Applied Digital Drops 4% as Rising Yields Hit AI Infrastructure, Cipher Mining Sinks 6%, Core Scientific Slides 3%

Rising long-term Treasury yields are pressuring AI infrastructure “buildout” stocks, with the selling concentrated in pure-play names rather than the broader data center complex. The move appears driven by higher discount rates for capital-intensive AI spend, weighing on near-term valuations. Overall read-through is mildly negative for AI infrastructure equities as rates remain a headwind.