Shares of Applied Digital ( APLD 9.43% ) have surged 295% year to date, driven by rising demand for additional data center capacity. As one of the leading builders of data centers , the company is benefiting from continued growth in spending on artificial intelligence (AI) infrastructure.

While there are risks associated with executing its growth strategy, Applied Digital is poised to announce more leasing deals for its data centers over the next year, which serves as a significant catalyst for the stock.

Energized data centers are rising in value

Publicly traded hyperscalers are expected to spend $350 billion this year on AI data centers. However, McKinsey has projected that data centers will need $6.7 trillion worldwide to meet the demand for compute power by 2030.

The pr

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