Scenario description
Assume that by the resolution date Applied Digital announces or a reliable MarketBrief-cited report states that its planned Finland AI data-center campus has materially advanced through at least one binding commercial or financing commitment. Qualifying developments include a signed hyperscale tenant lease or capacity reservation for the Finland campus, committed project debt or equity financing specifically tied to the Finland campus, or a final investment decision authorizing a named phase of the Finland buildout. The reported campus scope remains up to 1 GW of potential power access and first power is still targeted for 2028 unless the qualifying report provides a revised scope or schedule; do not assume tenant identity, lease size, financing amount, or pricing if unavailable.