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Enter Applied Digital (APLD +5.46%). They’ve rather cleverly positioned themselves as builders of these…well, let’s call them ‘AI hotels’ – enormous, high-tech data centers specifically geared towards housing the computational needs of this burgeoning artificial world. The company is betting big, and expects a frankly astonishing amount of growth as these facilities come online over the next few years. Which leads to the inevitable question: could investing in this company today actually turn you into a millionaire? It’s a tempting thought, isn’t it? Though, as my grandmother used to say, if something sounds too good to be true…

Investors are worried, you see, that Artificial Intelligence will make all this cloud software… unnecessary. Like buggy whips after the automobile. The idea is companies will build their own tools, in-house, using AI, and won’t need to pay subscriptions anymore. A sensible fear, perhaps. Though, humans being humans, they’ll probably find a way to mess it up anyway.

Iger, the man who seemingly can’t quite retire, has decided to actually, properly, step aside. This time, though, he and the board seem to have made a marginally more sensible choice. D’Amaro. The current chairman of Disney Experiences. Which, let’s face it, is the only part of the company consistently printing money. Parks and experiences. It’s… predictable. But sometimes, predictable is good. Especially when your stock price is looking a little peaky.

The company, if one may apply such a definitive label to something so fluid, purports to offer a comprehensive solution – a point-of-sale apparatus, payment processing, payroll functions, analytical projections, and now, unsettlingly, “AI-enabled services.” The Annualized Recurring Revenue, a metric that seems to hold undue sway in these times, has indeed increased – by roughly thirty percent, they claim – exceeding $1.9 billion and continuing its ascent. One wonders, however, if this growth isn’t simply the inevitable consequence of increasingly intricate dependencies, a tightening of the coils rather than genuine expansion.

The current worry, of course, is artificial intelligence. It’s everywhere. My aunt Mildred thinks her new smart toaster is plotting against her. And the stock market seems convinced these algorithms are the future. Which, logically, means the price has gotten…enthusiastic. I’m not saying it’s a bubble, exactly. Bubbles imply a certain lightness, a whimsical quality. This feels more like a slow, creeping dread.

It started with Trump, naturally. A social media post proposing a military budget expansion. Because what says “fiscal responsibility” like throwing more money at things that fly and occasionally explode? Then the FCC briefly flirted with banning Chinese drones. Which, let’s be real, is just geopolitical tech drama. AV got a little boost, but then the government had a change of heart, proving that Washington operates on a different plane of reality than the rest of us. The stock finished January up 15%, which, in this market, is basically a win. It’s like showing up to work in pants – a low bar, but still commendable.

The setback regarding Xifaxan, their flagship product, is less a catastrophe than a gentle reminder of the impermanence of things. The inevitable arrival of generic competitors was known, of course. The attempt to prolong its reign through expanded labeling—treating cirrhosis, no less—was, perhaps, a touch optimistic. The clinical trial’s failure? A minor disappointment, easily absorbed into the general atmosphere of…acceptance.

By the close, the stock had risen more than thirteen percent. A respectable figure, certainly. Enough to briefly distract from the usual anxieties, the quiet desperation that seems to cling to these ventures like mist.

The Air, you understand, was priced in a manner that didn’t entirely frighten the horses, competing admirably with Tesla’s Model S. And, most impressively, it actually beat both the Model S and a Bugatti Chiron in a quarter-mile dash – a feat of engineering, dashedly clever, what! Nine-point-one seconds, you know. The others trailed behind, tied at nine-point-three. A most sporting result.

The latest quarterly reports suggest this recalibration is less a swift, decisive transformation and more a prolonged, slightly grumpy adjustment. But, and this is important, it’s not entirely falling apart. Not yet, anyway. And that, dear reader, is cause for a cautiously optimistic raising of the eyebrow.