| Applied Digital (Nasdaq: APLD) is riding high on artificial intelligence mania. The company, which builds and operates data centers for AI computing and cryptocurrency mining, has seen its stock surge from below $3 to over $10 in just the past few months as investors have bet big on its AI ambitions. That's a stunning 356% gain since April, which has come amid growing excitement around data center demand for AI applications. But has this enthusiasm pushed the stock's valuation into dangerously overheated territory? Let's run the stock through The Value Meter to find out. Applied Digital's enterprise value relative to its net assets, or EV/NAV, sits at 9.74. That makes the stock a jaw-dropping 57% more expensive than average. In simpler terms, you're paying $1.57 on the dollar for Applied Digital's assets. This kind of premium valuation is often reserved for companies with proven track records and strong profitability - and Applied Digital has neither. However, expensive assets could be justified if the company is generating strong cash flows. Let's take a closer look at the numbers to see whether Applied Digital deserves its lofty valuation... | 
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