Applied digital - APLD (AI Data Center) DD

So their business model is basically to sign tenants. Think of them as a landlord for AI infrastructure, they build the building, the hyperscaler moves in and pays rent. They signed a new lease yesterday, so I did run the numbers again: Based on signed lease agreements alone, APLD is set to generate $611M per quarter / $2.45B annually once all contracted capacity comes online, and that's fully guaranteed. They're also still leasing out capacity they're actively building right now. Once that's fi