C. Somewhere in between. I think the thesis is credible because AI infrastructure is increasingly constrained by power availability and data-centre capacity, not just GPU supply. APLD already has substantial contracted capacity and strong counterparties, which gives the story more substance than pure AI hype. But contracted MW is not the same as operational MW. Construction, financing and timely delivery still matter. I would want to see more capacity successfully come online before becoming significantly more bullish.
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