Today’s options activity highlights a notable call sweep in APLD (Applied Digital), centered on the July 17, 2026 $32 call. The trade executed on the ask as a buy, with a size of 2,000 contracts at an average price of $8.44. This translates to roughly $1.7 million in premium paid. A the time of the trade, total volume for this contract reached 2,011 contracts. With an open interest of just 402, this results in a V/OI ratio of about 5.0—a clear sign of fresh positioning rather than routine trading.
With APLD trading near $30.74 at the time, the strike sits modestly out of the money. The expiration sits approximately 6 months out, suggesting a longer-term thesis rather than a short-term speculative play. Overall, the elevated volume relative to open interest, combined with sizable premium and long-dated exposure, points to strong conviction from a buyer positioning for volatility in APLD through the next two quarters.
Volume and Open Interest Data
The volume and open interest data for the APLD July 17, 2026 $32 call clearly shows a sudden and abnormal surge in activity concentrated on a single session. On 02/04/26, volume spiked to 2,141 contracts, while open interest sat at 402. This confirms a volume-to-open-interest ratio of over 5x, which strongly suggests new positioning rather than routine churn.
Notably, open interest changed only marginally on the day (-5 contracts), implying the bulk of the flow from the previous session likely represents offsetting of positions. This surge occurred as the option price declined from around $10.00 to $8.25, indicating aggressive buyers stepping in despite falling premiums. Overall, the data reinforces the presence of high-conviction, long-dated interest, with traders willing to deploy size into weakness rather than chase strength.
What’s Happening with APLD
Applied Digital has been in the spotlight recently as it continues its pivot from crypto-focused operations to large-scale AI data centers, backed by rapid growth and new capacity coming online. The company reported strong fiscal Q2 2026 results and highlighted progress at its Polaris Forge campuses. The first building at Polaris Forge 1 is now fully powered and ready for AI workloads. These developments helped fuel a sharp rally in the stock so far in 2026.
Management and analysts are focused on execution: APLD is developing hundreds of megawatts of additional capacity, arranging bridge financing for its Polaris Forge 2 site. The company is also positioning for major long-term leases with hyperscalers that could turn its large construction pipeline into contracted, recurring revenue.
Overall, the recent news flow frames APLD as a high-growth but execution-sensitive AI infrastructure play. Investors are closely watching whether it can convert its ambitious build-out and partnerships into the revenue and profitability implied by its elevated share price.
About APLD
Applied Digital (APLD) is a digital infrastructure company that builds and operates high-performance computing (HPC) data centers designed for power-intensive workloads. The company focuses on providing scalable, energy-efficient infrastructure for applications such as artificial intelligence, machine learning, and cryptocurrency mining.
APLD’s facilities are engineered to deliver high power capacity, low operating costs, and rapid deployment, making them attractive to enterprise customers and large-scale compute users. By combining modular data-center design with access to low-cost energy markets, Applied Digital positions itself as a key enabler in the growing demand for advanced compute and AI-driven technologies.
Analyst Ratings
| Firm / Source | Rating | Last Updated |
|---|---|---|
| CFRA | ⭐⭐⭐⭐ (Long) | 01/31/2026 |
| Market Edge | Long | 01/22/2026 |
| LSEG | Outperform | 02/03/2026 |
| Schwab Equity Ratings | F | 02/03/2026 |
The analyst landscape for Applied Digital (APLD) is notably mixed but skewing constructively, with several institutional-oriented sources leaning bullish. CFRA assigns a four-star “Long” rating, while Market Edge also maintains a Long stance, signaling positive trend and momentum expectations. LSEG’s Outperform rating further reinforces upside potential relative to peers.
In contrast, Schwab’s Equity Rating of F reflects a more conservative or risk-focused view, likely driven by fundamentals or volatility metrics rather than momentum. The absence of coverage from Argus and Morningstar leaves fewer traditional valuation-based counterweights.
Overall, while not unanimous, the ratings suggest growing bullish alignment among technical and institutional analysts, aligning with the aggressive long-dated call activity seen in APLD’s options market.
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Disclaimer: Options trading involves significant risk and is not suitable for all investors. You may lose the entire investment, and certain strategies may result in losses exceeding the initial amount invested. Past performance does not guarantee future results. This content is for informational purposes only and should not be considered investment advice. Always consult a financial or tax advisor before making investment decisions.
