Fargo wealth manager sees big potential in AI-related investments like Applied Digital

FARGO, N.D. (KVRR) — “Artificial intelligence is one of the big new waves in the economy. Right now they say that artificial intelligence is worth about $750 billion in our economy right now. But they expect it to quadruple within about eight or nine years,” said Paul Meyers, President and Financial Advisor at Legacy Wealth Management in Fargo.

According to a Stanford study, since 2013, the United States has been the leading global AI private investor. In 2024, the U.S. invested $109.1 billion in AI. While on a global scale, the corporate AI investment reached $252.3 billion.

“Artificial intelligence is already in our daily lives. And I think it’s just going to become a bigger and bigger part of it. I think we still have control over it. That’s a good thing. But artificial intelligence is helpful to all of us, regardless of what industry you’re in, and we need to be ready for it,” said Meyers.

Recently, Applied Digital has seen a dip in its stock by nearly 4%. The company’s 50-day average price is $12.49, and its 200-day moving average price is $9.07. Their latest report in July reported their earnings per share being $0.12 for the quarter.

“This company has grown quite a bit as a stock this year. For investors in this company, they’re up ninety-four percent this year. And I would say that you know there’s some positives and some negatives, some causes for concern, and some causes for optimism, it’s not a slam dunk,” said Meyers.

At the city council meeting on Tuesday night, Don Flaherty, Mayor of Ellendale, shared that they had not received any financial benefits from Applied Digital and won’t see any until 2026. While Harwood has yet to finalize their decision on the proposal.