ENTITY · applied_digital
Applied DigitalAPLD
United States·colocation·challenger·$13.3B mkt cap
AI data-center developer and GPU cloud (HPC hosting) provider.
WATCH · 40–69
48/100 illustrative
Underwriting Thesis
WATCH — Applied Digital: sole-source / single-point-of-failure dominance compounded by concentrated foreign-origin supply in colocation. A chokepoint underwriting concern at this tier.
Factor Breakdown
Foreign-Origin Concentration49
Sole-Source Dependence51
Sanctions Exposure45
Downstream Criticality45
Sanctions Exposure
Entity not present on tracked screening lists (CSL).
DoD Exposure
No matched DoD semiconductor awards (USASpending) for this entity.
Segments
colocationneocloud
Shortest paths → DoD-exposed firms
- Scale AI · 2 hops · $105.6MApplied Digital → Amazon (Annapurna Labs) → Scale AI
Possible substitutes · same commodity buckets
Chokepoint Relationships
Key Suppliers · upstream · 7
- NVIDIAUnited StatesDOMESTIC
- Dell TechnologiesUnited StatesDOMESTIC
- Super Micro ComputerUnited StatesDOMESTIC
- VertivUnited StatesDOMESTIC
- Schneider ElectricFranceALLIED
- EatonIrelandALLIED
- Delta ElectronicsTaiwanCHOKEPOINT
Key Customers · downstream · 5
- Amazon (Annapurna Labs)United StatesDOMESTIC
- MicrosoftUnited StatesDOMESTIC
- Alphabet (Google)United StatesDOMESTIC
- Meta PlatformsUnited StatesDOMESTIC
- OracleUnited StatesDOMESTIC