On June 23, Applied Digital fell 7.28% in regular trading, trading at $45.18/share, with turnover of $242 million.

On the news front, MDU Resources' subsidiary Montana-Dakota Utilities signed a power supply agreement with Applied Digital to provide electricity to its Polaris Forge 3 artificial intelligence factory in North Dakota. The facility will require 430 megawatts of electricity at full capacity and is expected to begin operating in August next year. However, financial details of the agreement were not disclosed.

Despite the power agreement representing a tangible step forward in securing critical infrastructure for its AI data center expansion, the lack of disclosed financial terms and broader sector headwinds weighed on sentiment. Within the Internet Services & Infrastructure sector, DigitalOcean fell 8.25% and CoreWeave declined 1.05%, reflecting wider industry pressure. The stock had previously rallied on a $5.2 billion hyperscale lease agreement and multiple financing catalysts, with shares trading near $49 the prior week.

Applied Digital designs, builds, and operates digital infrastructure solutions and cloud services for high-performance computing and artificial intelligence industries in North America.

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