Key Highlights

  • Tradr 2X Short APLD Daily ETF (CBOE:APLZ) rose 18.15% to USD 33.01 on October 22, 2026, from USD 27.94, which implies Applied Digital fell about 9.1%, simple arithmetic on the published change and the quote.
  • Applied Digital's fiscal first-quarter Revenue was USD 341.9 million, up 322%, though the GAAP net loss attributable to common stockholders was USD 221.0 million. A Microsoft deal covers 50 megawatts of Nvidia GB300 capacity.
  • The contracted Lease book is about 1.41 gigawatts across five campuses, worth about USD 36 billion of base-term revenue, against USD 6.4 billion of Debt at quarter end.
  • Tradr 2X Short APLD Daily ETF (CBOE:APLZ) was launched on January 21, 2026 and held about USD 5.1 million in assets, so the fund is small and Liquidity can be limited.

What Moved the Fund

The fund rose 18.15% in the October 22, 2026 session, implying Applied Digital fell about 9.1%. No company release was found for the day. The drop came in a broad AI and semiconductor selloff and amid fresh worries about AI infrastructure financing. Lam Research (NASDAQ:LRCX) posted record revenue of USD 8.22 billion on October 21, 2026, then fell about 9% on October 22 after guiding December-quarter revenue to USD 8.6 billion, plus or minus USD 400 million, and citing Supply constraints. Applied Digital had already fallen 6.04% to USD 23.81 on October 7, the day it reported results, before rising after hours. Analyst ratings remain mostly positive.

Applied Digital Fundamentals

Applied Digital (NASDAQ:APLD) reported fiscal first-quarter results on October 7, 2026. Revenue was USD 341.9 million, up from USD 80.9 million, with HPC Hosting contributing USD 262.6 million. Adjusted EBITDA was USD 64.4 million. The company counts about 1.41 gigawatts of critical IT load under contract, about USD 36 billion of base-term revenue or about USD 86 billion with renewals. Polaris Forge 1 in North Dakota has 250 megawatts live. It issued USD 1.59 billion of 7.000% senior secured notes due 2031 and ended the quarter with USD 3.7 billion of cash and USD 6.4 billion of debt. A Microsoft agreement for a 50 megawatt compute deployment sits at its ChronoScale unit.

Mechanics and Risks

APLZ trades on Cboe BZX, charges 1.49% and seeks minus 2x of Applied Digital's daily return through swaps, resetting each day. If the stock rose 10% then fell 10%, it would end down 1.0% while the fund would end down 4.0%, simple arithmetic. Analyst targets range from USD 22 to USD 83, showing wide disagreement that can produce large moves. A one-day gain above 50% would erase the fund, and swap financing costs add to the expense ratio. The next company update is the fiscal second-quarter report, expected after the calendar year turns, with date unconfirmed. Swap financing costs add to the stated fee. Small Assets can widen spreads.

Where Things Stand

Tradr 2X Short APLD Daily ETF (CBOE:APLZ) rose because Applied Digital fell about 9.1% in an AI and semiconductor selloff, and the fund pays twice the inverse. The company has strong revenue growth and a USD 36 billion contracted lease book, but debt of USD 6.4 billion and a large GAAP loss leave it sensitive to financing sentiment. The next markers are new tenant announcements, financing deals and the next quarterly report, none with a confirmed date.