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Shares of Applied Digital Corp (NASDAQ:APLD) are falling sharply on Friday, caught in a broader sell-off of crypto-related stocks as Bitcoin’s (CRYPTO: BTC) price earlier tumbled below $104,000. Here’s what investors need to know.
What To Know: The cryptocurrency market has faced significant pressure after President Trump’s remarks on China tariffs failed to spark a recovery, and sentiment was further soured by over $1.6 billion in Bitcoin outflows over the last few sessions.
The downturn marks a swift reversal for Applied Digital, which had surged to an all-time high earlier in the week. That rally was fueled by better-than-expected first-quarter financial results and an expanded partnership with AI hyperscaler CoreWeave.
The expanded lease agreement, now covering a full 400-megawatt data center campus in North Dakota, is valued at approximately $11 billion in revenue over 15 years, a move that had prompted several analysts to boost their price targets on the stock.
Benzinga Edge Rankings: Despite the day’s losses, Benzinga Edge stock rankings underscore the stock’s powerful recent run, awarding it a near-perfect Momentum score of 99.33.
APLD Price Action: Applied Digital shares were down 8.62% at $33.48 at the time of publication on Friday, according to Benzinga Pro data.
Read Also: Gold And Tech Are Rising Together—But History Says One Will Soon Break
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Applied Digital’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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