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Analyst
George Sutton
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 15on tracked calls
- Challenge rate
- 13%2 of 15 questions
- Companies
- 1questioned at least once
- Reporting periods
- 9with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right. See how we grade analysts on earnings-call questions.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 15 of 15 questions from 1 company
APLDApplied Digital Corp.15 questions · 9 reporting periods · 2 of 15 challenging
Calendar 2026 Q3
you're referring to the quality of folks that you'll work with versus the amount of capacity
Show response
Wes confirmed selectivity is about customer credit quality, given limited capacity to build.
Can you just give us a sense of how you're defining premium pricing?
Show response
Wes framed premium pricing as lease-rate increases north of 15% plus potentially longer lease durations.
Calendar 2026 Q2
give us a bigger picture AI thesis as you see it today relative to what the market is thinking
Show response
Wes argued that whether open- or closed-model, all AI needs significant compute, so focusing on high-investment-grade hyperscalers positions Applied well through any tech shift.
when we think through power and supply chain and the number of teams you could handle at any 1 time
Show response
Wes named power availability/timing and supply-chain capacity (~700MW/yr locked, now being exceeded) as the two biggest growth governors; construction process is dialed in.
Calendar 2026 Q1
what it generally means if you go from BB to single A, if you were to go into the refinance market, what kind of spread differential is there?
Show response
Saidal explained single-A investment-grade spreads run sub-300 basis points versus 350 to 450 basis points for single-B to BB paper, depending on the offtake and contract structure -- a significant differential.
Calendar 2025 Q4
you had done $16 billion of deals in '25, and that you would anticipate doing that or potentially better in '26.
Show response
Wes confirmed the framing but cautioned the 900 MW in advanced talks could close one at a time, or none, nothing is done until it's done.
can you just talk about what that means when we talk about being in advanced discussions
Show response
Wes said onboarding a hyperscaler (master agreement) takes 3-12 months; being through it with 5 of 6 targets sharply shortens time to new contracts.
Calendar 2025 Q3
Is that kind of becoming a requirement for hyperscalers across the board?
Show response
Wes (question taken by Logan for George Sutton) said the typical ask is 200MW quickly scaling to a gigawatt, with demand now strong enough that some sites need not scale that large and some requests are 10x that size.
Calendar 2025 Q2
Are we talking about scenarios where you would own the campus like Ellendale?
Show response
Management said it is focused on full-stack colo (own and operate the building), not powered shells, in current negotiations.
Calendar 2025 Q1
I know you've been carrying some third-party data center capacity that was unused
Show response
Direct, called the unused third-party capacity, locked at 2023 pricing, a valuable asset that gives a buyer immediate growth potential.
are they good with a -- an in-process sale? Would they require a definitive agreement?
Show response
Direct, said there are no hard requirements from potential lessors on the Cloud sale and framed the timing as right for both businesses.
Calendar 2024 Q4
the 15% ownership that Macquarie takes on of the HPC business, what investment are they making for that?
Show response
CFO explained Macquarie owns 15% of each asset dropped into the HPC entity (APLDH), funded lease by lease as assets enter.
it looks like there is a February 15, 2025 lease signing date that is necessary for this.
Show response
Wes clarified Feb 15 is not a lease-signing date but a deadline for other items, with the outside date around June.
Calendar 2024 Q3
if you could give us a little more specificity on the finalization of the lease. What remains
Show response
Partial: very little remains and it could close in days to as much as eight weeks with nothing specifically holding it up, but management conceded it does not control the process and has missed prior deadlines.
you mentioned that you're starting to move dirt. I know you don't want to do this on your balance sheet.
Show response
Direct: earthwork cost is minor; Building 2 is now designed at 150MW IT load (up from 100MW), targeted for the second half of calendar 2026, with a third building to follow.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| APLD Applied Digital Corp. | 15 | 13%2 of 15 questions |
- APLDApplied Digital Corp. · 15 questions13%2 of 15 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 2 | 50%1 of 2 questions | 1 |
| 2024 Q4 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | 1 | 0%none of 1 question | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
| 2026 Q2 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q3 | 2 | 0%none of 2 questions | 1 |
- 2024 Q32 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q22 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand5
- Competitive Dynamics5
- Capital Allocation5
- Capex Investment3
- Credit2
- Pricing2
- Guidance Reliability2
- Cloud & AI1
- Supply Chain1
- M&A1