Applied Digital's stock fell over 7% on May 15, 2026. This decline outpaced the concurrent market drops in Bitcoin and Ethereum.
A bearish Seeking Alpha report triggered the sell-off. The analysis favored competitor Core Scientific (CORZ) due to its larger power capacity. It also noted that Core Scientific offers faster delivery timelines for key contracts.
The report suggested Applied Digital's current valuation already reflects its near-term growth. This sentiment overshadowed a positive update from Needham. Needham maintained a Buy rating and raised its price target to $51.