Applied Digital diligence pack

What they do

• AI data-center developer and GPU cloud (HPC hosting) provider.
• Primary segment: AI & Data Center / Data Center Operators (Colo).
• Key products in the dataset: GPU cloud compute (Sai Computing), build-to-suit data centers.
• Market position in that segment: challenger.

Role in the chain

• Applied Digital is a market challenger in AI & Data Center (Data Center Operators (Colo)), headquartered in United States. AI data-center developer and GPU cloud (HPC hosting) provider.
• Ask: On the step you actually buy, is this company the process owner, a second source, or a distributor? The segment label is not a substitute for that answer.

Counterparties on the graph

• Tracked suppliers: 7. Tracked customers: 5.
• Named suppliers (first 7): Dell Technologies, Delta Electronics, NVIDIA, Schneider Electric, Vertiv, Eaton, Super Micro Computer.
• Named customers (first 5): Alphabet (Google), Amazon (Annapurna Labs), Oracle, Meta Platforms, Microsoft.
• Ask: Which of those edges are in a filing or a primary-source quote, and which are segment-inferred? Do not treat the two as the same fact.

Concentration and replaceability

Operator section

• 5 of the tracked suppliers are a monopoly or leader: Dell Technologies, Delta Electronics, NVIDIA, Schneider Electric, Vertiv.
• Ask: If the named monopoly or leader supplier stopped shipping, is there a qualified second source on that process step? If the dataset does not name one, do not assume one exists.

Geography and jurisdiction

• Headquarters country in the dataset: United States.
• Ask: Where do the fabs, plants or logistics nodes actually sit, versus the HQ country on this record? This dataset records headquarters, not every site.

Public-markets facts (only what is on the record)

Investor section

• Public company, ticker NASDAQ:APLD. A live market cap is on the company profile; this pack does not restate it as a diligence conclusion.
• Ask: What does the latest reported period (if any) say about capacity, backlog and customer concentration? If the company page has no revenue figure, that number is not in this dataset.

Operator checklist

Operator section

• Ask: The dataset records 7 tracked suppliers for Applied Digital. Which of those edges are researched (named in a filing or primary source) versus segment-inferred, and what happens if one of them stops shipping?
• Ask: 5 of Applied Digital's tracked suppliers are a monopoly or leader (including Dell Technologies, Delta Electronics, NVIDIA, Schneider Electric). Which of those are actually single-source for the process step you care about?
• Ask: The dataset names 5 tracked customers for Applied Digital. How concentrated is demand among those names, and which of them have a documented second source in this graph?
• Ask: Applied Digital is headquartered in United States. What jurisdiction, export-control or logistics risk sits at that HQ, versus at the fabs or plants the filings actually name?
• Ask: Applied Digital trades as NASDAQ:APLD. What does the latest reported period say about capacity and backlog versus the graph position above?

Investor checklist

Investor section

• Ask: Is the graph position (monopoly / leader / major / challenger / niche) the thing you are underwriting, or a product line the one-liner does not cover?
• Ask: Which named customers in this graph could switch, and which named suppliers could not be replaced in a year? Count only names this dataset actually lists.
• Ask: What is not in this dataset — site-level capacity, contract terms, revenue split by customer — that you still need from a filing or a call?