Why Applied Digital Stock Plummeted This Week
Applied Digital (NASDAQ: APLD) stock got crushed in this week's trading. The company's share price fell 24.3% from its level at the previous week's market close, according to data from S&P Global Market Intelligence.
Applied Digital saw a big valuation pullback during a week of trading that saw large bearish moves for most artificial intelligence (AI) stocks. In addition to rising macroeconomic concerns, investors sold out of AI stocks following Nvidia's earnings report on Wednesday.
Some indicators for inflation and other facets of macroeconomic health have been coming in worse than anticipated lately. Investors bristled at another set of macro risk factors this week.
Source Fool.com
