Tiger Global Management, one of the world’s largest hedge funds, has opened a new position in Applied Digital (NASDAQ: APLD), signaling continued conviction in artificial intelligence infrastructure stocks.
The firm disclosed the purchase of 885,000 shares of APLD in its latest 13F filing with the U.S. Securities and Exchange Commission, reflecting an active repositioning of its AI-focused portfolio.
Tiger Global’s stake in Applied Digital is currently valued at approximately $33 million, representing 0.14% of the hedge fund’s total portfolio holdings.
Applied Digital designs, develops, and operates digital infrastructure solutions for high-performance computing and artificial intelligence industries across North America, having previously operated as a Bitcoin miner.
The company has attracted significant investor attention following the announcement of a 15-year lease agreement with an undisclosed U.S.-based investment-grade hyperscaler for its Delta Forge 2 campus.
The deal covers 210 megawatts of critical IT load at Delta Forge 2, which serves as Applied Digital’s fifth AI factory campus, underlining the company’s rapid infrastructure expansion.
The take-or-pay lease structure guarantees approximately $5.2 billion in base-term contracted revenue, with the potential to reach $12.7 billion if all renewal options are exercised over a 30-year total term.
Applied Digital’s cumulative contracted base-term lease revenue has now reached $36 billion across five campuses, or $86 billion when all renewal options are included, a figure that underscores the scale of its long-term commitments.
A notable 70% of the firm’s contracted revenue is now backed by U.S.-based investment-grade hyperscalers, providing a degree of financial stability that is increasingly attractive to institutional investors.
Chase Coleman III’s Tiger Global also established a new position in Cerebras Systems during the same filing period, while eliminating its holdings in Webull and Zscaler among its most notable portfolio changes.
The moves reflect a broader strategic shift by Tiger Global toward companies directly enabling AI workload infrastructure, as enterprise and hyperscaler demand for data center capacity continues to accelerate.
Applied Digital’s transformation from a cryptocurrency mining operation into a full-scale AI infrastructure provider positions it as a key player in one of the most capital-intensive build-outs in the technology sector today.
