<p>人工智能（AI）基础设施股票在今年继续飙升，因为投资者纷纷涌向那些受益于数据中心容量快速扩张的公司。</p>
<p><strong>CoreWeave</strong>（CRWV 3.86%）和 <strong>Nebius Group</strong> 是 2025 年迄今为止注册了惊人收益的几只股票。这并不令人惊讶，因为他们的客户已经向他们支付了数十亿美元的合同，以购买专用的 AI 云计算能力。</p>
<p>因此，很容易看出，<strong>Applied Digital</strong>（APLD 7.83%）的股票在 2025 年迄今为止也实现了近 350% 的惊人涨幅。然而，这家数据中心专家在长期内有潜力进一步飞跃。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc2NTAvbWFuLXNpdHRpbmctZmx5aW5nLWN1cnJlbmN5LW5vdGVzLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc2NTAvbWFuLXNpdHRpbmctZmx5aW5nLWN1cnJlbmN5LW5vdGVzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>AI 将为 Applied Digital 的业务注入强劲动力</h2>
<p>Applied Digital 设计、建造和运营优化用于高性能计算和运行 AI 工作负载的数据中心。对这种容量的激增需求解释了为什么该公司的收入在 2026 财年第一季度（截至 8 月 31 日）同比激增 84%，达到 6420 万美元。在该期间的财报电话会议上，管理层指出，Applied Materials 从 CoreWeave 租赁的数据中心容量的租户装修中获得了 2630 万美元的收入。</p>
<p>租户装修是指定制和建造数据中心设施以满足租户需求的过程。管理层还在电话会议上提到，虽然从为租户装修数据中心中获得的收入是 “一次性低利润业务，大约在中低个位数”，但它在战略上是重要的。</p>
<p>这是因为一旦装修完成，Applied Digital 就开始从这些数据中心预订租赁收入。好的一点是，Applied Digital 已经拥有了一个稳固的收入管道，得益于其在长期内可能产生的租赁收入。在财报电话会议上，管理层表示，它已与 CoreWeave 扩大了合作关系，涵盖了其目前在 Polaris Forge One 综合体建设的全部 400 兆瓦（MW）容量。</p>
<p>与 CoreWeave 的数据中心租赁合同的总规模现在高达 110 亿美元，为期 15 年。值得注意的是，CoreWeave 已要求 Applied Digital 对 400 MW Polaris Forge One 校园的前 100 MW 进行装修。如果考虑到 CoreWeave 有庞大的收入积压，CoreWeave 扩大装修请求以涵盖剩余容量也并不令人惊讶。</p>
<p>此外，Applied Digital 估计，从 2028 年起，它可以将该校园的规模扩大到超过 1 千兆瓦（GW）。与此同时，它已经开始建设一个名为 Polaris Forge Two 的新数据中心校园，初始容量为 300 MW。Applied Digital 估计，该校园也可以扩大到超过 1 GW。实际上，Applied Digital 有一个活跃的 4 GW 数据中心容量开发管道。</p>
<p>该公司预计将在未来六到十二个月内开始新项目的建设。所有这些容量很可能会被云计算巨头或新云提供商（如 CoreWeave）迅速抢购，因为对其的需求超过了供应。而这种不平衡可能会进一步加剧：根据波士顿咨询集团的预测，到 2030 年，美国将面临 45 GW 的数据中心容量短缺。</p>
<p>因此，Applied Digital 在长期内应该会看到来自租户装修和租赁收入的强劲增长。不出所料，分析师预计 Applied Digital 的业务将以惊人的速度增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fbbdd6000bd85566d92576aea35794ef.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fbbdd6000bd85566d92576aea35794ef.png"/></p>
<p>APLD 当前财年收入预估数据来自 YCharts。</p>
<h2>但这只股票还值得购买吗？</h2>
<p>考虑到 Applied Digital 的股票今年已经大幅上涨，投资者可能会想知道是否还有上涨空间。它的交易价格确实不便宜，市销率为 37 倍。</p>
<p>但投资者应该注意到，其快速的收入增长和管道规模有助于证明其估值的合理性。该公司运营的市场存在明显的供需缺口，并且这种情况在未来几年可能会持续。理想情况下，Applied Digital 专注于增加数据中心容量应该为其实现多年的稳健增长铺平道路。</p>
<p>因此，投资者应该超越这只 AI 股票当前的高估值，因为它可能会因上述催化剂而超越华尔街的预期。</p>

APLD

<p>Applied Digital (APLD) 在 2025 年飙升近 350%，这得益于对人工智能基础设施的强劲需求。该公司在 2026 财年第一季度报告的收入增长了 84%，达到 6420 万美元，这得益于与 CoreWeave 签署的 110 亿美元租赁合同。尽管目前的市盈率高达 37 倍，Applied Digital 计划显著扩展其数据中心容量，仍然为长期增长奠定了良好的基础。分析师对其潜力持乐观态度，考虑到预计到 2030 年美国将面临数据中心容量短缺</p>

<p>Artificial intelligence (AI) infrastructure stocks have continued to soar this year as investors have flocked to companies that are benefiting from the rapid expansion of data center capacity.</p>
<div class="lb-trans"><p>人工智能（AI）基础设施股票在今年继续飙升，因为投资者纷纷涌向那些受益于数据中心容量快速扩张的公司。</p>
</div><p><strong>CoreWeave</strong>(CRWV 3.86%) and <strong>Nebius Group</strong> are a couple of such stocks that have registered stunning gains so far in 2025. That's not surprising, as their customers have been doling out multibillion-dollar contracts to purchase dedicated AI cloud computing capacity from them.</p>
<div class="lb-trans"><p><strong>CoreWeave</strong>（CRWV 3.86%）和 <strong>Nebius Group</strong> 是 2025 年迄今为止注册了惊人收益的几只股票。这并不令人惊讶，因为他们的客户已经向他们支付了数十亿美元的合同，以购买专用的 AI 云计算能力。</p>
