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Applied Digital Falls 4% and Turns Negative for the Year as the AI Buildout Trade Bleeds Out; Core Scientific Drops 5%, Cipher Mining Sinks 4%

Market context: APLD: Directly mentioned as the headline stock falling 4% and turning negative for the year amid AI buildout selloff Bearish — sharp decline tied to AI infrastructure trade unwinding IREN: Peer crypto miner exposed to the same AI/HPC buildout rotation trade Bearish — likely sympathy selling across the crypto mining/AI data center cohort MARA: Major crypto miner likely affected by the same AI buildout unwinding theme Bearish — sector rotation away from AI-leveraged miners

Why it matters

APLD (Applied Digital) · Why linked: Directly mentioned as the headline stock falling 4% and turning negative for the year amid AI buildout selloff Market context: Bearish — sharp decline tied to AI infrastructure trade unwinding

IREN (IREN Limited) · Why linked: Peer crypto miner exposed to the same AI/HPC buildout rotation trade Market context: Bearish — likely sympathy selling across the crypto mining/AI data center cohort

MARA · Why linked: Major crypto miner likely affected by the same AI buildout unwinding theme Market context: Bearish — sector rotation away from AI-leveraged miners

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