Piper Sandler Remains Bullish on Riot Platforms (RIOT), Cites Potential AI and HPC Partnerships

Riot Platforms, Inc. (NASDAQ:RIOT) is one of the 12 most promising blockchain and crypto mining stocks according to hedge funds.

On October 20, 2025, Piper Sandler increased its price target on Riot Platforms, Inc. (NASDAQ:RIOT) from $18 to $25, while maintaining a “Neutral” rating.

The investment firm sees investors awaiting a potential hyperscaler deal that might involve major AI or HPC partners at Riot Platforms, Inc. (NASDAQ:RIOT)’s Corsicana facility near Dallas or its Rockdale facility outside Austin, Texas. Both sites offer significant power access and proximity to major metro hubs, which might potentially attract prospective AI or HPC tenants.

Recent quarters have not seen many developments on the AI infrastructure front. However, Piper Sandler believes Riot Platforms, Inc. (NASDAQ:RIOT) looks to be in a position to hold discussions to transition part of its large-scale Bitcoin mining operations toward high-performance computing applications. Thus, this points to potential long-term strategic diversification.

Riot Platforms, Inc. (NASDAQ:RIOT), a large-scale Bitcoin mining and engineering facilities operator across Texas and Kentucky, offers power infrastructure, custom electrical solutions, and data center services to industrial and governmental clients.

While we acknowledge the potential of RIOT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.