American designer, builder and operator of next-generation data centers for AI and HPC workloads, exclusive supplier of 400 MW of capacity to CoreWeave on its Polaris Forge 1 campus in Ellendale, North Dakota.
Applied Digital embodies the sector's most decisive pivot: a former Bitcoin miner reconverted into a pure-play AI/HPC operator since 2024. Long-term leases (15 years, ~$11B contracted revenue over the term) with CoreWeave, Macquarie's entry into the HPC subsidiary's capital, and a second 200 MW campus already secured with an IG U.S. hyperscaler mark a complete scale shift for the company.
Hybrid profile between infrastructure REIT and AI pure-play. Customer concentration (CoreWeave initially at 100%) remains the main vulnerability, partly mitigated by the A3 refinancing of CoreWeave's subsidiary and diversification toward Polaris Forge 2. Best played as a listed proxy for CoreWeave's growth at a discount.
Everything you need to know about NeonBridge and the compute economy.
Oil powered the 20th century. Compute powers the 21st. Every time an AI model runs or a Bitcoin block is mined, it takes energy, chips, data centers, and cloud infrastructure to make it happen. The companies building all of that form the compute economy. NeonBridge tracks 200+ of them across 7 categories.
Just like oil or electricity, compute is a raw resource that every industry needs. AI models can't train without GPU cycles. Bitcoin can't exist without hashrate. As demand grows, the companies that produce, store, and distribute compute become critical infrastructure. That makes compute the defining commodity of this century.
AI and Bitcoin are not two separate topics. They are two expressions of the same industrial revolution. AI transforms compute into intelligence. Bitcoin transforms compute into verifiable scarcity. Both need the same physical foundations: energy, chips, and data centers. That is why NeonBridge tracks them together, as one economy.
Most companies in the tracker are publicly listed stocks you can buy through any brokerage account. We highlight EU-friendly brokers like Trade Republic, Interactive Brokers, DEGIRO, and Scalable Capital to help you get started. No crypto wallet needed for the equity side.
Like any sector, compute infrastructure carries risk. Chip supply chains can be disrupted by geopolitics. Energy costs fluctuate. AI regulation is evolving fast. Bitcoin mining profitability depends on network difficulty and price cycles. Diversifying across the 7 categories of the compute economy helps reduce exposure to any single risk.
Global AI compute capacity doubles every 6-7 months, fueled by explosive AI adoption outpacing historical trends, with contributions from Bitcoin mining infrastructure repurposing and autonomous systems. Governments worldwide have committed hundreds of billions to chip manufacturing and power infrastructure. This reflects an enduring industrial shift comparable to electrification.
