Applied Digital is a data center infrastructure company focused on high-performance computing (HPC) and artificial intelligence (AI). It designs, builds, and operates large-scale data centers that provide colocation services for AI training, inference, and other compute-intensive workloads. Customers, such as cloud providers and hyperscalers, lease its data center capacity to deploy GPUs and other compute hardware. The company employs advanced cooling technologies like liquid cooling to support high-density racks, ensuring power supply and operational efficiency. Its business model is essentially that of a 'compute landlord, ' providing the physical infrastructure for the AI ecosystem.