Applied Digital Corp (NASDAQ:APLD)’s transformation from a crypto-mining/data-center hosting company to an AI infrastructure provider is beginning to reflect in its earnings. Applied Digital’s Improving FundamentalsRobust revenue growth affirms why Applied Digital Corp (NASDAQ:APLD) is a compelling investment play on improving underlying fundamentals. Dependence on a relatively small number of large customers for AI infrastructure leases poses significant dangers. Valuation and Hedge Fund PositioningMost high-growth AI infrastructure companies look inexpensive based on future revenues. Meanwhile, Applied Digital Corp (NASDAQ:APLD) has a higher short percentage of float at 27.02% compared to 25.04% at Terawulf.