APLD Stock Prediction: $68 Bull Case vs $16 Bear CaseApplied Digital is not an AI story that needs the AI trade to keep working. The bear case is not that demand disappears — it is that Applied Digital runs out of balance sheet before the rent starts arriving. The insight competing coverage keeps missing: Applied Digital is being valued like an operator when it has restructured itself into a landlord. This analysis sets a $68 bull case and a $16 bear case against a share price of $28.95 on 11 August 2026. Related: Nebius NBIS price prediction after Q2: $220 bull, $160 bearIs Applied Digital still a bitcoin mining company?