</div><p>So, it is easy to see how shares of <strong>Applied Digital</strong>(APLD 7.83%) have delivered similarly eye-popping gains of almost 350% in 2025 as of this writing. Yet this data center specialist has the potential to fly even higher over the long run.</p>
<div class="lb-trans"><p>因此，很容易看出，<strong>Applied Digital</strong>（APLD 7.83%）的股票在 2025 年迄今为止也实现了近 350% 的惊人涨幅。然而，这家数据中心专家在长期内有潜力进一步飞跃。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc2NTAvbWFuLXNpdHRpbmctZmx5aW5nLWN1cnJlbmN5LW5vdGVzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837650%2Fman-sitting-flying-currency-notes.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>AI will supercharge Applied Digital's business</h2>
<div class="lb-trans"><h2>AI 将为 Applied Digital 的业务注入强劲动力</h2>
</div><p>Applied Digital designs, builds, and operates data centers that are optimized for high-performance computing and for running AI workloads. Surging demand for such capacity explains why the company's revenue shot up by a stunning 84% year over year to $64.2 million in its fiscal 2026 first quarter, which ended on Aug. 31. On the earnings call for the period, management pointed out that Applied Materials received $26.3 million in revenue from the tenant fit-out of its data center capacity leased by CoreWeave.</p>
<div class="lb-trans"><p>Applied Digital 设计、建造和运营优化用于高性能计算和运行 AI 工作负载的数据中心。对这种容量的激增需求解释了为什么该公司的收入在 2026 财年第一季度（截至 8 月 31 日）同比激增 84%，达到 6420 万美元。在该期间的财报电话会议上，管理层指出，Applied Materials 从 CoreWeave 租赁的数据中心容量的租户装修中获得了 2630 万美元的收入。</p>
</div><p>Tenant fit-out refers to the process of customizing and building a data center facility to suit the tenant's requirements. And management also noted on the call that while the revenue it generates from fitting out data centers for tenants is a &#34;one-time low-margin business, approximately mid-single digits, it is strategically important.&#34;</p>
<div class="lb-trans"><p>租户装修是指定制和建造数据中心设施以满足租户需求的过程。管理层还在电话会议上提到，虽然从为租户装修数据中心中获得的收入是 “一次性低利润业务，大约在中低个位数”，但它在战略上是重要的。</p>
</div><p>That's because once the fit-outs are complete, Applied Digital starts booking lease revenue from those data centers. The good part is that Applied Digital already has a solid revenue pipeline thanks to the potential lease revenue that it is likely to generate in the long run. On the earnings conference call, management said that it had expanded its partnership with CoreWeave to cover the full 400 megawatts (MW) of capacity that it is currently constructing at its Polaris Forge One complex.</p>
<div class="lb-trans"><p>这是因为一旦装修完成，Applied Digital 就开始从这些数据中心预订租赁收入。好的一点是，Applied Digital 已经拥有了一个稳固的收入管道，得益于其在长期内可能产生的租赁收入。在财报电话会议上，管理层表示，它已与 CoreWeave 扩大了合作关系，涵盖了其目前在 Polaris Forge One 综合体建设的全部 400 兆瓦（MW）容量。</p>
</div><p>The total size of its data center leasing contract with CoreWeave now stands at a whopping $11 billion for the next 15 years. It is worth noting that CoreWeave has asked Applied Digital to perform the fit-out of the first 100 MW of the 400 MW Polaris Forge One campus. It won't be surprising if CoreWeave expands that fit-out request to take the remainder of the capacity, considering that it has a massive revenue backlog.</p>
<div class="lb-trans"><p>与 CoreWeave 的数据中心租赁合同的总规模现在高达 110 亿美元，为期 15 年。值得注意的是，CoreWeave 已要求 Applied Digital 对 400 MW Polaris Forge One 校园的前 100 MW 进行装修。如果考虑到 CoreWeave 有庞大的收入积压，CoreWeave 扩大装修请求以涵盖剩余容量也并不令人惊讶。</p>
