Analysts raise price targets as RIOT pivots from Bitcoin mining to AI infrastructure, securing AMD as a key tenant.
Riot Platforms ($RIOT) shares surged to a 52-week high of $26.30, up 84% year-to-date and 185% over the past 12 months. The Bitcoin miner’s shift into AI data centers drove the rally, with Needham raising its price target to $28.50 from $24 and maintaining a Buy rating.
The company’s pivot includes securing Advanced Micro Devices ($AMD) as its first AI tenant in Rockdale, Texas. AMD recently doubled its footprint by 25 MW, reinforcing confidence in RIOT’s 1.7 GW power capacity. Analysts see AI infrastructure as a more stable revenue stream compared to volatile Bitcoin mining.
RIOT’s stock gains reflect broader market optimism about its dual revenue strategy, though Bitcoin’s price swings remain a risk factor.