Is It Too Late to Buy Applied Digital Stock?

Applied Blockchain, a builder of data centers for blockchain applications and Bitcoin mining, went public on April 13, 2022, at $5 a share. Specifically, it said it would provide data centers for "artificial intelligence, machine learning, non-real-time graphics rendering, natural language processing, and many more applications that require significant computing power." Investors initially shrugged at those claims, but the subsequent buying frenzy in AI stocks — which was driven by the rise of generative AI platforms like OpenAI's ChatGPT — lit a fire under Applied Digital's shares.