Applied Digital Corp (NASDAQ: APLD) shares are trading lower Thursday on the heels of multiple short reports.
What Happened: Short sellers Wolf Pack Research and the Bear Cave released short reports on Applied Digital after shares rallied more than 300% year-to-date.
Wolf Pack Research noted that Applied Digital used to be focused on Bitcoin (CRYPTO: BTC) mining before the AI boom. Now the company has pivoted to calling itself a low-cost AI cloud provider, the firm said.
“The explosion of interest in AI after the emergence of Chat …
