Famous Hedge Fund Tiger Global Opened a New Position in This 1 AI Stock

Tiger Global Management, a leading hedge fund, recently increased its stake in Applied Digital (APLD), a firm that designs and operates data centers specifically for AI workloads. In its latest 13F filing with the SEC, Tiger Global purchased 885,000 shares of APLD, valued at $33 million. This investment represents 0.14% of the firm's entire portfolio.

Applied Digital, with a market cap of $8.3 billion, has experienced a 560% gain over the past two years, yet the stock is down nearly 45% from its highest point. The company expects to reach $1 billion in net operating income within the next year, earlier than previously anticipated. Tiger Global's investment in Applied Digital and other data-center and crypto-mining companies suggests a growing confidence in the infrastructure supporting AI companies.