Riot Platforms (RIOT) Soars 13% on AI Frenzy

We recently published 10 Stocks With Eye-Popping Gains — 1 Surges 3,000%. Riot Platforms, Inc. (NASDAQ:RIOT) is one of the top performers on Tuesday.

Riot Platforms jumped by 13.17 percent on Tuesday to close at $15.21 apiece as investors cheered fresh developments for the high-performance computing (HPC) sector, sparking buying appetite for its stock.

From its highest day price of $15.30, the company’s stock price was only 3.6-percent shy of its 52-week peak of $15.87.

On Tuesday, Riot Platforms, Inc. (NASDAQ:RIOT) rallied alongside its peers such as TeraWulf Inc., Hut 8, IREN Ltd., and Cipher Mining, mirroring Nebius Group which announced on the same day an $18 billion cloud computing deal with Microsoft Corp.

In its recent earnings report, Riot Platforms, Inc. (NASDAQ:RIOT) said that it was progressively shifting capacity towards high-value data centers in a bid to capture the growing demand for HPC.

“With a robust balance sheet, battle-hardened teams, and significant access to capital markets, we are uniquely positioned at the intersection of surging high performance computing demand and Bitcoin growth to maximize utilization of our significant power capacity, expand thoughtfully, and drive compelling long-term value for our shareholders,” said Riot Platforms, Inc. (NASDAQ:RIOT) Chief Executive Officer Jason Les.

While we acknowledge the potential of RIOT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.