Riot Platforms, Inc. (NASDAQ:RIOT) is among the 12 most promising blockchain and crypto mining stocks according to hedge funds. Piper Sandler raised its price target on RIOT from $18 to $25, citing potential AI and HPC partnerships in the future. The company operates large-scale Bitcoin mining and engineering facilities in Texas and Kentucky, offering power infrastructure and data center services.

Piper Sandler believes RIOT could potentially attract major AI or HPC partners at its Corsicana and Rockdale facilities in Texas. The company may transition part of its Bitcoin mining operations towards high-performance computing applications, signaling long-term strategic diversification. While RIOT offers investment potential, some AI stocks may offer greater upside and less downside risk, according to the investment firm.

Investors are closely watching RIOT for potential hyperscaler deals involving AI or HPC partners. The company’s facilities in Texas offer significant power access and proximity to major metro hubs, making them attractive to prospective tenants. Despite limited recent developments on the AI infrastructure front, RIOT is positioned to hold discussions for strategic diversification in the long term.

Read more at Yahoo Finance: Piper Sandler Remains Bullish on Riot Platforms (RIOT), Cites Potential AI and HPC Partnerships