$APLD · Parkev Tatevosian, CFA · 2026-11-08
Applied Digital 被显著低估：按说话者测算，其公允价值为每股 26 美元，而当前股价 14.17 美元、接近 52 周低点。他在抛售后重申买入评级，并将信心从低上调至中等，同时警告这类负债沉重的 AI 数据中心股票属于最危险的品种，只适合风险承受能力极高的投资者。
逐段跳播
CoreWeave、Nebius、Iron 和 Applied Digital 的股价分别下跌了12%、14%、16%和17%，原因是美国中期选举的结果加剧了投资者对新数据中心审批和建设可能放缓的担忧，以及对整个人工智能行业的担忧。
Shares of CoreWeave, Nebius, Iron, and Applied Digital fell by 12%, 14%, 16%, and 17 % respectively, as the results of the US midterm elections heightened investor concerns about a potential slowdown in the approval and construction of new data centers , and in the artificial intelligence sector as a whole.
而且，这些股票不只是今天在跌。过去一个月里，它们每一只都累计下跌了大约50%。所以，投资者在问我：价格这么低，这是不是一个买入机会？还是说，考虑到这些公司本已很高的债务水平，这一事件会让它们破产？
And now, these stocks weren't just suffering today. They have collectively declined by approximately 50% each over the past month. So, investors are asking me: Is this a buying opportunity when the price is low, or will this event bankrupt these companies given their already large debt levels?
因此，我想评估一下这些公司，分享我对它们的看法，并弄清楚我是否认为它们是回调中的买入机会，还是投资者应当回避的股票。
Therefore, I wanted to evaluate these companies, share my views on them, and find out whether I believe they are buying opportunities on a dip or stocks that investors should avoid.
你可以看到这四家与人工智能行业密切相关的公司今天的股价走势。CoreWeave、Nebius、Iron 和 Applied Digital 今天全部下跌了两位数。
You can see the price movement today for these four companies that are closely related to the artificial intelligence sector. CoreWeave, Nebius, Iron, and Applied Digital all dropped by double digits today.
事实上，这四家公司过去一个月都下跌了至少44%，其中 CoreWeave 整体下跌了51%。引发这些公司抛售、也令人担忧的，是庞大的债务余额。这些公司在资本支出上投入大量资金，需要借钱来为这些投资融资。
In fact, all four of these companies have declined by at least 44% over the past month, with CoreWeave down 51% overall. What started the sale process in these companies, and what is worrying about them, is the large debt balance.
These companies spend a lot of money on capital expenditures and need to borrow money to finance those investments .
排在第三位的是 Iron，债务超过78亿美元，而 Applied Digital 的债务要低得多，为64.6亿美元。
In third place comes Iron with more than $7.8 billion, and Applied Digital with a much lower debt of $6.46 billion.
过去一年多来我一直在跟踪这些公司，我一直告诉投资者，这些是最危险的买入标的之一，只有风险承受能力非常高的投资者才应考虑。
While I have been covering these companies for the past year or more, I have been telling investors that these are among the most dangerous stocks to buy, and should only be considered by investors with a very high risk tolerance.
因此，我也计算了 Applied Digital 的公允价值，我看到这家企业的价值为每股26美元，而当前市场价格为14.17美元。
Therefore, I also calculated the fair value of Applied Digital and I see that the value of this business is $26 per share compared to the current market price of $14.17.
与 Applied Digital 一样，它的债务高达64亿美元，市值为43亿美元。债务比公司总市值高出50%。但我计算出的公司公允价值为每股26美元，而当前市场价格为14美元。
同样，它被显著低估了。这已接近其52周最低水平。
Like Applied Digital, it boasts a debt of $6.4 billion and a market capitalization of $4.3 billion. Debt that is 50% higher than the company's total market value. But I calculated the fair value of the company at $26 per share, while the current market price is $14.
Again, it is significantly undervalued . This is close to its lowest level in 52 weeks.
总体而言，这些股票都被评为逢低买入的机会。此外，我上调了对这些公司各个层级的信心。
Overall, all of these stocks were rated as a buy opportunity on a dip. Moreover, I have raised all levels of my confidence in these companies.
我对 Iren、Nebius Group 和 Applied Digital 也做了同样的处理。我重申了对这些公司的买入评级，并鉴于近期的抛售，把我对它们全部的信心水平从低上调至中等。
I did the same thing with Iren, with the Nebius Group, and with Applied Digital. I reaffirmed my buy ratings for companies and raised my conviction level in all of them from low to medium in light of recent sell-offs.
这个频道对 $APLD 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 3 条判断，这里只列相邻的几条。