</div><p>Moreover, Applied Digital estimates that it can scale up the size of that campus to more than 1 gigawatt (GW) from 2028 onward. Meanwhile, it has started construction on a new data center campus dubbed Polaris Forge Two that will have an initial capacity of 300 MW. Applied Digital estimates that it can scale up that campus to more than 1 GW as well. In fact, Applied Digital has an active development pipeline of 4 GW of data center capacity.</p>
<div class="lb-trans"><p>此外，Applied Digital 估计，从 2028 年起，它可以将该校园的规模扩大到超过 1 千兆瓦（GW）。与此同时，它已经开始建设一个名为 Polaris Forge Two 的新数据中心校园，初始容量为 300 MW。Applied Digital 估计，该校园也可以扩大到超过 1 GW。实际上，Applied Digital 有一个活跃的 4 GW 数据中心容量开发管道。</p>
</div><p>The company expects to start construction on new projects in the next six to 12 months. There is a good chance that all that capacity could be quickly snatched up by cloud hyperscalers or neocloud providers such as CoreWeave, because demand for it is outpacing supply. And the imbalance could get sharper from here: According to a forecast from the Boston Consulting Group, the U.S. will have a shortage of 45 GW in data center capacity by 2030.</p>
<div class="lb-trans"><p>该公司预计将在未来六到十二个月内开始新项目的建设。所有这些容量很可能会被云计算巨头或新云提供商（如 CoreWeave）迅速抢购，因为对其的需求超过了供应。而这种不平衡可能会进一步加剧：根据波士顿咨询集团的预测，到 2030 年，美国将面临 45 GW 的数据中心容量短缺。</p>
</div><p>As a result, Applied Digital should witness strong growth in revenue from both tenant fit-outs and leasing revenue in the long run. Not surprisingly, analysts expect Applied Digital's business to grow at outstanding rates.</p>
<div class="lb-trans"><p>因此，Applied Digital 在长期内应该会看到来自租户装修和租赁收入的强劲增长。不出所料，分析师预计 Applied Digital 的业务将以惊人的速度增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fbbdd6000bd85566d92576aea35794ef.png" alt="" original-src="https://media.ycharts.com/charts/fbbdd6000bd85566d92576aea35794ef.png"/></p>
<p>APLD Revenue Estimates for Current Fiscal Year data by YCharts.</p>
<div class="lb-trans"><p>APLD 当前财年收入预估数据来自 YCharts。</p>
</div><h2>But is the stock worth buying anymore?</h2>
<div class="lb-trans"><h2>但这只股票还值得购买吗？</h2>
</div><p>Investors may be wondering if there is any more upside left for Applied Digital stock, considering that it has already jumped significantly this year. It certainly doesn't look cheap, trading at 37 times sales.</p>
<div class="lb-trans"><p>考虑到 Applied Digital 的股票今年已经大幅上涨，投资者可能会想知道是否还有上涨空间。它的交易价格确实不便宜，市销率为 37 倍。</p>
</div><p>But investors should note that its rapid revenue growth and the size of its pipeline help justify its valuation. The company operates in a market where there is a clear gap between demand and supply, and one that's likely to persist in the coming years. Ideally, Applied Digital's focus on adding data center capacity should pave the way for it to achieve years of solid growth.</p>
<div class="lb-trans"><p>但投资者应该注意到，其快速的收入增长和管道规模有助于证明其估值的合理性。该公司运营的市场存在明显的供需缺口，并且这种情况在未来几年可能会持续。理想情况下，Applied Digital 专注于增加数据中心容量应该为其实现多年的稳健增长铺平道路。</p>
</div><p>So investors would do well to look past this AI stock's currently lofty valuation, as it could outperform Wall Street's expectations thanks to the catalysts discussed above.</p>
<div class="lb-trans"><p>因此，投资者应该超越这只 AI 股票当前的高估值，因为它可能会因上述催化剂而超越华尔街的预期。</p>
</div>

认识一下 2025 年已经上涨 350% 且仍有可能继续上涨的怪物股票