$APLD · Investing Simplified - Professor G · 2026-11-05
我长期看好 APLD，正在加仓一个规模较小的高风险高回报仓位，买入我认为不合理的下跌；我提到高管在 18-19 美元区间买入约 670 万美元，以及营收和租赁业务的快速增长，同时指出债务和融资需求，并提到部分营收来自建设而非经常性租金。
逐段跳播
第一个是 APLD，一家名为“Applied Digital”的公司。其股价今年已下跌17%，较历史最高点下跌近59%。Applied Digital 建造并出租 AI 数据中心，业务正以惊人的速度增长。
季度营收增至3.419亿美元，同比增长超过四倍。该公司拥有1.41吉瓦的已租赁容量，代表约360亿美元的合同收入。目前已有约250兆瓦投入运营，预计未来一年将有超过600兆瓦上线。
所以，尽管这听起来非常好，为什么会出现如此强烈的抛售？债务担忧。Applied Digital 约有64亿美元债务，而现金为37亿美元（包括受限现金），并且还需要数十亿美元来完成建设。
其对 CoreWave 的敞口以及不断上升的借贷成本让投资者感到紧张。此外，近期部分收入来自建设工作而非经常性租金。华尔街仍持乐观态度，平均目标价在56至64美元之间，几乎是当前价格的三倍。
但对我来说最有趣的是这一点，这也是我喜欢在这类公司中寻找的东西，也正是这一点让我长期非常看好它们。CEO 和总裁最近以每股18至19美元的价格，用自有资金购买了价值约670万美元的股票。
所以，我对此的决定是，我很乐意保留我持有的股份，我甚至还加仓了。每当下跌看起来有些不太合理时，我仍然会买入。这是我投资组合中高风险、高回报投资的一部分，所以仓位相对较小，但我正在加仓。
The first number is APLD, a company called "Applied Digital". Its stock has fallen 17% this year and is nearly 59% from its all-time high. Applied Digital builds and leases AI data centers, and its business is growing at an astonishing rate.
Quarterly revenue rose to $341.9 million, more than four times year-over-year. The company has 1.41 gigawatts of leased capacity, representing approximately $36 billion in contract revenue.
There are about 250 megawatts already in operation, with more than 600 megawatts expected to come online during the next year. So, although this sounds very good, why this intense selling?
Debt concerns. Applied Digital has about $6.4 billion in debt against $3.7 billion in cash, including restricted cash, and needs billions more to complete construction. Its exposure to CoreWave and rising borrowing costs have made investors nervous.
In addition, some of the recent revenue has come from construction work rather than recurring rentals. Wall Street remains optimistic with average target prices between $56 and $64, which is nearly three times today's price.
But this is what is most interesting to me, and these are the things I like to find in companies like this, and this is what makes me very optimistic about them in the long run.
The CEO and president recently purchased shares worth approximately $6.7 million of their own money at a price between $18 and $19 per share. So, my decision on this matter is that I am happy to keep what I have, and I have even bought more.
I still buy whenever the drops seem somewhat unjustified. This is part of the higher-risk, higher-return investments in my portfolio, so it is relatively small, but I am adding to it.
所以，我对此的决定是，我很乐意保留我持有的股份，我甚至还加仓了。每当下跌看起来有些不太合理时，我仍然会买入。这是我投资组合中高风险、高回报投资的一部分，所以仓位相对较小，但我正在加仓。
So, my decision on this matter is that I am happy to keep what I have, and I have even bought more . I still buy whenever the drops seem somewhat unjustified. This is part of the higher-risk, higher-return investments in my portfolio, so it is relatively small, but I am adding to it.
除了 Applied Digital 和 Iran 之外，它们的仓位仍然很小。Applied Digital 的营收增长超过四倍。这三只股票仍远低于其高点。这才是真正的折扣。
In addition to Applied Digital and Iran, which are still small. Applied Digital's revenues have more than quadrupled. All three stocks remain well below their high levels. This is the real discount.