$CORZ

Applied Digital (APLD) stock fell 4% ahead of earnings despite a new Finland data center deal. IREN (IREN) and Core Scientific (CORZ) also dropped 4%. APLD's deal offers up to 1 GW of power capacity, with initial availability expected in 2028. All three companies compete for scarce power resources. APLD's earnings report is due after market close.

Applied Digital (APLD) rose 3% to $25.43 after securing a Finland power agreement for 1 GW, its first international data center. The company plans to market the site to global hyperscale customers. TeraWulf (WULF) and Core Scientific (CORZ) also saw gains. Applied Digital's earnings report is due October 7.

TeraWulf (WULF) shares fell 5% to $14.77 despite doubling its Muskie campus power contract to 1 gigawatt, awaiting regulatory approval. Core Scientific (CORZ) and Riot (RIOT) also declined 3% and 2%, respectively, reflecting broader sector weakness. The Global X Data Center ETF (DTCR) dropped 0.3%, while the S&P 500 (SPY) rose 0.2%.

Bitcoin miners shed 75 EH/s of hashrate in H1 2026, equating to $1.5B in hardware investment. Public miners like IREN and Core Scientific (CORZ) reported $1.1B in asset impairments. Cipher (CPOF) marked down mining machines at Black Pearl, exceeding its 2025 revenue. TeraWulf (WULF) faced cash flow gaps between HPC revenue and interest payments. Lenders are becoming more selective, and regulatory hurdles are increasing for AI conversions.

The AI data center market is projected to grow significantly, with long-term leases becoming common. Host Digital (HOST) signed a 15-year take-or-pay lease for a 55 MW site, with $1.25B in contracted rent. CleanSpark (CLSK) closed a $2.276B offering for its AI data center. Both companies focus on securing power for AI workloads.

Applied Digital (APLD) fell 6% despite a $70 Buy initiation from Jones Trading, which also rated TeraWulf (WULF) Buy. Peers WULF and Core Scientific (CORZ) dropped 4% each, while sector ETF DTCR fell 2% and QQQ 1%. Rising oil prices and rate fears pressure data center operators with long-payback facilities.

Analysts reiterated Buy ratings for Palantir (PLTR) with a $225 target (up 22% from $184.99) and Core Scientific (CORZ) with a $24 target (up 28% from $18.79). PLTR has a Moderate Buy consensus (avg. target $201.74, 9% upside). CORZ has a Strong Buy consensus (avg. target $31.38, 71% upside).

UBS initiated coverage on five AI data center colocation stocks with Buy ratings, citing rapid growth potential due to constrained compute supply and favorable power access. The stocks are Hut 8 Mining Corp (HUT), TeraWulf (WULF), Applied Digital (APLD), Core Scientific (CORZ), and Cipher Digital (CIFR). UBS estimates the group has secured 5GW of leased capacity, worth $125 billion, with an additional 12GW in the pipeline.

UBS initiated coverage of five AI data center operators with Buy ratings, citing strong lease signings and tenant quality. The firms include Core Scientific (CORZ), Cipher Mining (CIFR), Applied Digital (APLD), TeraWulf (WULF), and Hut 8 (HUT). UBS estimates significant upside, with TeraWulf leading at 40% and Applied Digital at 33%. Key catalysts include new leases, tenant shifts, and potential REIT conversion.

UBS initiated coverage on colocation data center stocks, citing constrained AI compute supply and strong demand. The bank projects 80% annual EBITDA growth from 2027-2029 and values shares at 12-18x 2028E EBITDA. Companies mentioned include Core Scientific, Cipher Digital, Applied Digital, and Hut 8, with varying risks and opportunities noted.