This video provides a fundamental analysis of Applied Digital (APLD), focusing on the company's shift from bitcoin mining to providing computing power for AI. APLD is presented as a company building the next generation of data centers designed for AI workloads. The presenter highlights APLD's two primary business segments, the data center hosting, and high-performance computing hosting segments and its strong partnerships which have lead to over a billion of annual recurring revenue potential, emphasizing that all design elements of the APLD business strategy are centered around low costs and energy flexibility. The video identifies that APLD has successfully achieved operation of its data factory (Polaris forge 1). The video highlights the potential for new partnerships and strategic investments from larger tech companies to open doors for APLD. The high price target is set at $56.