C3.ai and Applied Digital present two distinct investment paths in artificial intelligence: enterprise software versus high-performance infrastructure. C3.ai sells the C3 Agentic AI Platform through partnerships with Baker Hughes and Microsoft, relying on a few large contracts for most revenue. In its 2026 fiscal year ended April 30, revenue reached $250.3 million, a decline of 35.7% from the prior year, alongside a net loss of $470.4 million and a net margin of -187.9%. The company carries zero debt-to-equity, a current ratio of 6.6x, and free cash flow of -$190.7 million. Applied Digital builds data centers for high-performance hosting and has secured long-term leases with CoreWeave, providing $36.2 billion in contracted revenue over 15-year terms at sites like Polaris Forge. In FY 2026 ended May 31, revenue reached $611.3 million, up 183.7%, with a net loss of $250.3 million and a net margin of approximately -39.9%. Its debt-to-equity ratio is 2.9x. Both companies face customer concentration risk, but they operate in different niches: C3.ai offers software with no debt, while Applied Digital shows rapid revenue growth but higher leverage.