Riot Platforms rated Buy as AI data center demand outpaces its expansion capacity.

Riot Platforms is rated a Buy due to its strategic shift toward AI data center hosting, supported by a significant 2 GW supply deal with AMD that exceeds Riot's planned 1.2 GW expansion. While short-term challenges include declining Bitcoin mining revenue and expected losses in Q2, the company's long-term growth is driven by energy infrastructure critical for AI development. Share issuance risks have lessened, and price targets have increased to $24–$25, with potential upside to $40 as AI growth centers on energy needs.