Wells Fargo began coverage of Applied Digital Corporation (NASDAQ:APLD) on September 17 with an Overweight rating and a $50 price target. Analyst Eric Luebchow named it a Top Idea. The shares rose after the note and have stayed above their pre-call level since. Wells Fargo's call is built on leases already signed, not on demand it expects to arrive. Applied Digital builds and leases data centres to AI companies, and now has roughly 1.4 gigawatts under contract. The bank puts the base-term value of those leases at about $36 billion, and says renewals could take that beyond $86 billion across three decades. More than 70% of the contracted megawatts sit directly with Meta and Oracle.
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