Riot Platforms Rallies 84% YTD on AMD’s 25 MW AI Expansion
RIOT•Riot Platforms shares have surged 84% year-to-date to a 52-week high of $26.30 and 185% over 12 months after the company launched AI data centers alongside its Bitcoin mining operations. Needham lifted its price target to $28.50 following AMD's 25 MW expansion and Riot's 1.7 GW Texas power capacity.
1. Stock Performance
Riot Platforms shares have climbed 84% year-to-date to a 52-week high of $26.30 and are up 185% over the last 12 months, driven by its pivot into AI infrastructure alongside traditional Bitcoin mining.
2. AI Data Center Expansion
In January, Riot launched its AI hosting business at its Rockdale, Texas campus by securing Advanced Micro Devices as its first tenant; AMD has since exercised an option to add 25 MW of capacity.
3. Power Capacity and Growth Pipeline
Riot controls 1.7 GW of power capacity in Texas and is in discussions to bring additional technology firms on board, aiming to diversify revenue streams beyond volatile Bitcoin mining.
4. Analyst Outlook
Needham Capital raised its price target to $28.50 from $24 and reiterated a Buy rating, citing strong momentum in AI data center demand and Riot’s expanded infrastructure footprint.
