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Applied Digital Corp. APLD

The bet you're really making is that the AI boom keeps needing giant buildings full of power and cooling, and that Applied Digital, which builds those buildings and rents them to large cloud operators under long-term leases, gets them finished and filled. You are betting its leases, which the filing describes as contracts with investment-grade hyperscalers, keep paying while the company finishes building the capacity it has under development. Right now it looks busy but bleeds cash: revenue nearly tripled last year to $611 million while the operating loss widened to $236 million as the first campus came online. You pay a little over four times what the company is worth on paper and nothing for profit, because there isn't any yet, roughly the middle of its swings since 2022 and well below the seven-plus it fetched at its 2026 peak.

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GoDaddy Inc. GDDYThe bet you're really making is that the millions of small businesses and solo operators who run their websites, email, and domains through GoDaddy keep paying every year, and keep buying more from it. You're betting the newer, higher-margin work, taking card payments and building online stores, grows faster than the old domain-and-hosting business it was built on. Right now it is going well: revenue rose 6.6% to the biggest quarter in the company's history, and operating profit jumped 32% as costs came down. You pay about 15 times last year's earnings and under 14 times next year's, among the lowest the stock has fetched since it listed in 2015, with the shares down a third from their high. Back of NapkinSep 7 Remitly Global, Inc. RELYThe bet you're really making is that immigrants sending money home keep leaving the storefront cash-wire counters for Remitly's app, and keep coming back once they do. Back of NapkinSep 7 Aurora Innovation, Inc. AURThe bet you're really making is that Aurora's self-driving trucks keep hauling freight down Texas highways with no one in the cab, and that trucking companies pay Aurora for every mile those trucks run. Underneath that, you're betting Aurora can go from a handful of trucks on the Dallas-to-Houston route to thousands across the country before its cash runs low. Right now it is early and burning fast: the company took in just $2 million last quarter while losing $270 million, its biggest loss yet. You pay $12 billion for that, more than six times the cash and equipment on its books, a richer price-to-book than any year-end close except the 2020 SPAC peak of 23 times book. Back of NapkinSep 7 Palo Alto Networks, Inc. PANWThe bet you're really making is that large corporations and governments keep consolidating all of their cybersecurity under one vendor, and keep choosing Palo Alto Networks to be that vendor. You're betting the strategy CEO Nikesh Arora calls platformization keeps working: instead of buying a firewall from one company and a cloud security tool from another, customers put network security, cloud security, security operations, and now identity software from the CyberArk acquisition Palo Alto just closed, all on one bill. Right now it is going well: the recurring software business grew 63% to $9.1 billion a year, and the revenue already promised under signed contracts reached $21.2 billion, up 34%. You pay about 24 times what the company sells in a year, above the 6.8 to 16.3 times range it has traded over the last twelve years, and about five times what other security companies fetch. Back of NapkinSep 7