the high-performance computing hosting segment. That figure, $262.6 million in the prior quarter, reflects the campus leasing business that has repositioned Applied Digital from crypto miner to AI infrastructure landlord. Friday’s gain shows how quickly sentiment can shift within that peer group, but the stock’s steep twelve-month decline and premium revenue multiple leave the AI hosting numbers as the clearest test of whether the rally can hold.
