<p>人工智能（AI）基礎設施股票在今年繼續飆升，因為投資者紛紛湧向那些受益於數據中心容量快速擴張的公司。</p>
<p><strong>CoreWeave</strong>（CRWV 3.86%）和 <strong>Nebius Group</strong> 是 2025 年迄今為止註冊了驚人收益的幾隻股票。這並不令人驚訝，因為他們的客户已經向他們支付了數十億美元的合同，以購買專用的 AI 雲計算能力。</p>
<p>因此，很容易看出，<strong>Applied Digital</strong>（APLD 7.83%）的股票在 2025 年迄今為止也實現了近 350% 的驚人漲幅。然而，這家數據中心專家在長期內有潛力進一步飛躍。</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>圖片來源：Getty Images。</p>
<h2>AI 將為 Applied Digital 的業務注入強勁動力</h2>
<p>Applied Digital 設計、建造和運營優化用於高性能計算和運行 AI 工作負載的數據中心。對這種容量的激增需求解釋了為什麼該公司的收入在 2026 財年第一季度（截至 8 月 31 日）同比激增 84%，達到 6420 萬美元。在該期間的財報電話會議上，管理層指出，Applied Materials 從 CoreWeave 租賃的數據中心容量的租户裝修中獲得了 2630 萬美元的收入。</p>
<p>租户裝修是指定製和建造數據中心設施以滿足租户需求的過程。管理層還在電話會議上提到，雖然從為租户裝修數據中心中獲得的收入是 “一次性低利潤業務，大約在中低個位數”，但它在戰略上是重要的。</p>
<p>這是因為一旦裝修完成，Applied Digital 就開始從這些數據中心預訂租賃收入。好的一點是，Applied Digital 已經擁有了一個穩固的收入管道，得益於其在長期內可能產生的租賃收入。在財報電話會議上，管理層表示，它已與 CoreWeave 擴大了合作關係，涵蓋了其目前在 Polaris Forge One 綜合體建設的全部 400 兆瓦（MW）容量。</p>
<p>與 CoreWeave 的數據中心租賃合同的總規模現在高達 110 億美元，為期 15 年。值得注意的是，CoreWeave 已要求 Applied Digital 對 400 MW Polaris Forge One 校園的前 100 MW 進行裝修。如果考慮到 CoreWeave 有龐大的收入積壓，CoreWeave 擴大裝修請求以涵蓋剩餘容量也並不令人驚訝。</p>
<p>此外，Applied Digital 估計，從 2028 年起，它可以將該校園的規模擴大到超過 1 千兆瓦（GW）。與此同時，它已經開始建設一個名為 Polaris Forge Two 的新數據中心校園，初始容量為 300 MW。Applied Digital 估計，該校園也可以擴大到超過 1 GW。實際上，Applied Digital 有一個活躍的 4 GW 數據中心容量開發管道。</p>
<p>該公司預計將在未來六到十二個月內開始新項目的建設。所有這些容量很可能會被雲計算巨頭或新雲提供商（如 CoreWeave）迅速搶購，因為對其的需求超過了供應。而這種不平衡可能會進一步加劇：根據波士頓諮詢集團的預測，到 2030 年，美國將面臨 45 GW 的數據中心容量短缺。</p>
<p>因此，Applied Digital 在長期內應該會看到來自租户裝修和租賃收入的強勁增長。不出所料，分析師預計 Applied Digital 的業務將以驚人的速度增長。</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 當前財年收入預估數據來自 YCharts。</p>
<h2>但這隻股票還值得購買嗎？</h2>
<p>考慮到 Applied Digital 的股票今年已經大幅上漲，投資者可能會想知道是否還有上漲空間。它的交易價格確實不便宜，市銷率為 37 倍。</p>
<p>但投資者應該注意到，其快速的收入增長和管道規模有助於證明其估值的合理性。該公司運營的市場存在明顯的供需缺口，並且這種情況在未來幾年可能會持續。理想情況下，Applied Digital 專注於增加數據中心容量應該為其實現多年的穩健增長鋪平道路。</p>
<p>因此，投資者應該超越這隻 AI 股票當前的高估值，因為它可能會因上述催化劑而超越華爾街的預期。</p>

