Applied Digital 10% 하락, Nebius 13% 하락, CoreWeave 11% 하락을 기록했다고 TIKR.com이 전했다. AI 데이터센터 관련주 매도세가 다시 이어진 영향이다.

**Key takeaways**

- Applied Digital fell 10% this morning, along with Nebius, CoreWeave and Cipher Digital, after Nebius's soft outlook.

- Applied Digital had no news of its own. The drop reflects sentiment toward its tenants.

- CoreWeave accounts for $11 billion of Applied Digital's $36.2 billion in signed leases.

- The bigger risk is funding the roughly 800 MW still to be financed, and the January report is the next test.

Applied Digital (APLD) fell 10% this morning with no news of its own. Nebius (NBIS) is off 13% after its results, and CoreWeave (CRWV), one of Applied Digital's two big tenants, is down 10%. Cipher Digital (CIFR) got swept up too.

**Nebius's delays hit the whole group**

Nebius's third-quarter revenue jumped 571% to $980.8 million, but $325.1 million came from strategic partnerships that Nebius calls non-recurring. BofA said its outlook implies a fourth-quarter step down, as delays at third-party data centers push revenue into early 2027. Add a $40 billion spending plan for 2027, and investors sold the group.

Nvidia added to the worries. After Jensen Huang's exit as CEO on Thursday, The Information reported that Nvidia is expected to slow its AI investments and credit guarantees. That is a hit for IREN (IREN), down 10%, which counts Nvidia as a $3.4 billion customer. Cipher fell 9% after The Wall Street Journal reported that Nscale, a private neocloud, needs more financing ahead of its IPO.

**$11 billion rides on CoreWeave**

Applied Digital's signed 15-year leases are worth $36.2 billion, and two tenants hold 86% of that: a tier-one hyperscaler with $20.2 billion and CoreWeave with $11 billion. Analysts expect revenue to more than triple from fiscal 2026 to fiscal 2028.

*Applied Digital (APLD): revenue, actual and consensus estimates, $ millions, fiscal 2022-2028 (years to May)*

Most of that is signed rent. Minimum lease payments reach $1.58 billion in fiscal 2028, about 80% of that year's estimate. CoreWeave's own revenue is expected to more than double in 2026 and again in 2027.

*CoreWeave (CRWV): revenue, actual and consensus estimates, $ billions, fiscal 2025-2028*

But CoreWeave's bonds yield over 17%. The leases are non-cancellable, however, and CoreWeave pays about 10% more per megawatt than the hyperscalers.

**The selloff looks overdone**

Applied Digital trades at 4.9x forward sales as of the last close, under half its 3-year average of 11x, and lower still at today's price.

*Applied Digital (APLD): forward (NTM) price/sales, last 3 years*

Nothing from Nebius or Nvidia changes a dollar of Applied Digital's signed rent, so today's drop looks overdone. What could hurt is the funding bill. CEO Wes Cummins said this month that the company still needs to finance roughly 800 MW over the next 12 months, and selloffs don't make that money cheaper. The fiscal second-quarter report, due in January, is the next test.