Applied Digital Corp. (NASDAQ:APLD) is trading at a new 52-week high on Wednesday. The Nasdaq is up 1.70% while the S&P 500 has gained 1.20%.
ChronoScale Spin-Off Debuts on Nasdaq
The surge follows the separation of Applied Digital’s cloud business. The company contributed the unit to EKSO Bionics to form ChronoScale Corporation. The new entity began trading on the Nasdaq today as a specialized AI compute platform. Applied Digital remains the dominant shareholder with an approximate 97% stake.
Management Defends Strategic Pivot
CEO Wes Cummins explained the logic behind the restructuring. “Separating the predictable returns of data center hosting from the higher-growth cloud compute layer allows both businesses to be capitalized and scaled more efficiently,” Cummins noted.
Goldman Sachs Leads $300M Funding
The rally gained momentum after the company secured a $300 million senior secured bridge facility. Goldman Sachs led the financing. The 364-day loan carries an interest rate of SOFR plus 275 basis points.
Management will use the funds for a third AI data center at the Polaris Forge 1 campus.
Applied Digital Stock: Key Technical Levels To Watch
From a trend perspective, APLD is stretched but still firmly in control: it’s trading 35.2% above its 20-day SMA of $32.01 and 63% above its 200-day SMA of $26.55.
The 20-day SMA is above the 50-day SMA, and the longer-term backdrop is also bullish with a golden cross (50-day above 200-day) that occurred in June 2025.
The stock is also trading above its prior 52-week high of $42.27.
- Key Resistance: $42.27
- Key Support: $32.01
Applied Digital Price Action
APLD Price Action: Applied Digital shares were up 8.27% at $43.18 at the time of publication on Wednesday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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