Major customer concentration in backlog
Company: Applied Digital
The claim, verbatim
Approximately $20 billion of the $36 billion contracted backlog comes from three leases signed with a single high investment-grade hyperscaler
Source (primary)
Applied Digital (NASDAQ: APLD) Stock Has Fallen 44% In Three Months, But A $36 Billion Backlog Tells A Different Story - foreignpolicyjournal.com (-, news_article)
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Quote: “Roughly $20 billion of the $36 billion backlog came from those three leases, all signed with the same high investment-grade hyperscaler”
How we checked this
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Additional evidence
confirms Applied Digital (NASDAQ: APLD) Stock Has Fallen 44% In Three Months, But A $36 Billion Backlog Tells A Different Story - foreignpolicyjournal.com
Quote: “Roughly $20 billion of the $36 billion backlog came from those three leases, all signed with the same high investment-grade hyperscaler”