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- Why Is Applied Digital Corporation (NASDAQ: APLD) Stock Down 26% This Year?
Applied Digital Corporation (NASDAQ: APLD) shares closed at $18.05 on October 16, down 26.4% from the December 31, 2025 close, even though revenue and contracted capacity grew quickly. Recurring earnings have not yet caught up with the financing costs of building AI data centers. The fiscal 2026 annual report listed 1,410 contracted megawatts and about $36.2 billion in base-term contracted revenue, with revenue rising from $228.6 million to $611.3 million and operating cash flow turning positive at $89.7 million. In the first fiscal quarter of 2027, revenue reached $341.9 million, up 322%, but adjusted EBITDA of $64.4 million fell about $13.0 million short of the $77.383 million interest expense. The article notes that most of that quarter's revenue came from tenant fit-out services ($183.5 million) rather than base rent ($65.8 million), and that questions over cash, debt and dilution remain large.
- Small businesses are set to capture a record $118 billion this holiday season
- Small businesses are set to capture a record $118 billion this holiday season
- Small businesses are set to capture a record $118 billion this holiday season
- 36-year low: New York restaurant count plunges by 2,000 in Q1 2026 amid soaring costs
According to The Kobeissi Letter, citing US Bureau of Labor Statistics data, the number of eating and drinking establishments in New York State fell in the first quarter of 2026 by more than the worst quarterly drop during the 2020 Covid-19 pandemic. It has declined year-on-year for four consecutive quarters, the longest such streak since 2021. The Manhattan Chamber of Commerce cited sharp cost increases last year: employee health insurance rose 12.9%, business insurance premiums rose 7%, and utilities rose 8.5%. Higher wages, minimum-wage requirements and borrowing costs further squeeze cash flow, especially for independent and smaller restaurants. Separately, the New York–Northern New Jersey–Long Island area had an estimated 491 restaurant closures in the first half of 2026, the most nationally, including 117 in New York City, though closure counts and net establishment counts measure different things.
- No on Amendment 87
In this opinion piece, Grand Junction Area Chamber of Commerce CEO Candace Carnahan urges Colorado voters to reject Amendment 87, which would replace the state's 4.4% flat income tax with six brackets reaching 8.4% on taxable income above $1 million. She argues the tax would hit owners of pass-through businesses on earnings kept in their companies, estimating about $211 million in additional statewide taxes on undistributed pass-through income in 2027 alone. Citing a Common Sense Institute projection, she says Colorado could lose 295 high-bracket firms employing about 42,000 people within 10 years, and more than 590 firms with roughly 84,000 workers within 20 years. She also notes the brackets are not adjusted for inflation, and says the state should first show that existing spending delivers results.
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- Musk's wants to merge SpaceX and Tesla: Here's what to know
Musk said SpaceX and Tesla have formed special committees to study a merger, which would be worth about $3.5 trillion combined and would be the largest corporate deal in history. SpaceX, valued at about $2 trillion after a record listing this year, absorbed Musk's AI startup xAI in February, while Tesla is valued at about $1.5 trillion. Musk holds about 82 percent of SpaceX's voting power but only about 20 percent at Tesla. Dan Ives puts the odds of a deal at 90 percent by early 2027, though Musk called the requirement of a majority of all Tesla shares 'quite a high hurdle'. Loyal retail investors hold an estimated 25 to 27 percent of Tesla shares, and legal obstacles appear slight because both companies moved their incorporation to Texas from Delaware.
- CoreWeave and Nebius Stocks Are Crashing. Time to Buy the Dip?
Shares of Nebius and CoreWeave each fell 25% in the week of October 12 to 16. The sell-off stems from the yield on CoreWeave's debt in the secondary market surging to 15%, versus roughly 5% on Treasuries, which pushes the debt into 'distressed' territory and signals doubts about its ability to meet obligations. Nebius sold off in sympathy as a fellow neocloud company. The bigger concern is that both companies must keep issuing debt to fund data centers, and if yields are high at issuance, the assumption of nearly unlimited cheap capital could be challenged. The author says it is unclear whether now is the time to buy.
- Disney’s multiplatform Super Bowl plan frustrates ABC affiliates
ABC station owners are irritated that Disney is airing the Super Bowl across several platforms, including Disney+, ESPN2, NFL Network and ESPNU, even though the game is already on ABC and ESPN. A station group CEO estimates that the combined platforms could cut broadcast ad revenue by up to 35% compared with last year. Local affiliates typically earn about 3% of annual ad revenue from the Super Bowl and pay network owners reverse retransmission fees, but Disney+ lacks geofenced ad insertion, so affiliates cannot sell ads to streaming viewers. Disney says national commercials will be identical on all platforms and that streaming major live events is standard industry practice. Super Bowl LX drew 125.6 million viewers in February.
- Meta’s deal to keep Zuckerberg in California adds fuel to wealth tax debate ahead of election
Meta says Mark Zuckerberg will remain in California for eight years and has created a new stock plan that could help cover his taxes if Proposition 40, a 5% tax on Californians worth over $1 billion, passes on Election Day on Nov. 3. According to a filing released with its third-quarter earnings, Meta will issue non-voting Class C shares starting in January, and Zuckerberg can sell or transfer up to 20% of the shares granted to him without affecting his majority voting control. The filing says Zuckerberg’s leadership is crucial to the company’s growth and its AI ambitions, including Meta Superintelligence Labs. Most of the tech industry opposes the measure, while a recent Citrin-Politico poll found 46% in favor and 43% against, suggesting it may fall short of the majority support it needs.
- Nasdaq sell-off: A momentum unwind 'for the record books'
Matt Stucky, chief portfolio manager for equities at Northwestern Mutual Wealth Management, calls Thursday’s sell-off in the Nasdaq Composite (^IXIC) a momentum unwind “for the record books.” He says the market spent the first half of 2026 driven by a beta and momentum trade led by semiconductors, but in the third quarter, as rates rose, money shifted into quality stocks. He does not think the sell-off is justified by fundamentals, arguing that institutional portfolio managers swapping out of factor positions can drag down whole baskets of stocks. In semiconductors, spot rental rates for Nvidia Blackwell chips are higher than a month ago, showing tightening compute supply, even as financing costs rise and investors worry about neocloud business models and the rising cost of insuring their bonds.
- Dune launches real-time data feeds covering 200 onchain trading venues
Blockchain analytics platform Dune has launched real-time market data feeds covering more than 200 onchain trading venues, aiming to bring this data into the systems of traditional financial institutions. The feeds draw trade data from 12 blockchains, including Ethereum, Solana and Base, about one second after execution, covering both spot trading on decentralized exchanges and perpetual futures on Hyperliquid and Lighter. Early clients include quant funds, market makers, asset managers and bank trading desks, which use the data to assess liquidity and compare prices, though Dune did not name them. Meanwhile, the tokenized stock market has grown sharply, with distributed value reaching $3.58 billion, but 16 companies, including Microsoft, Alphabet and Goldman Sachs, have objected to their shares being traded on OKXICE’s proposed platform, and liquidity remains fragmented.
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