APLD

<p>Applied Digital (APLD) 在 2025 年飆升近 350%，這得益於對人工智能基礎設施的強勁需求。該公司在 2026 財年第一季度報告的收入增長了 84%，達到 6420 萬美元，這得益於與 CoreWeave 簽署的 110 億美元租賃合同。儘管目前的市盈率高達 37 倍，Applied Digital 計劃顯著擴展其數據中心容量，仍然為長期增長奠定了良好的基礎。分析師對其潛力持樂觀態度，考慮到預計到 2030 年美國將面臨數據中心容量短缺</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）基礎設施股票在今年繼續飆升，因為投資者紛紛湧向那些受益於數據中心容量快速擴張的公司。</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 年迄今為止註冊了驚人收益的幾隻股票。這並不令人驚訝，因為他們的客户已經向他們支付了數十億美元的合同，以購買專用的 AI 雲計算能力。</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 年迄今為止也實現了近 350% 的驚人漲幅。然而，這家數據中心專家在長期內有潛力進一步飛躍。</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>圖片來源：Getty Images。</p>
</div><h2>AI will supercharge Applied Digital's business</h2>
<div class="lb-trans"><h2>AI 將為 Applied Digital 的業務注入強勁動力</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 設計、建造和運營優化用於高性能計算和運行 AI 工作負載的數據中心。對這種容量的激增需求解釋了為什麼該公司的收入在 2026 財年第一季度（截至 8 月 31 日）同比激增 84%，達到 6420 萬美元。在該期間的財報電話會議上，管理層指出，Applied Materials 從 CoreWeave 租賃的數據中心容量的租户裝修中獲得了 2630 萬美元的收入。</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>租户裝修是指定製和建造數據中心設施以滿足租户需求的過程。管理層還在電話會議上提到，雖然從為租户裝修數據中心中獲得的收入是 “一次性低利潤業務，大約在中低個位數”，但它在戰略上是重要的。</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>這是因為一旦裝修完成，Applied Digital 就開始從這些數據中心預訂租賃收入。好的一點是，Applied Digital 已經擁有了一個穩固的收入管道，得益於其在長期內可能產生的租賃收入。在財報電話會議上，管理層表示，它已與 CoreWeave 擴大了合作關係，涵蓋了其目前在 Polaris Forge One 綜合體建設的全部 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>與 CoreWeave 的數據中心租賃合同的總規模現在高達 110 億美元，為期 15 年。值得注意的是，CoreWeave 已要求 Applied Digital 對 400 MW Polaris Forge One 校園的前 100 MW 進行裝修。如果考慮到 CoreWeave 有龐大的收入積壓，CoreWeave 擴大裝修請求以涵蓋剩餘容量也並不令人驚訝。</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 估計，從 2028 年起，它可以將該校園的規模擴大到超過 1 千兆瓦（GW）。與此同時，它已經開始建設一個名為 Polaris Forge Two 的新數據中心校園，初始容量為 300 MW。Applied Digital 估計，該校園也可以擴大到超過 1 GW。實際上，Applied Digital 有一個活躍的 4 GW 數據中心容量開發管道。</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>該公司預計將在未來六到十二個月內開始新項目的建設。所有這些容量很可能會被雲計算巨頭或新雲提供商（如 CoreWeave）迅速搶購，因為對其的需求超過了供應。而這種不平衡可能會進一步加劇：根據波士頓諮詢集團的預測，到 2030 年，美國將面臨 45 GW 的數據中心容量短缺。</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 在長期內應該會看到來自租户裝修和租賃收入的強勁增長。不出所料，分析師預計 Applied Digital 的業務將以驚人的速度增長。</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 當前財年收入預估數據來自 YCharts。</p>
</div><h2>But is the stock worth buying anymore?</h2>
<div class="lb-trans"><h2>但這隻股票還值得購買嗎？</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>考慮到 Applied Digital 的股票今年已經大幅上漲，投資者可能會想知道是否還有上漲空間。它的交易價格確實不便宜，市銷率為 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>但投資者應該注意到，其快速的收入增長和管道規模有助於證明其估值的合理性。該公司運營的市場存在明顯的供需缺口，並且這種情況在未來幾年可能會持續。理想情況下，Applied Digital 專注於增加數據中心容量應該為其實現多年的穩健增長鋪平道路。</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，投資者應該超越這隻 AI 股票當前的高估值，因為它可能會因上述催化劑而超越華爾街的預期。</p>
</div>

認識一下 2025 年已經上漲 350% 且仍有可能繼續上漲的怪物股票