Applied Blockchain, a builder of data centers for Blockchain applications and Bitcoin mining, went public on April 13, 2022, at $5 a share. But by Dec. 19, it had sunk to an all-time low of $1.45. Rising interest rates, plunging cryptocurrency prices, and the market's waning enthusiasm for blockchain technologies crushed its stock. It also generated just $8.5 million in revenue in fiscal 2022 (which ended in May 2022) while racking up a net loss of $23.5 million.

But last November, Applied Blockchain rebranded itself as Applied Digital (NASDAQ: APLD) and said it would focus on the high-performance computing (HPC) market as it expanded beyond the blockchain and Bitcoin markets.

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Source Fool.com