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Explain this story: IREN (NASDAQ: IREN) Edges Out Applied Digital (NASDAQ: APLD) As The Stronger Technology Buy For Patient Investors
IREN (NASDAQ: IREN) has transitioned from Bitcoin mining to AI cloud services, securing significant contracts with Microsoft and Nvidia, suggesting a more stable long-term growth strategy despite negative free cash flow. In contrast, Applied Digital (NASDAQ: APLD) faces customer concentration risk and relies on frequent financing, though it offers a lower price-to-sales ratio. For patient investors, IREN's contracted revenue and hyperscale customer relationships offer a more durable foundation compared to Applied Digital.
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IREN (NASDAQ: IREN) has transitioned from Bitcoin mining to AI cloud services, securing significant contracts with Microsoft and Nvidia, suggesting a more stable long-term growth strategy despite negative free cash flow. In contrast, Applied Digital (NASDAQ: APLD) faces customer concentration risk and relies on frequent financing, though it offers a lower price-to-sales ratio. For patient investors, IREN's contracted revenue and hyperscale customer relationships offer a more durable foundation compared to Applied Digital.
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Published Sep 26, 2026, 06:21 ET · on this site +19h 30m