DISPATCH FROM NORTH DAKOTA --> This week we visited Applied Digital's $APLD Polaris Forge 2 site in Harwood, ND and were very impressed by the sheer scale of the operation. Parking lot overflows, school bus shuttles across the campus and an endless sea of hardhats gave us a greater appreciation for what the company has constructed in just ~11 months. Our day began with a company presentation and Q&A with management, where key topics included 1) the anticipation of higher yields and pricing on upcoming leases, with management guiding to 15-20% higher pricing on new deals, 2) the regulatory, power, and climate advantages of building in North Dakota, where sites may carry greater terminal value than Tier-1 markets given superior ability to scale and customer preference to co-locate training
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